# What should I do about selling this property?



## Rusty O'Toole (Feb 1, 2012)

I am in a quandary about selling a waterfront property I own near Thomasburg. It has been listed with Century 21 for over a year and I have had no offers. In that time I have renewed the listing twice and reduced the price twice. 

It is a nice place, well priced, I have no idea why there is so little interest in it.

Here is the MLS ad, with pictures

http://www.quinte-mls.com/listings/2136300/hungerford-ward/281-sherry-road

For comparison here are all the other waterfront properties for sale in Hungerford Twp

http://www.quinte-mls.com/listings?qh=59b345e5d0bbd4a055861732d929285e2636a15f

The listing expires at the end of September. What is best to do? Should I renew it again? Try a different agent? Take it off the market until next summer? Or, some other ideas?

It is sitting empty and costing me for taxes and insurance. I own it free and clear (no mortgage) but am not too happy having this capital tied up.


----------



## cashinstinct (Apr 4, 2009)

Personally, I don't think an all-cap description is necessary. I had difficulty reading the ad. Stupid to be so trivial? Possibly...

When I click Virtual Tour, I get this:
http://www.century21.ca/bob.bancroft/Property/ON/K0K_3H0/HUNGERFORD_WARD/SHERRY_RD/281

"Sorry, the page you are requesting could not be found.

It is possible the page no longer exists, you have entered the address incorrectly or access is denied."

____

I would not renew with them if they are not able to sell it....


----------



## Sprucegum (Dec 12, 2012)

I would take it off the market until next spring and re-list with a different agency. Some buyers notice if a property has been listed for an extended length of time and shy away.


----------



## marina628 (Dec 14, 2010)

Empty properties sometime become difficult to sell ,this happened for us about 5 years ago and we rented a few pieces of furniture and it did sell within a month .Could be coincidence but sometimes people cannot picture how a furnished room would look.I probably would go to another agent rather than sit on it for next 8 months and relist ,just my 2 cents....


----------



## mrcheap (Apr 4, 2009)

Looks like a beautiful place! 

I'm of the mindset that any real estate sells at market price, and if it's not selling for an extended period than your asking price is too high.

Have you looked at the SALE prices of properties that are actually being sold (not just listed properties) and compared them to yours? What is your agent saying?

I had good luck with a 5 day sale - http://www.amazon.com/gp/product/B001CU9HA6?btkr=1 You could give that a try once your listing expires (before the first snowfall).


----------



## birdman (Feb 12, 2013)

What does the realtor say? How about comparable listings and details of sales in the area over the past 6 mos? I agree that after being listed for a year it could be getting stale and perhaps a fresh approach is needed. To do this I would think you would need some supporting information. Perhaps talk to another realtor and see what they have to say.


----------



## sags (May 15, 2010)

It looks like a beautiful place with a nice river waterfront......but honestly, if I was looking in the area, I may be inclined to look at his one first. The waterfront doesn't appear as nice as yours though.

http://www.quinte-mls.com/listings/2143431/hungerford-ward/27-lost-channel-court

Quite a range of prices in that area.......

It might still be priced too high ?

I don't know the area at all though..............so specific location can make a big difference.


----------



## Rusty O'Toole (Feb 1, 2012)

mrcheap said:


> Looks like a beautiful place!
> 
> I'm of the mindset that any real estate sells at market price, and if it's not selling for an extended period than your asking price is too high.
> 
> ...


I have done the 5 day method and also sold houses myself. In this case I thought it would be better to use an agent since I live 1 1/2 hours away. Maybe I should just forget the agent and sell it myself.


----------



## Rusty O'Toole (Feb 1, 2012)

frase said:


> What does the realtor say? How about comparable listings and details of sales in the area over the past 6 mos? I agree that after being listed for a year it could be getting stale and perhaps a fresh approach is needed. To do this I would think you would need some supporting information. Perhaps talk to another realtor and see what they have to say.


Boy wouldn't that be great. Where do you find these agents who are competent, know their market, and know how to sell?


----------



## mrcheap (Apr 4, 2009)

Rusty O'Toole said:


> I have done the 5 day method and also sold houses myself. In this case I thought it would be better to use an agent since I live 1 1/2 hours away. Maybe I should just forget the agent and sell it myself.


Well, what is a week of your life there to conduct the sale worth vs. having it sit on the market indefinitely? Heck, if you're only 1.5 hours away, you could remotely manage it Wed - Fri, then be there Sat & Sun for the showings. One (busy) weekend then it's taken care of.


