Time to Sell Our Maui Condo

chisue

It's a sellers market.


I don't know when we'll be using it in the near future.


Renting is profitable, but no longer a pleasant experience, thanks in part to Expedia ruining Vrbo.


All advice welcome!

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nicole___

Oh man! I could write a book on this. smile.

First, think about what YOU like about the property. Is the BIG FANCY kitchen the nicest one you've ever cooked in? Or is the location, next to the beach? These are the points and photos you want listed FIRST. The main photo does NOT need to be the outside of the property....it needs to be a really GOOD feature. If the kitchen is super-dooper list it's photo on the main listing, then the front of the property next. Grab them...Get them ....WOW them...right off the bat....do NOT approach it slowly....like they will fall in love with the property later. No! PULL them in...get their attention...NOW!

1) Use a professional photographer with a wide angle lens for the listings photos.

2) Use words to describe/embellish. ie the "spacious" open concept look or "high end" materials were used for the blah blah Do NOT use more than a paragraph to describe the property in the listing, short and sweet.

3) Night shots taken just before dark, with the property ALL lit up outside, will SELL THE PROPERTY! Put lights under the foundation plantings(Harbor Freight sells hand held lights, blue case, I use).

4) For showings, burn scented candles and live flower center pieces for tables. Dollar Tree has tons of candles to choose from. I use "Apple Pie", cinnamon and apple candles for MOST properties. They have ocean scents...I would use THAT if selling YOUR property. I also use orange scented wood polish. The house has to be spotless. Towels BRIGHT white in white bathrooms...buy new ones with matching white rugs.

Remember....the listing is how YOU get people to WANT to come over and look at it....or buy it sight unseen....yes....it can be done!

5) Final piece of advice....ask more than it's worth. Someone may just pay it! Don't over price it where it's outrageous...maybe $30K more.

  1. Peel back the sheets on the bed, in the master. Put a serving tray with a bottle of REAL wine and wine glasses. Let them imagine themselves living here....putting themselves into the picture...
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tigereye

Other than sparkling clean and nothing needing repair, don't remodel anything "to sell". You won't get your money back and people always want to do their own remodel.

Declutter, if you have anything you want to keep, pull that out and take home. If you do, try for one last time there. If you don't, just contact a real estate agent.

Sorry you need to sell, but it comes to us all. At least you have a seller's market.

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whatsayyou18

I would steer clear of scented anything...candles, plug-ins, sprays, etc.

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arcy_gw

Could you explain the Expedia ruining Vrbo comment?

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chisue
  1. This is a vacation rental when we aren't using it. (I'll send the buyer to you, NIcole, to really *market* it. I've needed new photos for...forever. (You can see the place on Vrbo. We're #8049 in South Kihei, Maui.) Most recent comp at Maui Kamaole was F-102, no ocean view, with old A/C units. Sold for $608K.
  2. Brokers are swarming us.
  3. arcy -- VRBO used to be just an advertising medium. Now they charge guests a fee to book. My last guest paid almost $500 extra to them. Vrbo doesn't let owner and guest 'meet' (phone numbers, email addresses) until they have their fee in hand.
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tigereye

Sit tight and wait for the bidding war!

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Elmer J Fudd

I sent you a message, chisue.

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nicole___

Chisue... Can you post a link please? I remember looking at photos a few years back.... it was beautiful! Well worth $608+.

The brokers swarming you....yeah....me too. I get phone calls, postcards, fake and real hand written letters...on a daily basis. Totally obnoxious. :0) What a GREAT market!

If your not going back for awhile...hire a stager AND a photographer.

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Lars

That's interesting info because I was considering using VRBO, once Cathedral City lifts its ban on STVRs. Maybe I should look at AirBnB instead, but I would guess that they have a similar policy.

Good luck with selling. We enjoyed our trip to Maui a few years ago, and there are lots of direct flights from LAX, which made the trip very easy. I especially liked the zip lines there, but we do not have plans to go back at this time.

