The scenery is better and the gentle breezes coming off the ocean are second to none, but trying to sell real estate in the Bahamas can be just as challenging as other parts of the world when the real estate market is in a slump.
During these slumps, researching to find a qualified Realtor and taking special steps to market your real estate effectively can mean the difference between property that sells at a fair price in short order, and real estate that languishes on the market, said Rachel Pinder, Principal Broker of Island Living Real Estate in Nassau.
Brenda Knowles, a broker with Island Living Real Estate, suggests property owners ask a potential Realtor these questions when considering the best person for the job:
o How are you going to market the property?
o What is the history of your company?
o What is the background/Realtor experience of your agents?
o How long have they been in the business?
o What is the current market trend?
o Do you co-broke with other real estate agencies?
o What changes do I need to make to my property to make it competitive in the current market?
In short, sellers should find out how the Realtor intends to market their property, Knowles said. There are several marketing standards most Realtors employ when listing properties, so getting to the options that set one Realtor apart from all the others is paramount.
It is important to remember that the best marketing plan can only do so much; an owner should take the advice of their real estate agent to make their property look its best, Pinder said.
“It seems to go against common sense to put money into a home you’re trying to sell, but as many TV shows on the subject prove, you really can get a better price for your home by putting a little bit of money into making it appealing to a broad spectrum of potential home buyers,” she said.
Here are some easy and relatively inexpensive tips:
o Make sure the house is freshly painted in neutral colors.
o Remove personal items, such as family photos.
o Make minor repairs- patch holes in walls, fix cracked tiles, replace cracked windows, etc.
o Get rid of clutter, inside and outside
o Clean, clean, clean
o Give your front entrance curb appeal by adding colorful flowers.
Another tip to remember is to price the property right.
“Don’t try to over-price your home in a down market,” Pinder said. “It won’t sell.”
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