Sunday, June 20, 2010

When You Can't See The Forest For The Trees

Becky and I visited several inns this week and I was struck by the condition of a couple of them. Sometimes it takes a pair of fresh eyes to see what's really there, and sellers who have inhabited a property for a long time can tend to lose sight of what is right in front of them.


To begin with, it's incredibly difficult to get a qualified buyer to a property in the first place. Innbuyers often travel hundreds, sometimes thousands of miles to look at a property. When they finally arrive on site, they are ususally hyper-aware of condition issues. I looked at a small resort property the other day with a couple who traveled in from Texas, and despite the fact that the guy was very handy, he couldn't seem to take his eyes off of all the items that needed repair. This couple couldn't get beyond the condition issues and have moved on to look at another property (which, by the way, looked amazingly good after what they had just seen).


So, now it's my job to communicate to that property owner that there are significant condition issues facing them. This can be an onerous task, and this particular property owner has commented a number of times about all the improvements they have made! In reality, the place needs an overhaul.


The remedy to this situation, of course, is to have the property inspected BEFORE it goes on the market. It's well worth the investment. It's a crime to watch a qualified buyer walk away from your property because they don't want to take on that extra responsibility of making repairs.


The property mentioned above has been on the market for over four years now. I've shown it a number of times (it's not our listing) and every time I hear the same thing as feedback. Condition issues are killing the sale, and the owners of this property might as well have shot themselves in the foot.


Innsellers, if you can't see the forest for the trees, hire an inspector to be your guide. Then, make the repairs! That way when the rare buyer with a million in cash to put down on a property comes along, you won't be staring at their backs as they head off to look at another property.