Selling a property is hard. But selling a property that has a bad reputation is even harder. Properties with a bad reputation are usually connected to unsavory events such as crime, drugs or residents frequently moving in and out. It can also refer to properties that have poor maintenance and have been neglected by previous owners.
No matter what the cause of the bad rep is, selling a house with this kind of history and stigma is difficult. Studies have shown that properties that have a bad history experience a 10 percent cut off from their value.
Have a bad property on your hands? Don’t worry. There are still ways you can increase your chances of selling it.
Accept that it’s not going to be easy
Don’t expect that you’ll be able to sell the house right away. Forcing a fast sale is like taking dough out of the oven too early. Be patient and create sales strategies. Waiting it out for a few years can actually be good for you, since the property’s value may increase during this time while people are likely to forget about the negative history.
Remember to discourage the stigma
The stigmatized property’s dark history may be hard to erase. Some neighbors may remind potential home buyers about the house’s past. Kids often vandalize these properties more often than regular homes. What you can do is give the house a makeover. Create a homely open house where food and good talk is abundant. Paint the house into something new or add a garden. Changing the image of the property is not only good for bringing in buyers, but it may also add to the property’s value.
Be honest
It’s illegal to not disclose any important facts about the property, including its history. You can be in trouble if you do not share these important details to your client.If the buyer asks about the property’s history answer them truthfully, but don’t forget to mention how that history doesn’t take away from the project’s good qualities.
Use the history to your advantage
You may not be aware of it, but there are tons of home buyers out there who want to live in a famous house. These fearless home buyers are a niche you can target. Focus your energy on clients that have a fascination with horror or history. You might convince them this is the perfect home.
Consider renting it out first
Renting out a property is the fastest way to make a profit out of a stigmatized property because looking for renters is way easier than looking for buyers. Having happy people living there for months or years can erase a home’s dark past.
People have short memories. Just be patient and you’ll surely find a buyer who looks past the history to see the house of their dreams.
