Tag: lake real estate advice

Whiteboard Topics: Why Lake Home Real Estate is a Long Game

Posted on Chris Melton

Buying and selling a lake property is nothing like buying a primary residence when it comes to its schedule. People often experience urgency with a primary residence due to events such as moving to a new town for a job. Lake Homes Realty CEO, Glenn Phillips, explains why lake real estate is a long game.

  1. Discretionary = Patience: Similar to a high-end restaurant, a lake home is a discretionary property. Buyers aren’t paying for shelter alone, but also a premium for the lifestyle and access to the water. With discretionary property, buyers can be more selective in what they purchase.
  2. Mortgage Rates are NOT a Driver: Unlike other residential property, mortgage rates do not push people in and out of the lake real estate market. Many buyers complete transactions with cash, and buyers can often pay extra for their property. 
  3. Dream Homes are Different than Urban/Suburbs: Buyers can afford to wait until their dream home is available on the lake they want. They can also buy property on that lake and build their dream home themselves. Additionally, buyers often wait to see what the market does over time, especially in times of compressed inventory.
  4. New Lake Buyers have a Learning Curve: New lake home buyers often enter the market with minimal knowledge of lake real estate, and need time to learn. Many of them don’t realize that the price of a house increases when it is on lake property. These new buyers need time to understand and adjust their mindset while in the lake homes market.

Don’t be surprised if the buying and selling process is taking a while. Successful lake home agents realize that the lake real estate market is a long game and work to compress it. Connect with an expert lake agent who understands the importance of playing the long game at lakehomes.com.

Whiteboard Topics: How A Lake Agent’s Number of Listings Could Fool You

Posted on Tia Williams

As you embark on the journey of finding your dream lakefront home, selecting a reputable realtor becomes paramount in the home-buying process. While searching for a realtor, it’s important to note that the quantity of listings a realtor manages may not always reflect their expertise. Glenn Phillips, CEO of Lake Homes Realty, offers valuable insights into the realities of realtors with extensive listings.

  1. Listings Do NOT Equal Selling: The number of listings a realtor has doesn’t necessarily translate to successful home sales. Certain listings may linger on the market for extended periods, potentially resulting in price reductions.
  2. Using Listings for “Agent Marketing”: Maintaining an excessive number of listings is often employed as a marketing strategy by agents. The quantity of listings can serve as a sales tactic to generate more transactions in a specific area.
  3. Commission Games: It’s essential to take note of the commission percentage that agents offer to the buyer’s side and ensure that it aligns with your financial expectations.
  4. Days on Market: It’s crucial to pay attention to the number of days a home has been listed on the market. Some realtors may accumulate numerous listings without a sense of urgency to sell them. While this may boost their listing count, it doesn’t necessarily benefit either the seller or the buyer.
  5. Sale Price vs. Original List Price: It’s essential to inquire whether your realtor can provide information about the actual selling price compared to the listing price. Engaging in a commission-focused strategy and keeping the property on the market for an extended duration may lead to an overpriced home. It’s crucial to set the right price for your home based on the current market conditions.

Choosing the right real estate agent to sell your lakefront property can be a daunting task, but a skilled realtor can guide you through the process and successfully sell your home. Don’t let the quantity of listings a realtor has to be the sole factor influencing your decision to become a homeowner. Instead, get in touch with a reputable realtor at lakehomes.com who has your best interests.

Whiteboard Topics: What to Ask When Selecting an Agent to Sell Your Lake Home

Posted on Zac Parnell

You’ve made the decision, you’re ready to sell. But how do you go about finding a real estate agent that will help sell your lake home? Good news, there are actually some great questions to consider when it comes to this decision. Lake Homes Realty’s CEO, Glenn Phillips, provides a series of questions you should be asking, as well as one you should try to avoid. 

WRONG Questions to Ask: Which agents…

  1. Have the most listings? Having a plethora of listings can sometimes be deceptive. Agents might have multiple listings due to them not being able to move the inventory. This could be because of overpricing or other reasons. That’s not to say having multiple listings is always a bad thing, but a good rule is to try and avoid this question.
  2. Do I personally like the most? Picking out which agent you’ll work with does rely on some foundation and rapport, but that doesn’t mean they should act as close friend. Find an agent who will help you from a business standpoint is what you should be searching for. They’ll be the ones to help you sell after all.
  3. Have an office nearby? Because buyers are strictly looking to buy, finding someone to sell your home is the main goal. A physical office can bring a sense of security. However, at the end of the day, if you’re buying or selling, the office shouldn’t matter.
  4. Do I want to help? Knowing someone personally won’t always help them. Besides, if you’re truly wanting to sell your property, you’re going to be looking for a seasoned agent. The bottom line:  you should want to help yourself. 

