It's difficult to get drive-by traffic in this neck of the woods.
No comps? No neighboring properties at all? No problem! A least not with the right sales approach. Selling rural property isn't as straightforward as it might seem, but you can do a lot more than just post a sign in your yard and hope for the best.
If you're thinking about selling a dream spot in the country, here are a few tips that can help you sell a little quicker and get the best price.
To Divide or Not to Divide
Rural property often comes with at least some land. In many cases, acres and acres of it. Selling the whole in one transaction might seem ideal, but not everyone is looking for that much maintenance or space. Some people just want to live in the country.
Larger properties might perform better broken up, especially since the price could appeal to a wider range of buyers. You can offer a deal for buyers who want more than one parcel, and a package deal for anyone who wants it all.
Help potential buyers see the different ways your property could be used.
How Versatile is Your Property?
Marketing rural property might be more of a challenge than homes in a suburban area. Conveniences such as shopping aren't always convenient. And buyers with kids will want to know about the school system. But if you market it to a wider audience, you might get more takers. Using a listing service such as Land and Farm can help get it noticed.
Is your property perfect for a hunting lodge? What about a recreation camp where campers and off-road enthusiasts have plenty of space to play on 4-wheelers and dirt bikes. Think about the different ways your property might be used, and target each section of the market differently. Lots of detailed photos help buyers envision themselves living the country life.
Can You be Objective?
Everyone has an idea about the value of their property, but the reality might be different. A 10-acre parcel in a different area might be worth a lot more than yours. But then again, your property might have features, such as a stream and existing utility access, that others don't.
Pricing rural property can be a bit tougher because the closest comparable property might be a mile away. Do your homework and be realistic, and you won't be disappointed. Landthink has a great list of the finer details that can help boost the value and help your property show better.
The very thing that makes country living great makes selling it a bit harder.
Think About FSBO
Suburban houses in some areas, such as Denver and Boston, are selling in a week or less these days. But that's not always the case with rural property. The market isn't as saturated with buyers, so your listing might not get a lot of activity. If you sell on your own, you can beef up marketing and change strategies at will.
For Sale by Owner (FSBO) properties come with a few headaches, so you'll need to prepare. Think about using a real estate lawyer to handle the paperwork and to oversee the transaction to be sure that all of the important details, such as a title search, are in order.
Rural property is a dream come true for the right buyer. Escaping the city and living out where the air is clean and the pace is slow suits many folks just fine. The biggest hurdles are putting your property in front of people who are interested and settling on a reasonable selling price.
At eppraisal, we can help you learn what your property is worth. All you have to do is enter some general information, and you'll get a report that gives the estimated value and the factors that help determine it. Click here for your free property valuation today.