It’s not easy to sell a ranch for its highest and best return, but it’s possible if the correct tools are applied. If you’re considering selling your rural farm or ranch property and think there may be challenges in finding buyers, here are some tips that can help make your sale as easy as possible.
When Should I Sell a Ranch?
The best time to sell your ranch is when buyers are actively looking and the property presents itself the best. There are no set times throughout the year when people specifically purchase rural property. However, optimal times typically present opportunities during the spring and summer months when people are on vacation, the flowers are blooming and the grass is green, or when fall colors turn in autumn and year-end 1031 tax benefits seem to flourish. However, late fall and winter months also provide unique windows suitable to sell when crops and cattle operations are less busy and potential buyers are again traveling to new areas for the holidays. As a result of the holiday slowdown, many people take advantage of the closed business days to browse the internet for land for sale.
If you’re interested in selling your ranch, it’s best to work with a real estate agent who knows and understands farm, ranch and rural property that can help you make the most of your property and get it into the hands of qualified buyers.
Sell a Ranch – 8 Tips to Successfully Sell Your Ranch Property
If you own a ranch property and are thinking about selling it, you’re in luck. The market for ranches has been very strong in recent years, so you should be able to achieve top dollar if working with a land specialist.
However, several things can go wrong when selling your ranch— many of them have nothing to do with the market itself. To increase your chances of success when listing your property, make sure that you take these eight steps:
1. Find a Broker with a Proven Track Record
Before you begin searching for a broker, you need to find one who has a proven track record. A proven track record means that they have sold many farms, ranches and rural properties in the past. If the broker is new to the industry or just starting out, or has no farm, ranch and rural experience, this could be risky as they may need to learn what they’re doing.
After finding some potential brokers, look at their website and see what types of ranches they’ve sold before. Don’t just look at their current listings; go through older ones, too, so you know how long they’ve been specializing in land.
2. It’s All in the Details
To sell your ranch property, you must create a listing with details that buyers and agents will find interesting. Listing descriptions are important because they give potential buyers an idea of what they’re getting into if they buy your ranch property. You should also explain any special features so buyers know what sets this ranch apart from others in your area!
3. Set Goals
Setting goals is an essential part of the process, but it’s not enough to just set and leave your goals alone. You will want to revisit the goals regularly throughout the marketing to know that you are progressing toward achieving them.
- First, make sure your goals are measurable. This way, you can track your progress with more accuracy and confidence.
- Second, feel free to adjust a goal as needed during the process. The market will speak.
4. Create a Marketing Plan
You can only succeed in selling your ranch with a solid marketing plan. A good land Brokerage will help you reach the right buyers and avoid mistakes that could hurt your property’s chances of selling quickly. Here are some tips:
Know who you’re targeting.
Putting up as many signs as possible might be tempting, but most properties have more effective strategies. So instead, focus on getting information about your ranch out to people who are likely to want it and have the means of buying it now.
You should also consider targeting people in specific areas who’ve reasonable interests in a property like you’ve to offer. Otherwise, the agent will be wasting time on advertising that isn’t effective for you because there need to be more targeted buyers.
Don’t be afraid of technology!
Technology will help make marketing more efficient with the right software tools, such as those provided by LandLeader. An experienced real estate professional can focus more time on making sales happen instead of wasting time doing things like sending mailers or placing ads online manually (which tends to not be as productive).
5. Know Your Area
The real estate market is a local business, so you need to know your area and your properties’ competition for sale. You also need to know what type of buyer might be interested in your property and what price they can afford. But, of course, if you have been living on the ranch for years, you already have a general idea about all of these things.
6. Make Sure Your Broker Works For You
As with any service provider, you want to ensure that your broker focuses on helping you obtain the highest return for your property. This means they should have a good track record, be licensed and insured, have a good reputation in their industry and, most of all, know and understand rural property.
In addition to all those requirements, ensure that your broker will be available when you need them—and not just when it works for them. You’ll want someone who can be available to assist potential buyers and agents throughout the entire process: from listing to closing the sale.
7. Understand Your Rights
You and the buyer must understand the laws of your state. Are there any restrictions on property usage that might affect their plans for the land? If they are considering building on the part of the property but want to keep certain areas open as parkland or wildlife habitat, be sure to know what their plans involve so that it doesn’t cause problems down the road.
8. Count Up Your Assets
Now that you’ve listed your assets, it’s time to count them up.
- Your land is an asset. How much is it worth? Do you have a survey? What physical characteristics? Is it flat or hilly, forested or cleared? Are there any natural resources?
- Note: Intangible assets also include your knowledge and experience, which can help you sell a property faster than other properties in the same area.
- Remember about time value: if you spend more time working on selling your ranch property than other sellers do, then factor this into how much money you’ll make versus the holding and efforts from selling it.
Finding the right broker is crucial if you’re ready to sell a ranch property. LandLeader uses specific marketing, listing tools, and industry resources to provide that next-level step for your land business.