----------



## OhGreatGuru (May 24, 2009)

Without a complete technical review of the property I couldn't speculate as to why people might not find it attractive. But real estate is only "worth" what people are willing to pay for it. Which suggests it is still priced above market value. But trying to sell a cottage property this late in the season will only get harder. Either try a deep discount or hang on until next spring or.


----------



## dubmac (Jan 9, 2011)

nice property here Rusty. If a property like this were near where I live in Vancouver, I'd be first in line! All of the cottage-summer homes near Vancouver are either a ferry-boat ride away, or 2-3 hour drives beyond Squamish, etc..and they are also twice the price (or more) of your little gem. When I look at the prices of real estate in your area, my jaw drops...Vancouver is ridiculous. 

My 2 cents: How many people have walked in and checked it out? You may not be getting offers, but are you getting any people checking it out?
Some times, a place looks better when it has furniture in it - I know that this would likely be a logistical problem (where do you get the furniture from??), but it may help.
I'd let it lapse at the end of the month, and re-market it in the Spring of 2015.
Price seems fine to me - but as others have commented, it depends on how desperate you are to unload it.


----------



## Synergy (Mar 18, 2013)

Rusty O'Toole said:


> Boy wouldn't that be great. Where do you find these agents who are competent, know their market, and know how to sell?


I here ya. And, the few really good ones won't likely want to spend much time on a property listed for under 500K. If you have the time I'd be included to stage the property with some furniture, put together a really nice virtual tour (youtube) and list it yourself. You can get an MLS listing for a few hundred dollars ($199) and then simply list it on Kijiji. Make sure you offer a commission to the buyer's agents or you won't get too many agents interested in your property.


----------



## Berubeland (Sep 6, 2009)

Here is my technique for rental properties to diagnose a problem. 

1 - Are you getting calls? If No go to A if yes continue to 2
2 - Is the ad decent? If yes go to 3 if no make a new ad. If not sure change the ad. 
3 - Are the calls leading to showings ? If no go to A if yes continue to 3
4 - Are any of the showings leading to offers? If yes no problem if no go to B 

A - Priced too high
B - Market exists but your property is poor value/being rejected for some reason.


----------



## mrcheap (Apr 4, 2009)

Berubeland said:


> Here is my technique for rental properties to diagnose a problem.
> 
> 1 - Are you getting calls? If No go to A if yes continue to 2
> 2 - Is the ad decent? If yes go to 3 if no make a new ad. If not sure change the ad.
> ...


You have an infinite loop in step 3 ;-P


----------



## Mortgage u/w (Feb 6, 2014)

Personally, I would stage the place and post pictures as such. If you can, try to get an open house while its staged.
Don't know what you're willing to sell for but at the price you are asking, I think you would get more activity if you listed at $199,000. Lastly, I would take off the market for now and re-list in Jan-Feb for next season. As a bonus, see if you can offer something 'new' or 'newly renovated'. Even if its new appliances. The smallest thing entices people.

Good luck!


----------



## Eclectic12 (Oct 20, 2010)

Rusty O'Toole said:


> ... Where do you find these agents who are competent, know their market, and know how to sell?


Odd ... my last agent when we discussed prices had listings for six comparable properties, with sale prices for two that had sold.

I guess YMMV ...


Cheers


----------



## Rusty O'Toole (Feb 1, 2012)

According to the broker the place has been shown numerous times, 5 or 10 that I know of, unless he is snowing me. He doesn't think it is overpriced (it has had 2 reductions totalling $15000) and it looks in line with similar properties, in fact there aren't any properties as nice for similar money.

One problem is there is too much added value in the waterfront location with concrete wharf, giant lot, big garage, complete renovation with granite countertops, ceramic tile floors and bathroom walls, big deck, all new wiring, plumbing, roof, etc etc etc. If you are just looking for "a house" there are cheaper ones, but they are not waterfront and they do not have the added value mine has.


----------



## lonewolf (Jun 12, 2012)

Rusty

Job well done in you investments

What about selling it @ auction. If it does not catch a high enough bid could you not just out bid the highest bid buy it back. 