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gardengal48 (PNW Z8/9)

My niece and nephew are contemplating the same thing. However they are looking for a SFR in place of a condo (larger) and have an eye on a beachfront property (with pool) just down the street from their current place. And they do not use as a rental either......it is just for family use or when they feel a need for for a beachy holiday :-)

But they also own multiple properties in various locations and only one (their main house, located here) is used on a consistent basis. The others are temporary getaways. They kind of collect and go through properties like others collect and go through cars. They do that too :-)

Must be nice.........

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chisue

nicole -- You can see the condo on Vrbo. We are ad #8049. (Same old photos. Bad Sue!)

Lars -- I don't like either of these, but like airbnb less. (There's a bit more protection for the owner with Vrbo.)

I should add that we plan to reinvest proceeds from the condo in a long-term rental property -- something in the Chicago area that our DS can help with. Chicago is a buyers market, despite low inventory. This defers capital gains taxes as long as we take little or no 'boot'. Proceeds go into escrow. We have 180 days from condo closing to identify a rental property we plan to buy. ***

tigereye -- Currently only one Maui broker knows we will sell, but I plan to contact others. Seems silly to pay 6% commission when we are providing the only thing standing between a broker and a profit (the property). Anyone have ideas on that ?

***editing to correct. The 1031 provision gives you 45 days to IDENTIFY a replacement property and 180 days to CLOSE on that property.


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Elmer J Fudd

Doing an exchange is how a taxable event on sale can be avoided.

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sjerin

Seeing this makes me a little sad for you, Chisue. I think your condo is in the area we stayed in when we were there quite a few years ago, and we loved it. I'm sure you're doing the right thing and I hope you don't have to pay too much in brokerage fees.

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functionthenlook

As my personal experience as a buyer and seller 5 years ago:


Don't use fake sents. One persons pleasant sent is another's person gross sent. You can't beat fresh air. Fresh flowers are nice.


Don't use wide angle lenses to make rooms appear larger than they are. They only piss off prospective buyers. I forbid my agent to use them. If your being deceptive with fake sents and phony pictures the buyer will wonder what else you are being deceptive about.

Clean and declutter.

Fresh paint if needed.

List at fair market value or only a little over. Homes around here usually are under contract in a few days or less if priced right. Neighbors over the hill from me listed at 15K over market value and it sat for a month with no bites until they lowered the price to the fair market price. If you list too high you will be knocking out perspective buyers that are looking in a specific price range.

Good luck.



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chisue

sjerin -- Thank you. We need to remember that we've had many years of enjoyment at Maui Kamaole and have never regretting buying there. However, one of the reasons we're selling is the lack of reliable medical care on Maui. If my MM improves or the chemo for it becomes simpler, we can always become *renters* there. We 'know how to pick 'em'!

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arcy_gw

Oh WOW I can see how that would be frustrating.

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bob_cville

> That's interesting info because I was considering using VRBO, once
Cathedral City lifts its ban on STVRs. Maybe I should look at AirBnB
instead, but I would guess that they have a similar policy.

I was going to answer that I believe her complaint is that the change to VRBO has made it more like AirBnB which she already didn't like, but I see she has already answered.

If it is a strong seller's market and you feel confident you can determine the correct value of the property, it could make sense to list FSBO, at least at first, and state you will "work with" buyer's agents.

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chisue

Bob -- Yep. I don't like the additional expense to our guests and the difficulty working *through* Expedia/HomeAway/Vrbo/Whatsis. I was spoiled with the old VRBO without a middleman.

Today I emailed four friend-recommended Realtors with offices in South Maui, announcing that we are interested in selling and referring them to our ad. I asked for email only for replies. (Yeah, I know that won't work for an aggressive salesman, but there's a 4-hour time difference...and we are crabby old people who require some peace and quiet!)

