In our ongoing series about Things to Consider when Selling Land, we posted last week about how to get your land ready for sale. As you’re doing that, bet you’re thinking about what comes next?? You’ll have to decide how to sell it – by conventional sale or at auction.
A good starting point is contacting a licensed real estate broker; and if you’re interested in auctions, locate one who specializes in land sales and is experienced with auctions. Rick Musick of United Country – Musick & Sons, a Potlatch preferred broker in Idaho, said a knowledgeable broker can provide information that can be vital in helping you decide how best to sell your property.
“The first thing we ask is are there any time constraints?” he said. For example, you might be hoping to finance a home with the proceeds from a land sale.
If you’re motivated to sell quickly, an auction may be the best choice. An auction offers an accelerated time frame because there’s a fixed start and end date. However, if time isn’t as much of an issue, a conventional sale might be a better alternative. Either way, having the expertise of an experienced broker is essential.
Many brokers belong to multiple listing services, and as a result, they have a wide array of information available at their fingertips. “We can find out what the average listing time and average selling price is for a similar piece of property,” said Musick, whose brokerage uses nine MLS services. “With a conventional sale you have to be aggressive on your pricing.”
Each selling option has advantages. An auction has potential buyers competing with each other, while a conventional sale involves a longer marketing time to find the right buyer.
A little research and an experienced real estate professional can go a long way to making your property purchase a reality, and talking to a broker in the Potlatch Preferred Broker Network is a great place to start. Click here to find a broker in your area.