So you’ve got land that you want to sell. Maybe you’re downsizing. Maybe you could use the extra cash for another investment.
Or maybe there’s oil buried somewhere deep down there.
Regardless, you can’t go off on your own to try and sell your land. It’s even more difficult than trying to sell your home without a real estate agent. Instead, you’ll need to employ the services of a land broker in order to help you through the transaction.
Not sure where to start? Don’t worry, we’ve got you covered.
Let’s take a look at everything you need to keep in mind when looking to sell your land through a broker.
Extensive Market Knowledge
This is listed at the top because it’s one of the most important qualities you need to look for in a land broker. They can be the most charismatic salesman ever, but if they aren’t well-versed in the local market, you could be losing money.
Thus, you’ll want to find someone who is not only experienced but has also worked in the area for a significant amount of time. It’s also a good idea to research their past transactions and see what kind of properties they deal with.
Lastly, take a look at their reviews to see what previous clients have had to say.
If Your Land Has Oil…
Things just got a bit more complicated.
Instead of your land being valued only by its square footage and potential for farming/residency, you now have to consider how much oil you could potentially extract from the earth on your property.
Buyers who seek after oil are usually representatives of corporations. Thus, your landman broker needs to make sure you’re getting your money’s worth.
If you’re looking to sell your land to an independent buyer who is aware of the fact there is oil on your land, your asking price should reflect that.
Without a competent agent to help you through the process, it’s nearly impossible for the average seller to avoid getting cheated.
They Should Know The Longterm Value of Your Land
The last thing you want to do is sell your property and then find out how much it could have been worth years down the road. An honest broker will tell you if it’s worth keeping your land before you sell.
For example, if you own property that will be the only independently-owned land in the region within 5 years due to development of the surrounding area, you’ll likely make far more money if you hold onto it.
If an agent seems pushy or pressures you to sell instead of answering your questions, they’re not the one for you.
Finding The Right Land Broker Can Seem Difficult
But it doesn’t have to be.
With the above information in mind, you’ll be well on your way to ensuring that your property is in good hands by hiring a competent land broker to take care of you.
Want to learn more tips that can help save you money in the long run? Make sure to check out the business section of our blog!