So you’re thinking about selling your ranch property. Ranches are complicated sales transactions, unlike regular residential real-estate, you’ll need to know a few handy tips to sell a ranch. The key is finding a qualified land broker to work with you. Here are a few tips for how to sell a ranch successfully.
As a long-standing ranch brokerage and ranch real estate company, our team of qualified ranch real estate brokers have decades of experience. We’ve been the top ranch real estate group in Colorado and across the west. As experts, we are here to support you with your sales goals. So why not share our wealth of knowledge with you?
About This Guide to Selling a Ranch
In this guide about how to sell a ranch, we’ll dive into the key things to know before you sell your ranch property. We’ll cover:
- When to sell a ranch
- Expert tips about selling a ranch
- Advice for finding the right ranch real estate broker to represent your property
When Should I Sell My Ranch?
When is the right time to sell your ranch property? Often times, selling a ranch happens when a need arises to move locations. Although you don’t always have control over the timeframe, there is an ideal time to sell a ranch.
You want to list your ranch for sale when buyers are looking. Typically, this happens in the summer months. You’ll often be able to get a better price during the summer months, however, your competition will be higher.
Can’t sell in the summer? Don’t fret, rural properties have been on the rise for some time as people look to get out of the city. Chances are you will be able to get a fair asking price for your ranch any time of year. However, during the cold winter months, there may not be as many buyers, so a sale may take more time.
8 Tips to Successfully Sell a Ranch Property
As expert land brokers, we’ve come up with the ultimate list of tips for selling a ranch property. When it comes to large land sales, you’ll want a team of experienced people at your side. These tips are designed to get you thinking about creating the right real estate team for your ranch sale. The result will maximize your revenue and keep the process stress free.
1. Find a Broker with a Proven Track Record
Step one to selling your ranch is to find the right land broker. You’ll want a ranch real estate broker that specializes in ranch real estate in your region. Find a broker that has a proven track record in your area. Before you hire on your ranch real estate broker, be sure to ask the right questions.
You want a broker that’s willing to work hard for you, but also isn’t shy about giving bad news. Here are a few things you must cover in the interview process:
- How many years of experience do you have?
- Do you have any references?
- Can you give me some examples of sales nearby?
- What is your mission in your real estate practice?
- What are your hobbies? (You want to utilize a broker that understands the value of your land)
2. It’s All in the Details
Next, you’ll want to have a conversation with your CPA. Unlike typical land sales, selling a ranch has vast tax implications. Talk to your tax advisor about the land sale and how it will affect your taxes and income.
Don’t forget to consider both national and state-level taxation requirements. If you’re selling your company or you have multiple deeded parcels, you’ll want to make sure you understand how these complex issues play into your taxes too.
3. Set Goals
You’ll want to work with your real estate broker to set up feasible goals for your land sale. Your goals should be obtainable, measurable, and realistic. Work together with the specifics of your property to create goals that make sense for your desired outcome.
4. Create a Marketing Plan
Work with your broker to create a stellar marketing plan. Just like starting up a ranch business, you want a real estate broker who understands the ins and outs of ranch marketing. Your marketing plan helps to maximize your sale potential and reach the right buyers quickly.
5. Know Your Area
Take a look at prices and sales of nearby ranches. In rural life, nearby can mean the state or region you live in. Check around to see what ranches are selling for near you to get a realistic outlook on the value of your property before you put the for sale sign up.
6. Make Sure Your Broker Works For You
Your broker is like your best friend when it comes to selling a ranch. You want a broker that’s willing to work hard, communicates effectively and knows the business. A highly skilled ranch real estate broker isn’t afraid to give you bad news and is dedicated to your overall goals.
7. Understand Your Rights
Unlike traditional land sales, when you sell a ranch you absolutely must have a solid understanding of your property’s rights. This includes mineral rights, hunting rights, easements, water rights and more.
Before you sell your ranch, you’ll need to assess the values, intricacies, and shortcomings of those rights. Your real estate broker also needs to understand these (sometimes) complicated land issues.
8. Count Up Your Assets
Lastly, count up any assets you may be selling with your ranch. This list should include, but not be limited to the following:
- Land, water, resource rights
- Any buildings and land improvements
- Your business if you are selling with your ranch
- Ranching equipment
- Livestock and agricultural resources
Overall, preparing to sell a ranch is a huge undertaking. But with some forethought and the right team at your side, you’ll be able to successfully sell a ranch this season.