Revealing data about lifestyle property sales
Since 2009, we have been monitoring what makes some property types more difficult to sell than others. Lifestyle blocks are always in the results.
Our data identified a number of risk indicators that help to predict which properties will most likely be difficult to sell, and which ones should sell for an optimum price, within a good time frame.
If a lifestyle property meets more than one of the risk indicators, this can make the viability of a sale, even when re-marketed with a competent agent second time around, a waste of investment in time and money.
If you would like to discuss how to sell your lifestyle property call 0800 789 532
What makes lifestyle blocks hard to sell
Some properties have shown themselves to be harder to sell for reasons including:
- Rural or lifestyle properties on the market a second time around
- The real estate agent had insufficient knowledge and experience in lifestyle property marketing
- Vendor price expectations unrealistic
- Poor property presentation
- Unconsented buildings
- Use of amateur photography
- Issues with legal documentation or interpretation of (see examples below)
- Structural or layout issues
- Lifestyle blocks in rural areas
With regards to lifestyle agencies, the hardest part of selling a lifestyle block is their agents' professional due diligence to complete the sale after the sale and purchase agreement has been signed. There is a great deal of administration and taking their eye off the ball can be very costly.
It pays to know more about what real estate agents are required to do and is your responsibility keep your eye on them.
Choosing an appropriate lifestyle agency
As you get organised to interview lifestyle agencies, be aware there is information specific to lifestyle blocks that you should check before signing an agency agreement. You can get more information about lifestyle real estate agents from NZ's lifestyle real estate agent broker which offers a free service to sellers.
Expectations of lifestyle real estate agents
Selling a lifestyle property is a specialist area and we recommend only engaging a real estate agent who has the relevant background experience in lifestyle property sales. There are many quirks with these types of properties and it helps to have an agent with knowledge of how to deal with them. Issues can include:
- The condition of the ground and outbuildings
- Septic tanks
- District Plan policies including new developments such as sub-divisions
- Zoning - rural and lifestyle
- Easements with neighbouring properties
- Boundaries, surveying and related reports
- Covenants on the land
- Issues with neighbours
- Titles, Plans, Cadastral Maps, LIMs, PIMs and more...
You should expect a real estate agent to be astute and able to answer any enquiries from buyers with integrity. A real estate agent who sells residential properties is less likely to have the skills you need.
Help is available and free to use
We have advised many Kiwis how to sell lifestyle blocks for over a decade by helping them:
- Wise up about the whole real estate process step by step
- Front foot the sale by equipping them with reputable resources
- Know what to look for and expect of real estate agents specific to lifestyle properties
- Position themselves to achieve the best price outcomes in good time frames
Find out more about selling a lifestyle block
Choosing a competent lifestyle real estate agent experienced in your type of property is imperative and ultimately determines the fate of your sale, good or otherwise.
Do you need help or advice about selling your lifestyle property?