Expert Advice for Real Estate Sellers
Our real estate experts also weighed in on the question of: What do sellers need to consider as they put their rural property on the market?
Here’s a collection of their best advice for real estate sellers.
Shelve your emotions….
Selling property, especially family property, has an emotional component. Once you’ve decided to sell, it’s important to look at the transaction as a business decision.
It’s also helpful to remember that the potential buyers are looking to make their own memories on the property. They may—or may not—be interested in your stories about picking wild grapes with your grandmother or smoking sausage with your grandfather.
Put your best foot forward….
Potential buyers are making a choice. Show your property off to its best advantage by cleaning out barns, shredding fields and removing any collected junk. If there are old chemicals or paints, handle the disposal so the new owners don’t have to.
[pullquote width=”300″ float=”left”]When buyers tour your property, you want them to concentrate on its potential and not be distracted by how much work needs to be done before they can start building their dream.[/pullquote]
Give yourself time….
The bigger the property, the longer it’s going to take to get it ship-shape. Allow yourself plenty of time.
Create a dispersal plan….
If the property has personal property or farm equipment, create a plan for its dispersal.
It’s human nature to assume that your property will be worth the highest price in the local market. Be aware that a lot of factors influence its true market value. Be open to the information uncovered by your real estate professionals as they provide comparables, so together you can set a fair, realistic price that makes your property highly marketable.
Because there is a not a sense of urgency surrounding most rural land purchases, be patient. It takes sellers a while to find their ideal properties, so it may take a while for the right buyer to come along.
Thanks to the Internet, buyers are much more sophisticated than they used to be. Be prepared for the give-and-take of negotiations.
Know what you own….
Do some research and know what you own when it comes to mineral rights, surface rights and water. Refresh your memory on the status of any easements on your property.