CORRECT Questions to Ask:

  1. Are all agents the same? Just like all of us aren’t the same, not all real estate agents are either. Determining the one who is best equipped and qualified for success in helping you sell is what you should be thinking about.
  2. Most capable of helping me achieve my goal? Referring to the first question, the agent that has the capabilities to meet your goal is what you should keep in mind. Whether it’s selling your lake home quickly, maximizing the return, etc. Whatever it might be, this question is important to remember.
  3. Focused on lake real estate? Being focused on the lake real estate market is more than likely going to have a better payout than an agent who isn’t. A lake expert will know the ins and outs of this market and ultimately ways to leverage it.
  4. Have a proven pipeline of out-of-town buyers? A big thing to take into consideration is that many buyers are from all over the state and even across the country. Obtaining the maximum amount buyers increases the likelihood of getting the price you want.

While selecting a real estate agent to sell your lake home can come with challenges, at the end of the day the right one will help you sell your home. Following questions similar to the last set and trying to avoid the first should help you narrow down the search. However, if you still find yourself not sure, reach out to one of our lake experts at lakehomes.com. They’ll know exactly how to help you!

 

Whiteboard Topics: 4 Secrets to Success as Lake Home Real Estate Agents

Posted on Kenya Spencer

The work of a Lake Homes real estate agent in the real estate industry presents its own set of obstacles and opportunities. These agents, nestled among the tranquil beauty of lakeside properties, are tasked with not only completing property transactions but also creating a smooth experience for their clients. Lake Homes real estate agents must discover the secrets to success that set them apart from the competition in order to fully flourish in this sector. Understanding the discretionary property sales cycle, developing systems for playing the long game, maintaining a laser focus on lakefront properties, and employing national marketing tactics to attract the right buyers are four essential strategies that can propel these agents to new heights.

1. Understanding the Discretionary Property Sales Cycle: Master the nuanced sales cycle of lakefront properties, aligning with seasonal trends and buyer emotions for effective and smart transactions.

2. Systems to “Play the Long Game”: Develop systems for enduring success, such as cultivating buyer databases, nurturing relationships, and consistent follow-ups.

3. Focused on the Lake: Focus expertise on lakefront living details, regulations, and lifestyle benefits to provide tailored guidance to each individual client.

4. National Marketing to the Right Buyers: Utilize marketing and tailored advertising to capture the attention of potential lakefront property buyers.

Success as a Lake Home real estate agent hinges on a combination of specialized knowledge, strategic planning, and a thorough understanding of both the market and potential buyers’ desires and dreams of lake homes. By embracing the secrets, successes, and systems, agents can position themselves as trusted experts and elevate their careers in the competitive world of lake home real estate. This intentionally provides a platform for individuals acting as real estate agents, as well as those taking on the roles of buyers and sellers within any real estate market.

Whiteboard Topics: The Highest Offer For Your Lake Home May Cost You More Money

Posted on Kenya Spencer

Selling a lake house is an exciting but difficult undertaking, and your main goal as a homeowner is to secure the greatest offer possible. However, it is critical to exercise caution because the highest offer may not always be the most lucrative. Let’s look at some important points to consider when selling your lake house to prevent financial hazards.

1. Avoiding Selling Too Quickly: Resist the urge to accept early offers; instead, wait for perfect market circumstances to obtain the best price.

2. All Cash Transactions: Be wary of all-cash proposals since they may come with lesser bids and make it difficult to negotiate a fair bargain.

3. Limited (or no) Contingencies: Carefully evaluate proposals with fewer conditions to prevent any legal or financial problems.

4. Seasoned Real Estate Agents Who Understand Niche: Work with seasoned agents who specialize in lakefront properties for professional advice, effective marketing, and skilled negotiating.

A thoughtful and informed approach to selling a lake house may make it a rewarding experience. While a large offer may appear appealing, it is critical to consider all elements to prevent financial disasters. Take your time, investigate all-cash bids, evaluate conditions, and seek advice from experienced lakefront real estate brokers. With these safeguards, you may sell your cherished lake house with confidence and optimize your investment return.

Whiteboard Topics: What Lake Home Buyers Don’t Care About

Posted on Zac Parnell

If your lake home is currently on the market, or it will be soon, it’s important to know key things about buyers. As a seller, you may have certain home transaction qualifications that are important to you whereas these same priorities may not be important to a homebuyer. Lake Homes Realty’s CEO, Glenn Phillips, has some insight into the top 5 things sellers may care about, but buyers don’t. 

