Owning a lake property can be one of life’s most rewarding experiences. Catching that trophy fish, spending summer days splashing in the lake, relaxing in the hammock, or roasting marshmallows around a campfire can all create lasting memories. Selling a lake property can be challenging and requires some extra planning and extra marketing to get the property in front of buyers who are often located several hours away.
Whether you are a seasoned real estate professional working with lake listings, or a property owner venturing out to sell your lake home on your own, these tips can help make the transaction a good experience:
Get the chores done. When somebody buys a lake property, they want to be able to start enjoying it right away. The home, garage, deck, dock, and boathouse need a fresh coat of paint or stain. Gutters need to be cleaned. Moss removed from the roof. Repair that electric outlet that never worked. Take care of all the subtle little problems (and the big problems too!) that a home inspector is likely to find. A seller can really set his lake property apart form the rest by making the property look great.
Hide the work tools. Owning a lake property can be a lot of work. Installing and removing boat docks, cutting the lawn, winterizing the house, blowing the leaves in the Fall, etc. are all time consuming tasks that don’t end up in any seller’s property brochure. Get the work tools and equipment into a garage or out of sight and make it look like those tools hardly ever get used.
Buyers, especially if they are looking for a second home, are not looking for a “weekend work camp” but instead are looking for a place to relax. Make it look like it is an easy home to own with little maintenance required.
Gather important documents such as deed restrictions, protective covenants, surveys, special building requirements, or other information that an interested buyer would want to know about.
Gather information on the area. A lot of lake property buyers are considering lake property for their second home or weekend getaway. Some will be familiar with the lake. Many will not know much if anything about it. Get a map of the lake and mark the location of the home, favorite fishing spots, restaurants, resorts, the boat launch, or other areas of interest on the lake that a buyer might be interested in. Get menus or brochures from favorite area restaurants, shops, golf courses, or other area amenities. Assume that the buyer is from out of town and found the property on the internet and knows very little about the area.
Make sure that an accurate survey is available of the lake property. Identify and mark the lot corners or survey pin locations with stakes or flagging so they can be found easily. If the lot corners cannot be found, it would be wise to call a surveyor to locate them. Buyers want to know where the property boundaries are located.
Take care of country plumbing. If the lake home is on a private well or septic system, get the well inspected and repaired if necessary before it causes a problem on a pending sale. The septic system should be pumped and inspected. Nobody likes to find problems, but there is nothing worse than finding out that you have a major problem requiring expensive repairs from a home inspector just days before closing.
Let the buyer enjoy the lake. Can fish be caught from the dock? Leave a fishing pole with bait or a lucky lure near the dock so a buyer can take a cast or two. Consider taking the buyer on a boat cruise around the lake. Most buyers who are unfamiliar with a lake will insist on boating it before making a purchase. You can speed up the purchase decision by making that boat ride happen for them.
Improve the View
1. Look at the view from inside of the home. The windows need a fresh cleaning, especially all windows that face the water. Make sure that lake facing window coverings and blinds are opened and move furniture, lamps, or anything else that blocks the view out of the way.
2. Prune trees and overgrown shrubs that are within the primary view corridor between the home and the water. Consider any local or state laws when doing this, but make sure that the view of the water from the lake home is maximized. The view is one of the largest components in the value of lake property. Make sure that you have the maximum view allowed by law to get the maximum value for your lake property.
3. If the lake property is vacant, make sure that all lot boundaries are clearly marked and the shoreline and road frontage are free of clutter. If the property is wooded or has heavy brush, clear a view shed from the most likely building site to the waters edge. A buyer should be able to stand at the homesite and see the potential for an incredible view of the lake. Again, be mindful of any local or state laws when clearing trees from waterfront property.
4. At the waterfront, consider creating a fire ring complete with campfire ready to go, rake the beach if there is one, build a sand castle, or string a hammock between a couple of trees. Help the buyer paint themselves and their family into the picture. Parents or grandparents will think about the memories that will be created for the kids or stories told around the campfire while roasting marshmallows. Buyers will look at the hammock and think about how relaxing life on the lake will be.
5. Strategically place Adirondack chairs or lawn chairs in places to take in the best views. Place the chairs in pairs of two. Strategically place lace lawn furniture in a socially inviting way. This allows buyers to sit and take in the best views from the property or imagine entertaining family and friends at the lake.
Advertise
The first order of business is a “For Sale” sign placed at both the road side of the house and by the waterfront.
Next, the property needs to be advertised on no less than 6 websites. This can include the Realtor’s personal website, office website, national company website, and Realtor.com, but that is not enough. Most of these websites are focused on residential homes. Buyers are searching for lake properties on websites specifically focused on lake property. There are several lake property niche advertising websites that every lake property should be advertised on. I recommend that you advertise on at least 3 lake property advertising websites.
If you can only afford one site, I highly recommend that you post your lake property on www.LakeSearcher.com. This website is very affordable and delivers great results. Some of the other websites charge a lot for postings and have so many properties posted that it can be difficult for a buyer to find your listing.
If you are selling your property by owner, then you need to install “For Sale” signs, post your property on at least 3 lake property advertising websites and advertise your property on at least 2 more free real estate advertising sites like Craigslist or Zillow.
The more websites any listing is posted on, the more exposure it will get, and the faster it will sell.
Be prepared
Lake property buyers will have many questions. Know what the most common questions are for your lake or area and know the answers. It can be helpful to put this in writing on the listing sheet or include it in your property description. Some of the most common questions include:
- How big is the lake?
- Are jet skis permitted?
- Does the water level fluctuate?
- How deep is the lake?
- How is the fishing?
- How busy does this lake get?
- Where is the boat launch?
- What is the water clarity like?
- Are power boats permitted?
- Can you waterski on the lake?
- Is there a lake association?
- Can you swim in the lake?
- Where is the nearest hospital, airport, town?
- Are there any other restrictions or requirements?
Price it right
Pricing a lake property can be difficult. The land can be worth a fortune, the home might be worth even more, or it might have little value at all if it is bad shape or has not been maintained. Consider what comparable properties have been selling for in the same area and ideally on the same lake. Is your property worth a little more or a little less than recently sold lake properties? An overpriced property will never sell. A real estate professional who understands how to market lake property is well worth the nominal commission rate charged.
Be patient
Lake properties are special. The perfect buyer will eventually come along, but not necessarily overnight. In some parts of the country, lakes are frozen in the winter. Some areas look best in Spring or Fall. A lake property can sell at anytime or it can take along time. Make sure that the property is kept up and advertised well from the day it goes on the market through the closing of the sale.
Written by: Mike Edwards, Vice President, www.LakeSearcher.com
This article may be reproduced in its entirety with full credit given to Mike Edwards and www.LakeSearcher.com. Otherwise, all copy rights are reserved.
