Daily Real Estate News  | June 15, 2010  |

What to Do If the Oil Spill Affects Your Market
Anyone trying to rent or sell a property on the Gulf Coast should keep these issues in mind.

Don’t panic. The next few months could be difficult, but this too shall pass.
Be forthright. Address the issues on your Web site and on the Web site for your client’s property. Say something like, “We know you’re concerned about the oil spill; we are too.” Add links to reliable news stories and blogs.
Take pictures. Date-stamped photos of clean water may reassure would-be buyers and renters.
Focus on non-beach attractions. Golf courses, shopping, and theaters are important and unaffected assets.
Be prepared to negotiate. Bad news brings out bargain hunters.
Document losses. Help sellers by providing a broker’s price opinion to serve as a baseline should property values decline, and pursue compensation from the government or BP.

Source: The Wall Street Journal, June Fletcher (06/03/20