Listing and selling your ranch can be an intimidating and time-consuming process. Whether you are listing for the first time or you have sold property in the past, going through the paperwork, answering phone calls, and entertaining interested buyers can take up so much time.
Our checklist of seven things to consider when selling a farm or ranch will help make your selling experience more productive and manageable, as well as significantly boost the chances of getting a lucrative deal.
- Consider your broker
Ranch owners looking to sell will want to work with a broker well-versed in selling ranches and farms to make sure the transaction proceeds as smoothly as possible. An agent with years of experience selling similar properties is likely to know prospective clients and appreciate the specifics and nuances that go with selling to a niche market.
- Consider your priorities and timeline
Think about whether you want to sell the ranch as a whole or split into lots, retaining the house and a parcel of land. It typically takes at least six months to sell a farm or ranch, so keep this in mind when you need to let go of livestock, move, or list your property during the peak season.
- Consider your marketing activities
Consider a mix of offline and online marketing activities when selling the ranch. Put up a “For Sale” sign, work with your broker or agent, and feature your property on a listings website.
- Consider your showings
A picture is worth a thousand words and first impressions are the most lasting. Farm owners and brokers should produce high-quality photographs of the most attractive features of the property, including videos that highlight its unique selling points. More importantly, clean, decorate, and undertake repairs so that the property always looks its best for potential buyers.
- Consider your property
Buyers will often ask many questions. Disclose all the information about your property – from land surveys and wind and water rights, to zoning information and legal and tax descriptions – for smoother selling. Ranch sellers should also keep a record of personal property and crops that may or may not be part of the sales transaction. Gather essential ranch documents such as titles, floor plans, blueprints, and diagrams. Have the property appraised by an Accredited Rural Appraiser beforehand.
- Consider your terms and conditions
Negotiations can be stressful for ranch sellers, brokers, and buyers. The purchase price, due diligence items, and terms and conditions will have to be discussed in detail. Being flexible and open to alternative options is essential.
- Consider your taxes
Selling ranch and farm land is very different from selling a home. Ranch owners need to seek the advice of tax and accounting professionals who know how federal and state tax laws work, as well as how to account for real estate transactions.
For more questions about selling a ranch in North Texas, contact Sarah Boyd & Company. Our trusted agents have years of experience in brokering properties in the best equestrian communities in North Texas, including land and luxury homes.