Dear David,

We’ve owned a three-season recreational property for many decades, which has served as the backdrop for our best family memories. It’s a truly special one-of-a-kind place, and this feels like the right time to pass it on to a younger family who can enjoy it as much as we have. We listed the property late last summer and it did not sell. This was a surprise to us, given the uniqueness of the property. Was last year just a challenging one for recreational properties, or is there something else we can do to make sure it sells this year? – GETTING AHEAD OF THE SEASON

DEAR GETTING AHEAD: Timing is critical in this situation, as listing a three-season recreational property late in the year can significantly impact the buyer pool. These days, buyers typically want to use a property in the same season they purchase it, instead of waiting a full year to enjoy it. Similar to buying a home with a pool, buyers will want to enjoy the benefits right away if possible. To achieve the strongest market results, you’ll need to start preparing early so the property is completely ready to go when the season begins.

Buyer expectations have changed from even a few years ago. Today’s purchasers expect to have a considerable amount of information in their hands before setting foot on a property, and because recreational properties tend to be remote, you can’t provide too much detail. Comprehensive photography and video, maps and access details, along with clear explanations of what ownership looks like is essential. The goal is to remove uncertainty, so buyers are confidently able to picture themselves enjoying what you have to offer.

Once you hit the market, the first week or two are critical indicators, as that’s when the pent-up demand from the existing pool of buyers is satisfied. Buyers who come forward early tend to be informed and prepared, as these are generally the ones who’ve been waiting for a listing that meets their specific criteria. The advantage of this first wave of buyers is that they’re often ready to take action if the right opportunity arises.

That said, when selling a recreational property, it’s important to remember that it’s a discretionary purchase. Because there’s no real urgency, buyers tend to take their time, which makes them sensitive to things like timing and value. If you’re listing a property in-season when the demand for it is strong, you’ll likely be able to achieve the best outcome. Buyers shopping for a deal will typically do so out of season, like the folks who snag their Christmas decorations on December 26. 

PRO TIP: Analyze and respect the market. Early activity and feedback provide clear signals that allow you to adjust your strategy and pricing if necessary. Your property may be unique and special, but that alone doesn’t let you name your price. Strong results come from preparation, timing, price and presentation, which is in line with how today’s buyers make decisions. #Advice #AskDavid #TheNegotiator 

David is a top-selling Broker in Kitchener-Waterloo Region. He works personally with you when selling or buying your home. Moving? Get it right. Ask David today! Call or text 519-577-1212.