If you are thinking about selling your rural property, there is certainly plenty to think about. But to make it simple, focus your thinking around one goal – making your property appealing to buyers.
You’ll want to do everything you can to ensure that potential buyers see the value of your property when they visit, and you’ll want to make sure a buyer will have everything in place for a simple, easy closing.
In our work in recreational property sales, we have seen a number of things that successful rural land sellers are doing on the front end of the sales process. Here are six tips gained from that knowledge:
- Make sure you understand the true value of your property. Evaluating the value of a rural property is far different from valuing a house, since such factors as timber values and quality of wildlife come into play. Work with rural real estate experts who understand these factors, as opposed to simply working off comparable land sales in nearby areas. Comparable sales are certainly important, but don’t come anywhere close to providing the whole picture.
- Patience is a virtue in selling rural property. Understand that rural sales often take longer than home sales. The field of buyers is more geographically diverse, and it often takes buyers a while to visit a property, evaluate the timber, etc.
- Make sure there won’t be any issues with a closing. Make sure that legal access is in place, and that there won’t be any other undisclosed legal issues when someone is buying the property.
- Understand that marketing a rural property should involve more than just putting up for-sale signs. More and more, rural land buyers are starting their search online. Often, a buyer will go online, find appealing properties in a geographic area they find desirable, and then contact the broker who handles those properties. With this in mind, make sure the broker you choose is using a combination of channels to market properties, from posting signs to doing hyper-local advertising to having a solid internet presence.
- Take steps to ensure that the property will show well. Take the time to clean up the entrance areas to the property. Clear any trails that might be needed for a potential buyer to tour the area. Ensure that there isn’t any trash in areas where you’ve camped. And make sure you or your broker spends the time and money to get quality photos of the property, which will make it stand out as potential buyers search online.
- Work with professionals who understand rural properties. Whether you are hiring someone to clear trails, to market your property, or to offer advice on timber volumes and values, make sure you partner with people who have experience in working with rural properties in your area. Every property is unique, and there is no substitute for experience.
“Doing some well-thought-out planning on the front end will make your sales process go much more smoothly,” says Jim Lemieux, Senior Manager, Idaho Real Estate for Potlatch, who is working with Potlatch’s Ben Ballard to run the Idaho buying initiative. “Buying and selling rural real estate requires a special skill set, so it’s important to work with experts.”
In addition to selling quality recreational property, Potlatch has always been in the market to buy property as well. This ties into our overall goals of continuing to have a strong selection of properties for our timber operations, while also having strategically adjacent properties that fit into our recreational property sales program.
So, if you are looking to sell quality rural property in Alabama, Arkansas, Idaho or Mississippi, contact us. Let’s start a conversation.