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I

f you overhear real estate agents having lunch together these days you are bound to hear things like "He has to sell, he's been transferred," or "The house belonged to both of them, so they had to sell for the divorce," or "The business closed. They just can't keep the country house." These are among the many reasons for selling that people have today. There are so many hardship cases right now that the agents feel entitled to assume that if your property is on the market, you are fair game for a bargain hunter. It is for this reason that when you put your property for sale, you have to assess the market. This is true anywhere, but it is particularly true of recreational property. It is very important to assess the market before offering your property.

"Why do you want to sell?" The good agent will always ask this question. Everyone who decided to sell has taken the decision for a reason. The reason he is given will influence how the agent will work. In the current market the agent's job is to identify the client who must sell or whose motivation to sell is highest and then to encourage him or her to bring the price to a point where it is obvious that the buyer will have a good deal of difficulty dismissing or forgetting the property. If you are thinking of selling, you have to ask yourself if your reasons are strong, given the kind of stressed-out competition in the marketplace. If you feel you must proceed with putting your place on the market, make sure your agent can do his or her job. Set a realistic price.

If you are not motivated by distress, then don't put your house on the market but use the time to get acquainted with your agent. Ask to be kept informed of what is happening in your neighbourhood. Frequently, especially in the Ste. Agathe area, we see vendors who don't do this, but figure that it is better to put the property on the market anyway. They are often advised to do this by agents who are afraid that they may be wrong to refuse the listing, regardless of how unrealistically high the price is, because, well, who knows? Another agent may take it, and then what?

If you have decided to sell, though, and the market is distresses, remember that a property that is exposed on the market too long becomes invisible to all of the most likely community of buyers: the neighbours. When you put your property for sale, you create an event in the neighbourhood. If the price is right, that event can translate rapidly into a sale. If it is too high, it may only be the source of some disparaging gossip. Or, if it is put on the market at too high a price without fanfare, that is, without a sign, it risks becoming invisible to the agents, and they tend to forget it. What is of paramount importance in this market is the price. In fact, a sophisticated buyer will know that if a property is overpriced and has been on the market for a long time, his low offer is not likely to have any competing bids and he may be able to hold out for a low price. All buyers ask the question "How long has it been for sale?" If the price starts off right, the answer will be "Not long."

The best advice a distressed vendor can receive is to price it right, even if it hurts, and to get the job done. Make sure that if you are going to be taking losses anyway, you take them proactively. If you are not in a hurry, enjoy your property and remember, the market always comes back.

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