SELL, SELL, SELL the world before the up coming deflationary crash


----------



## lonewolf (Jun 12, 2012)

Stage it


----------



## Mortgage u/w (Feb 6, 2014)

lonewolf said:


> SELL, SELL, SELL the world before the up coming deflationary crash


Can I borrow your crystal ball? LOL!:chuncky:


----------



## Homerhomer (Oct 18, 2010)

I don't understand why you would allow your agent to put up such crappy pictures on mls? I also don't understand why the cottage is not staged? I think you give the buyers way too much credit and think they can imagine what the life is like once you are there, it doesn't work this way. When they build new subdivisions do they show you pictures of the drawings? or do they call the place forest hill (even though they cut the forest to make room for the houses and there are no hills) and show pictures of beautiful people holding hands and smiling. Your mls listing shows nothing about the lifestyle. Inside of the house should be staged (old stove replaced with stainless steel one, you can buy used nice looking once for couple of hundred bucks) and so should be the outside with patio furniture and such.

Please compare your listing with for example multimedia like this (almost all properties listed around here have multimedia), nicely staged, nice photos. Don't understand why your property is not shown this way.
http://www.myvisuallistings.com/dhfn/156290

My suggestion would be to take it off the market, stage it, list it properly and put it on the market again. Unfortunately summer is over, not the best time to be selling cottages I would think.


----------



## lonewolf (Jun 12, 2012)

I did a quick google search of weather or not to stage a house or property before selling & the so called experts say to stage.


----------



## banjopete (Feb 4, 2014)

Saying there's too much value added sounds as though you're stomping your feet expecting to make a profit on this real estate experience because of the money you've spent upgrading to your tastes. You don't always win with RE, just like you don't always pick winners with stocks or horses despite what we're led to believe. 

I'm with the comments saying maybe your price is wrong, if you're not getting offers something's up, you need tire kickers to get offers to get buyers. Also as mentioned take good pictures of the place, in this day and age there's zero excuse for cell phone pics and poor descriptions when RE agents are pocketing hefty commissions for sometimes very little work. 

Call me picky but if I'm looking for homes and all I get is two sentences and grainy picks I keep looking, it tells me either the RE agent is useless, or the homeowner doesn't care, neither of which make me want to do business with them on such a big decision.


----------



## OurBigFatWallet (Jan 20, 2014)

At this point most prospective buyers would consider it a stale listing and wouldn't be too interested. A couple options would be to rent it out until it sells, reduce the price again now, stage it and have an open house or take it off the market until the spring and stage it then


----------



## Ihatetaxes (May 5, 2010)

My reaction to the waterfront photos is not good. Particularly the weedy, stagnant looking water along the shoreline. Would immediately prevent me from looking further and anyone interested in swimming off the dock/shore would likely pass. Not sure what the laws are there about disturbing a natural habitat but a couple of hours in hip waders pulling some of that crap out using a hard tined rake and/or swoe might help. We used to own a cottage that grew some weeds and I would put on my mask and snorkel and spend a few hours on a nice day pulling the ones near the dock. Made a huge difference.


----------



## Goose (Mar 23, 2012)

banjopete said:


> Call me picky but if I'm looking for homes and all I get is two sentences and grainy picks I keep looking, it tells me either the RE agent is useless, or the homeowner doesn't care, neither of which make me want to do business with them on such a big decision.



This was my first thought upon viewing the ad. The grainy pictures and real estate ad reflect poorly on your property, and make me think, 'What are they trying to hide by using such grainy pictures'.

I like the suggestion of re-listing in the spring and staging the house. I'd suggest also staging the outside, a few planters or hanging baskets can do wonders for the image of your property.


----------



## Rusty O'Toole (Feb 1, 2012)

Boy wouldn't it be great if I could find competent real estate agents? Unfortunately I can only hire ones who actually exist here in reality land. Believe it or not, the agents I hired are the best, most successful in the area. You should see the bad ones.

Yes there are cheaper properties, with smaller lots, no garage, no deck, etc etc. I am perfectly willing to give away all these things for nothing - just give me an offer.

I take your point about the weedy river and empty rooms. I could probably have the place landscaped and staged for $5000 or so (I checked) but would it add $5000 to the price or would I be throwing money away for nothing? Or, would it sell quicker if I just cut the price $5000?

Some say reduce the price, some say the dough I spent making it pretty was wasted, others say spend more dough making it prettier.

My own opinion is that you are all correct, up to a point. And that my best option is to list with another agent and keep cutting the price until it sells.


----------



## Homerhomer (Oct 18, 2010)

If I were in this situation I would stop relying on what agent does and take more control, pictures are crappy I would take my own or would arrange someone do to a better job, buy some used furniture on kijiji for next to nothing, buy some outdoor staff to make it look better, I bet it wouldn't cost you 5K.

And as a buyer I wouldn't buy a lakefront that children would be afraid to go to the water, very good point by Ihatetaxes.
Bottom line whatever is being done to this point is not working and changes are needed. I think you may be penny wise and pound foolish.


