The Difference Between Selling Lifestyle & Residential
When it comes to selling a lifestyle property, you're selling just that - a lifestyle. When potential buyers visit your home, remember you are selling them more than just a house. You’re selling them the picket fence, the chicken coop, fresh eggs every morning for breakfast, an expansive well-manicured lawn for their children to play in, and hey, maybe a few livestock animals as well!
When you’re selling the dream, you’ve got to make sure it looks like one. Ensure windows are clean, de-clutter your house and keep it looking cosy. For help around the yard, hire a landscaper if necessary – especially if you have a lot of trees or large garden - to get your property looking spick and span.
One of the most important differences between lifestyle and residential selling is marketing. With residential, it’s likely you can get away with online only advertising, but this isn't the case with lifestyle. Potential buyers could be coming from a major city, rural area or anywhere in between so it’s important to cast a wide marketing net. This includes print mediums too - lifestyle property buyers often look in local newspapers for listings. Don't be afraid to take out a big ad!
Is Now the Right Time to Sell a Lifestyle Property?
You love your lifestyle property, but now you’re starting to think it’s time to move on. Perhaps your family circumstances have changed and you’re looking to downsize. Or maybe you've gotten a new job on the other side of town and need a more practical commute. Whatever the reason, the decision to sell is a big deal, and one that shouldn’t be taken lightly, especially when it comes to a lifestyle property.
Typically when selling a residential property, you'd consider factors like market conditions - but you have to think beyond this. If you have kids, will they have to change schools or sports clubs? Have you recently been through another upheaval, like a bereavement, health issues or a major change in your work? An even keel and a clear head will help you get a better result when the time comes.
Seasonality is also worth considering. When does your property look its best? At this point, you're probably envisioning the doors open with the sun streaming in and the garden in full bloom. You may be led to believe that summer is the best time to sell— and true, sometimes it is, but that isn't always the case. In New Zealand, most new property listings come into the market in February and March and again in October and November (close to 40% of all new listings in a year come onto the market during these four months). It may be to your advantage to list your property in the winter months, where there will be less competition in listings.
Tip: Consider the property maintenance that goes into preparing your home for market. In winter you may only have to mow your lawn once every fortnight to keep it looking tidy, whereas in spring you could be out there twice a week!
Preparing to Sell Your Lifestyle Property
Whenever you decide to sell, it's important to remember that first impressions are everything. That means you need to make sure you're keeping up with property maintenance and repairs in the meantime. Otherwise, when it comes time to sell, you will have a huge (and expensive) job on your hands.
Your house might look great, but if your barn and equipment are in shambles, you could have an issue selling. Potential buyers might be discouraged at the idea of taking on structures in need of major repairs.
Soil is a lifestyle farmer’s most valuable resource so make sure you keep on top of pugged areas so your soil is in good physical and biological health. A few strategically placed beautiful trees also add monetary value beyond the mere cost of purchase and planting.
And of course, like any residential property, buyers will still be looking for appeal inside and outside the home. Ensure windows are spotless and your fence has a fresh coat of paint. The inside of your home should feel warm and cosy.
Benefits of Using a Salesperson to Sell
Selling a lifestyle property is much more complex than selling a residential property. There are financial, legal and tax implications to be aware of.
Lifestyle blocks are the property type most at risk of not selling, and there are numerous reasons for this, including poor selection of a salesperson. Always choose a salesperson who specialises in your area, as he or she will have a good handle on all the properties and will understand the individual requirements, features and subtleties in your area, as well as its unique selling points.
Selling a rural lifestyle property is a specialist field so the best agents understand buyers' requirements and provide them with the specialist knowledge needed to make a decision.
Your salesperson should also have a database of potential buyers they can market your property to, even before the property is advertised. On top of this, you can expect them to:
- Negotiate with buyers on your behalf. Agents are highly trained in the art of negotiation to get the best price for you.
- Focus on services before sale walking you through the whole process from beginning to end.
- Understand all the legal and tax issues, zoning, council regulations and market trends.
- Have a database of potential buyers they can market your property to.
- Provide access to print publications and specialist websites used to market lifestyle properties for sale.
