Maybe you’ve inherited land or you’re just ready to sell your own. Regardless, if you’re tempted to do a sell-by-owner, don’t. While it might seem like you’ll save money by not hiring a commercial real estate broker who’s a land expert, you could actually pay in the long run.
1) You Lack the Experience
This isn’t your fault at all. It’s simply that most people probably don’t have that many occasions to sell land. Because of this, it’s easy to struggle with decisions like how much your land is actually worth, a fair going price, if any improvements need to be made pre-sale, marketing, etc. One factor that can become particularly tricky are any tax/financial or other legal issues.
A good real estate agent and land expert can help you navigate all this. They’ve (hopefully) been selling land for years, so they know exactly how to factor in things like market conditions, going rates of nearby properties, zoning issues and what developers or other potential buyers are looking for.
2) You Lack the Network and Resources
Again, this is probably because you’re not in the land market regularly. Because a land specializing agent is constantly in the market, they could already know of a potential buyer. At the very least they’ll have a network of resources to pull from that can help put money in your pocket faster.
So what do you need to be looking for in a commercial real estate broker?
1) Someone Who’s 100% In Your Corner
While the value of your land will steer the final price, negotiation plays a huge role in how much you’ll walk away with. Having a land expert who represents you and your interests (not developers or other buyers) can make a huge difference.
For example, say someone with your best interests in mind can get you $100,000 per acre. The buyer is then interested in your neighbor’s land as well – same area, conditions, etc. If your neighbor isn’t using the right broker, their land with the same value could end up going for $85,000 per acre instead.
2) Someone Who Specializes in Land
Selling land is a completely different beast than selling a developed property such as a house. That’s why it’s beneficial, even necessary, to hire a broker who specializes in and has a lot of experience with land.
Make the short term investment in a professional and experienced agent who specializes in land. Shelling out for a commission will actually gain you more money in the long run, as well as a faster and smoother process overall.
Are you selling land in the Northwest Metro Atlanta area – Cherokee, Bartow, Cobb or Paulding counties? I’d love to work with you. Get started with a land valuation request, or just contact me if you’d like to talk!