----------



## lonewolf (Jun 12, 2012)

Rusty

What about hiring a stagger that is independent of the real estate agent if the real estate agent is not the best ?

The real estate agent is trying to do the least amount of work for the most amount of money.


----------



## Rusty O'Toole (Feb 1, 2012)

Thanks to all those who contributed to this thread, this is to bring it up to date, and let you know how things worked out.

The old listing expired September 30, I listed with another agent October 2 at a lower price ($199,900). He got an offer the next day, through a different agent. Signed a deal tonight at 8 o'clock to sell for $196,500.

This represents a bargain for the buyer, and a loss to me of about $25,000. But, it is time to move on. I hope the buyer will be happy in his new home. I made it as nice as I could.


----------



## mrcheap (Apr 4, 2009)

Congrats on the sale!


----------



## carverman (Nov 8, 2010)

Berubeland said:


> Here is my technique for rental properties to diagnose a problem.
> 
> 1 - Are you getting calls? If No go to A if yes continue to 2
> 2 - Is the ad decent? If yes go to 3 if no make a new ad. If not sure change the ad.
> ...


 ^
:confused2:I'm confused already, and I used to work on logic flowcharts.

I realize this is just my comment now after the fact, and the property has been sold, apparently, but your diagnosis flowchart is... well.....toss it in "file 99"

If it's an empty rural property, there are many things that buyers may think twice before buying and the seller doesn't need a flow chart to figure out why.

Most likely in the scenario above..the problem may have been with the real estate agent who listed it. 

Even if the property is listed too high (in some cases), a good real estate agent can still make the sale by bringing in some kind of offer even if it is lower than expected to start negotiations and rethinking of the listed price. 

The selling price VS the listing price is then negotiated between the buyer and vendor, and in some cases both real estate agents may still get involved to provide their opinions to both parties. 

1. Real estate office and agent is not doing their job. I ran into this with a rural lot north of Belleville (off hwy 7) when I was going to build a modular home in the late 90s. Because of my illness, I decided to stay in Ottawa and sell it. Listed it with an agent in Madoc and it sat for nearly a year and not even one nibble. The agent was not doing their job.
Listing expired and I went to another real estate office in Marmora, (just 5km up the highway),and the building lot sold within a month. 
I didn't make any profit on it after paying real estate commission and legal, but at least I got my money back
and didn't have to pay taxes on an empty lot anymore.

Good pictures and a good real estate office and agents that will work for you make all the difference.


----------



## Rusty O'Toole (Feb 1, 2012)

I have been involved in RE investing in small town Ontario since the early seventies. In that time I have never met one good RE agent or broker. Most of them specialize in not selling, and actually prevent people from buying. The most successful agent I know, was an airhead who just went along with whatever the client wanted - and collected commission check after commission check. She was a unique case, most of them specialize in telling their clients what not to do, and inventing reasons not to buy. I am not joking.

Yet somehow properties get sold. It is a mystery to me how the agents make a living but buyers buy and sellers sell in spite of them.

In this case the new listing popped up on the selling agent's computer just as she was getting set to show a different property, and she realized it suited her client to a T. How she was unaware of the property, never saw the listing or never turned it up in a search I don't know, as it had been on MLS for over a year.


----------



## cashinstinct (Apr 4, 2009)

Congrats on the sale and getting rid of this before the winter. Something less to worry about and some money in your pockets.


----------



## lb71 (Apr 3, 2009)

Rusty O'Toole said:


> In this case the new listing popped up on the selling agent's computer just as she was getting set to show a different property, and she realized it suited her client to a T. How she was unaware of the property, never saw the listing or never turned it up in a search I don't know, as it had been on MLS for over a year.


Could be the buyer had a limit, and she wasn't searching above $200,000. Once you came below that, it popped up on her radar.


----------



## Frank_Swinson (Oct 18, 2014)

I agree with u marina.


----------



## patrickhospes (Nov 1, 2014)

*selling property*



Rusty O'Toole said:


> I am in a quandary about selling a waterfront property I own near Thomasburg. It has been listed with Century 21 for over a year and I have had no offers. In that time I have renewed the listing twice and reduced the price twice.
> 
> It is a nice place, well priced, I have no idea why there is so little interest in it.
> 
> ...


You can seek a licensed realtor to help you.

Patrick Hospes- RE/MAX House
http://yourhomecalgary.com/
[email protected]
403-464-7464
Calgary, Alberta


----------