  1. What the seller paid: Phrases such as “This is what we paid” usually don’t coincide with what the buyer thinks. They’re looking for the best price. The market will set the price that will sell.
  2. Listed price of nearby homes: What’s listed for and what sells are two different things. You should instead be aware of what the homes are selling for. The buyers are already aware of this. 
  3. Personal effort on customizations: The emotional value put into house might mean a lot to you, but for the buyer the same sentimental feeling isn’t there. You personal style isn’t the same as everyone else’s.
  4. Rumors of outlier high prices: Just because your neighbors sold their home as a high outlier doesn’t mean the circumstances will occur for you. You may have priced higher based off a rumor. 
  5. Taking low offers personally: No offers are worse than a low offer. Try countering the offer and negotiate during the transaction.

At the end of the day, buyers are ready to jump on some great options. You just have to make sure you go about it in the right way. If you’re ever looking for more help, contact an agent at lakehomes.com. They know how to get buyers and are more than willing to help!

Whiteboard Topics: How Can I Get More Money For My Lake Home?

Posted on Zac Parnell

As you’re getting ready to put your lake house on the market, the topic of selling price will always come up. More than likely you will think “Can I get more money for my lake home?” Lake Homes Realty’s CEO, Glenn Phillips, explains a few different ways to help push for that price you want to sell for. 

  1. Start with a Market Appropriate Price: Buyers don’t care how much money you have put into the home. Most of the time they will be looking at the current market conditions. When you start at a high price to test the market, it usually does not result in the way you would like.
  2. Be clearly the best VALUE in the area: Don’t automatically make your lake home the lowest price. However, check out surrounding homes and see what’s going on. Are there nicer or newer homes nearby? Are these homes your price or lower? New construction may also become a player in this.
  3. Picture Perfect/Move-In Ready: Whether you already have your home staged or simply have your own property in the house, make sure it appears move-in ready. Buyers typically lack imagining this aspect and this will help you stand out.
  4. Would you buy it today at your price? Each day the house doesn’t sell and remains on the market, you are effectively buying it again at your price. In reality, the only price is that of what someone will pay and what you’re willing to accept. Price accordingly and price from a buyer mindset.

At the end of the day, these 4 tips are useful in getting the best return and sell price for your lake home. , Connect with one of our lake agents today at lakehomes.com and see what they can do!

Whiteboard Topics: Where Can I Find Foreclosed Homes on a Lake

Posted on Kamari House

A foreclosed home on the lake is a rare find. Lake Homes Realty’s CEO, Glenn Phillips shares why your search for one is coming up short.

LakeHomes.com, MLSs, & Other Websites: While homes like these are available on sites like LakeHomes.com, you may have trouble finding them because of how few there are.

Why So Few?

  1. Not the 2008 Market: While inventory spiked during the recession, this was not the case for lake properties. This is because lake homeowners are more financially sound than the average buyer.
  2. Interest Rates Affecting Sellers: Lake homeowners that have a mortgage don’t want to battle with increasing interest rates when buying a new home.
  3. Lenders are Well Positioned: Due to past real estate crises, lenders have policies in place to ensure they work with stable buyers.
  4. Majority Do Not Have a Mortgage: More lake home buyers paying in cash means fewer mortgages and fewer foreclosures. 

If you still have your heart set on a foreclosed home, LakeHomes.com will have the few left available!

Whiteboard Topics: What Else Should I Ask When Buying a Lake Home?

Posted on Kamari House

Purchasing a lake home is not something to take likely. Before you commit to a property, consider these factors from Lake Homes Realty’s CEO, Glenn Phillips.

  1. Bridges?: The location of bridges will impact how convenient it will be to travel around the area. However, the closer you are to one, the closer you’ll be to traffic.
  2. Water Levels?: The water level can vary by lake, season, and time of day. It’s important to know the behavior of your preferred lake, as the changing levels can affect lake activities.
  3. Shoreline Restrictions?: Research the restrictions surrounding the shoreline, as they tend to fluctuate throughout the area.
  4. Land Restriction?: Most lakes are owned by an organization, which means you’ll run into leased-land properties. You’ll have to follow their guidelines when buying these types of homes. 
  5. Water Restrictions?: Living by the lake doesn’t guarantee you have free range on the water within it. Check out the rules around water activities, water addition/removal, etc.

When buying a lake home, the property itself isn’t the only thing to consider. Be sure you can live the lake lifestyle you want before you buy!