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bob_cville

Well communications is important, and if they cannot understand and abide by your wishes concerning email only, they are telling you right upfront that they value the commission more that your wishes. And are thereby telling you upfront you don't want to work with them.


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nickel_kg

general question: is staging dependent upon expected use of the property -- like if someone is going to buy it primarily for renting out, does it help to have current decor & furnishings included?

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chisue

nickel -- STR condos are inclusive of whatever is IN them. If we were keeping the condo, I'd be spending $5K on a new sleeper-sofa, big TV, some pictures, and tiling the back splash in the kitchen. The mattress is 2 yrs old ($2K). Dishes are extensive Fiesta Ware. The split-system A/C was $10K. (There are condos that are still *exactly* as they were when built 20-30 years ago, with carpeting, window or no A/C, three slabs of concrete for lanai, etc. That's one reason we bought -- to avoid renting from a bean counter. )

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nickel_kg

Thanks chisue -- that's kind of what I was assuming, that you as owner of a rental would remove any/few personal items and everything else conveys "as is." Not the same as the average family house, where you typically buy an empty house, regardless of how it was shown in listing pictures. (All subject to individual contract language of course, and there's no substitute for reading the fine print.)

Beautiful condo, by the way, I'm sure you'll have no problem selling. Good luck :-)

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murraysmom Zone 6a OH

I just tried finding it and can't. I don't belong to Vrbo, but trying to find your property is very difficult.

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tigereye

https://www.vrbo.com/8049

Very nice, don't change a thing to sell.

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murraysmom Zone 6a OH

Wow, tigerye, thanks!! That place is beautiful!! I can't imagine you would have any problem getting a good price for it, Chisue. Cool.

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socks

I was thinking about this recently, Chisue. If I'm not mistaken, this is your second winter to not go. Sigh, that's life, isn't it? Things change. You must have many happy memories from your stays there. Susan

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chisue

In case you are interested in following along with this adventure...

Three of the four realtors emailed me hours after receiving my message. yesterday. This morning I messaged all of them about potential viewings and heard back from all three by 6 a.m. Maui time.

Two men plan to view the condo today while the cleaner is there for back-to-back bookings. We have another back-to-back Feb. 15; one man wants to show the condo to a buyer hen. (Yes, I know, the old song and dance about having a buyer waiting!) The third realtor plans to view the condo Feb. 15. The local management company we employ will provide them entry door lock codes.

I'm laughing, remembering that when we wanted to buy in 2001 I had to resort to contacting owners of 1BR 2Bath Ocean View condos because no realtor would reply to our questions -- even knowing we were doing a 1031 and had to ID something fast! We got two 'just fishing' replies and bought from one of the two owners who really wanted to sell.


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tigereye

What was the song? Que sera sera? Doris Day?

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OutsidePlaying

I found it very easily yesterday using a Google search and the number. It is a beautiful location, lovely condo, very well appointed. You should have no problem selling it as is. Best of luck to you, and I am sorry you are selling as I know it has been enjoyable for you.

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nicole___

Yes, the market is constantly changing. Following.

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chisue

Update: Eager Beaver Realtor has not only seen the condo but has shown it to two people in his office. Wants to show it Saturday. Wants to list high.

Second Realtor viewed and upped his guess to $50K below the Beaver.

Mrs. Realtor guessed $100K lower than the Beaver, but will only view it Saturday, as will Realtor Four (who manages an office for a Hawaii conglomerate that has its own TV show -- more glamorous and expensive real estate than this).

Still no compitition in our complex. There's a By Owner down the street in a less attractive complex who is asking 'beyond Beaver' for similar size unit, no ocean view, poor A/C. (Fifty sq ft larger, but divided for second BR.)

No one so far has mentioned entertaining bids above asking price. I know that's common in other areas (like San Francisco).


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nickel_kg

(LOL love your names for your realtors)

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nicole___

Sue...I sent you a msg. A realtor my agent recommends....hope that helps.

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