Every now and then, a property doesn’t fit the usual mould – a non-cookie-cutter house. A house that requires a different sales approach to what most real estate agents offer.
At The Henry Wong Team®, we are experts in marketing and selling non-cookie-cutter houses.
One kind of home that fits this description is a structurally unsound property. These are homes with structural issues that might even be uninsurable as a result.
For owners, they might think that selling this kind of home is impossible. We’re here to tell you it’s not – we’ve helped many Brisbane homeowners sell structurally unsound homes over the years.
Let’s take a closer look at how we get it done.
Can You Legally Sell a Structurally Unsound Property?
Yes, you can. In Queensland, a property does not need to be structurally sound or insurable in order for it to be sold. It is completely legal to take one to market.
What matters is disclosure.
If issues are known, they must be communicated honestly. The owner doesn’t have to fix everything before going to market, but they can’t try to hide anything. The buyer needs to be able to make informed decisions – this means they need a clear picture of what they’re purchasing.
If the seller understands this and abides by it, the whole real estate transaction will be much less stressful.
Structurally Unsound Properties still have a market
Many sellers have the impression that all real estate buyers are looking to buy a home they can move into straight away. This isn’t the case.
There are builders, developers, investors – many of whom will be very accommodating of extra work that needs to be done to a home. They’re looking at land value and development potential – not necessarily the existing structure. The buyers may even be cash buyers who understand the risk and work they’re taking on and adjust their offer accordingly.
Whoever they are, the offers will come in. A successful transaction depends on clarity and excellent communication.
Being Upfront Helps the Sale
We get it – it’s scary telling buyers about a structural issue in a home. You’re worried they’ll be scared off.
The truth is, being transparent about them has the opposite effect.
By raising the issues early on, the wrong type of buyers remove themselves from the equation. Those that remain are at peace with the structural issues. They’re knowledgeable and realistic about the value of the property. Negotiations will be smoother, and once a deal is signed, it’s less likely to come undone.
When the buyers come, explain the insurance limitations and structural reports. Set expectations early, and you’ll be in for a smoother and ultimately successful ride.
Price it Right
Pricing a structurally unsound property is a challenge that less experienced real estate agents struggle with. You can’t price it like a standard family home – the buyers (and the offers) just won’t come. If they do, expect heavy conditions and negotiations.
Pricing needs to reflect reality – it should focus on land value, potential for redevelopment and the results of comparable sales with similar structural difficulties. Accurate pricing will encourage buyers to engage with optimism and enthusiasm.
Reach the Right Buyers
Casting a wide net when it comes to marketing a non-structurally sound property isn’t always the best answer.
You don’t want to attract every buyer in the market – you want to attract the right buyers. Buyers who understand what they’re looking at and making an offer for.
Targeted conversations, direct outreach and clear, accurate marketing is required. Nothing over-the-top emotional or lifestyle-focused. The messaging should match the property.
Experience Matters
When you sell a non-cookie-cutter home like a structurally unsound property, it’s not going to be a standard transaction.
Your real estate agent could be the difference between months of frustration and a smooth sale. Experience is the key here – they need to know how to disclose the issues without turning away the right buyers, price the property correctly and engage the right marketing tactics.
With the right campaign in place, vendors are protected from unnecessary risk and buyers know exactly what they’re looking at.
Network Matters Too
Here’s what we’ve learned about selling structurally unsound properties at The Henry Wong Team® – the less you have to rely on the main real estate portals, the better.
Having a large network of buyers that stretches across Australia and into wealthy communities of Chinese investors gives us a serious leg-up on getting these homes sold. We’re in touch with our network regularly – they know us and trust us. If they’re looking for development opportunities, for example, and we present them with one, they’re going to look at it.
Our network has helped us sell many properties before we even take them to market. Why not leverage it today to sell yours?
Sell Your Structurally Unsound Property with The Henry Wong Team®
If you’ve got a structurally unsound property you’d like to sell, let’s have a conversation. We can chat about similar properties we’ve sold, realistic pricing and how insurance issues could affect the outcome of the sale.
Honest, straight talk, from a real estate agent who has vast experience in selling non-cookie-cutter homes. Get in touch today.
