What is Stigmatized Property?
- A place where there has been a public scandal or crime?
- A place where there was a murder or suicide?
- A reputedly haunted house where ‘strange things’ happen?
- A property with unique selling challenges?
- A property with special legal issues?
- Perhaps all of the above?
Essentially Stigmatized properties take longer to sell.
- Sell at a lower price. (Often well below market value.)
- There are legal responsibilities which vary from state to state which either require you to disclose the history of the property or may require you NOT to disclose the specific type of events that occurred.
- Such disclosure may affect the buyers decision.
But, it all boils down to one issue…
How the property and situation feels to the prospect.
Realtors often say…
Buyers make emotional rather than rational decisions. If they like the way a property ‘feels’ that overrides most other minor issues.
Or, if they don’t like the way it feels they just won’t buy, even if it is otherwise ‘perfect.’ They may not even be able to put it into words and an otherwise articulate person will have a moment when they stammer and can’t quite put a sentence together.
What is it that either feels ‘right’ or feels ‘wrong?’
Every one of us has walked into a room where there has recently been an altercation and could ‘feel the anger in the air.’ Or have walked into someone’s home and spontaneously relaxed and started to smile.
What IS that about? And, if there is a way to understand that certain unseen but very real something, can it be changed or removed? If it could be removed… similar to mitigating asbestos, toxic waste or radon… would the property then sell easily?
Every realtor has tried to sell properties that act as if they were stigmatized… meaning that they take a long time to sell and sell at a lower price… but for which there is no apparent stigma.
Are potential buyers responding in the same way they respond to a stigmatized property? Responding to a certain unseen but palpable something?
That is exactly what my work is about.
Let’s talk about your problem properties… even better, let’s clear all of your inventory and make your business soar!
Call me now at 866.4.FARKAS or send me an EMAIL