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 challenges can arise during a land sale—many of which aren’t directly related to the market. To improve your chances of a successful listing, be sure to follow these eight essential 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 attract serious interest, it’s essential to create a listing with details that both buyers and agents will find compelling. A well-crafted description gives potential buyers a clear sense of what the property offers. Be sure to highlight any unique features so they understand what makes this piece of land stand out from others in the 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
Achieving a successful land transaction requires a strong marketing plan. A reputable land brokerage can help you connect with the right buyers and steer clear of common pitfalls that might delay the process. 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
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.
- Keep the time value in mind: if you invest more time managing the sale process than others typically do, be sure to factor that into your overall returns—balancing potential earnings against holding costs and the effort involved.
Finding the right broker is crucial when you’re ready to transition out of ranch ownership. LandLeader leverages specialized marketing strategies, listing tools, and industry resources to take your land transaction to the next level.