In the lead up to next month’s Marlborough A & P show, (more about that in our next post), we’re loving the Marlborough lifestyle. So in this week’s article, we thought we’d talk with Kurt Lindsay. Kurt specialises in country, vineyard and lifestyle properties. Marketing lifestyle properties is a little different from marketing residential homes, so we asked Kurt to explain further.
Q: Why is selling lifestyle properties different to selling regular residential properties?
A: While the fundamentals of selling both are similar. There is often more to consider when selling or purchasing a lifestyle property. There are some straightforward differences. For example, when it comes to services, you will find most lifestyle properties are self-sufficient having their own water supply and effluent systems. Something that can trip up both vendors and purchasers is any GST element. It needs to be identified before marketing whether the property is registered. This often affects a buyer’s decision when looking at the property. A lot of semi-rural properties have been subdivided in the past, and there can be ramifications from this including easements and rights of way on the title. Identifying the correct boundaries is very important, you cannot just rely on fence lines. Viticulture and horticulture are a huge part of the Marlborough lifestyle so understanding the dynamics of this is also very important.
Q: What pre-sale preparation should be undertaken by vendors to ensure they achieve the best price for their lifestyle property?
A: This ties well into the above. You should ensure all aspects have been covered to avoid hiccups or setbacks throughout the marketing of your property. Apart from the best presentation possible, allow yourself time to seek advice and receive special reports including builders and LIM. A big one can be identifying unconsented buildings with final sign off or that the irrigation water consent has expired. It’s good to ensure you have completed all these things before marketing your property.
Q: Why is specialist lifestyle agent support important when it comes to marketing lifestyle properties?
A: When it comes to selling what could be your most significant asset it is imperative that you have everything prepared. Only lifestyle agents will have the skills, knowledge and experience required to help you with this. Don’t be fooled by a short-term saving, without looking at the long-term benefit of specialist advice. Choosing your agent should be based on their knowledge in the lifestyle sector. Ask yourself whether you would have confidence that they could handle hidden surprises that may arise. Consider their negotiation skills along with their marketing. Do some research into how well received their brand is in the marketplace. These few things could all affect your long-term sale price.
Q: What is the Bayleys Marlborough market share of local lifestyle properties?
A: When it comes to market share we are very proud that Bayleys nationally completes one in every five transactions within the lifestyle sector below one million dollars. Locally, we are just above that figure. Regarding transactions completed over a million dollars in Marlborough, over 60% are completed amongst our rural sales team. As a rural team, we pride ourselves in capturing full market exposure for our properties, and the results are there to show our track record.
Q: How can vendors ensure that their lifestyle property appeals to the broadest range of buyers?
A: It is essential when selling your property to concentrate on spending the time to ensure the property shines. Identifying your market and where your buyer may come from will determine the marketing and reach required. We look at covering the entire market and potential areas that buyers may come from. The quality of the marketing will determine the quantity along with the quality of buyers that enquire and view your property. This investment in specialist marketing will ensure you get the best possible price in the current market.
Q: What methods of sale should be considered when selling lifestyle properties and why?
A: This is a commonly asked question and one that is very important. Having the right agent and using the correct process will determine the result you get. Your agent should discuss all the pros and cons with the different methods. They should cover what attracts the buyers and what will create the best competition to achieve a superior result in the market. For me, it comes down to the vendor and working within their needs and timeframes.
Q: Is there a particular season or time of year when lifestyle properties become more attractive to buyers?
A: It is no secret that many properties tend to look their best in spring and summer. Some looking stunning in Autumn, especially if the property is full of specimen trees. It’s a case by case basis but comes down to when you, as vendors, are ready to move on. Planning is the best thing to do, and you can never be too early to start the process with your agent. It could be up to a year’s lead in period to prepare the property for sale if there are issues to rectify.
Q: Do you have any tips for buyers hoping to secure a lifestyle property, especially first-time lifestylers?
A: A good start is receiving financial advice from your bank or mortgage broker as there can be differing lending ratios required when buying lifestyle properties with additional income. A good thing to do is identify the areas you would like to live, influences can be rainfall versus sunshine hours. This will affect stock units you can run and or the plants you may want to grow. The final advice is to contact your preferred agent to start the viewing process, and they will help with the above questions and make the process more enjoyable.
If you would like to find out more about buying or selling a lifestyle property do call Kurt. You can find his details here.