Buyers often walk into properties and say, “Yuk, I would never live here,” then walk out before even seeing the whole home. This is an emotional reaction that is very, very expensive for sellers. When I show homes that I have nicknamed “yuks,” my first reaction is, “Yippie, this could be a great, great deal for my buyers.” I look beyond the stained carpet, the clutter, the holes in the walls, how dark the property feels, the stench of cats. If I have to, I’ll hold my nose so that I can focus on “the bones” of the property.
Does the floor plan work? Could a wall or two be removed to make the home flow? Are the windows facing the right direction? Are the bedrooms the right size? My mind doesn’t stop. If the home has potential, and the majority of the answers are yes, there is a very good chance my buyer will end up owning the property at a heavily discounted price.
There are two fundamentals required when buying a “yuk.” First, the buyers must not react emotionally to the condition of the property. Secondly, and the most difficult for most buyers, is they need to have vision - to see what the property could be, to look way, way beyond what it is now. It can be a ton of fun. See it as going on a treasure hunt; your ideas on transformation are an adventure well worth the price!
Although I started this article describing the worst sort of “yuk,” properties that have been trashed, these are not very common in Summit County. What is more common are properties where the negative emotional reaction of buyers is more subtle. I hear things like, “It’s too dark in here”… “This living room is too small”… “The neighbors can look right into the hot tub.” Comments that will generate lower offers.
My job is to open the curtains, push that oversized chair out of the way, and suggest a new location for the hot tub. In other words, to have vision and, if it is the right property for my client, help overcome their initial reaction to the property.
On the flip-side, when my client is the seller, I explain why buyers are likely to say “yuk” and help the seller make the property sparkle. To get a feel for sparkle, check out these photos. This 3-bedroom home in Silverthorne, which just came on the market, is a gem.
After 35 years of helping clients buy and sell real estate, I have learned buyers just love sparkle.
See you next week. Love life, Daniel
Reach DANIEL WEBSTER JOHNSON at (970) 393-3300 or him drop him a line at Daniel@YourMountainBroker.com. He is a very active, full-time Realtor in Breckenridge, who has earned the national Quality Service Certified Platinum award, recognition of 100 percent client satisfaction. He is one of the team at Resort Brokers Real Estate located at 100 S Main St, Breckenridge.