Selling a property is a big deal for any home or land owner. It could very well be a bittersweet moment, or you could be more than ready to get the property off your hands. Whatever the case might be, there are specific steps involved in listing any property.
This is especially true if the property you’re about to list is a luxury ranch (or other equivalent large piece of land). Listing your luxury ranch for sale is way different than listing a 4-bedroom home or 2-unit apartment building. There is land involved in the sale, making things a bit more touchy.
When putting your ranch or farm land up for sale, there are a few things you can do to make the process go as smoothly as possible. Follow these tips to simplify your ranch sale and get the papers signed without a hitch.
It should be seen as a team approach
There are tons of ways you can ensure that you come out on top from your sale in terms of tax-saving techniques and financial tools. The problem is you’re probably unaware of what these are on your own, making it crucial for you to get some advice from experts. You should never be going at the property-selling process on your own, but rather form a team of advisors. Some helpful team members might include:
- Estate Planning and Real Estate Attorney
- Planned Giving Specialist
- Investment Advisor
- Insurance Agent
- Real Estate Appraiser
Work with a specialist
We just mentioned that you should have a team on your side, and it would do you some good to make sure you have someone who specializes in the selling of plots of land is on that team. Selling a ranch requires certain knowledge, professional skills and expertise; a reputable real estate agent who specializes in this type of sale can act as your guiding light.
According to land.com, “A good real estate agent will help you use the most current and appropriate marketing methods to create desirability for your property. They will aggressively market the listing of your property with other real estate companies versus keeping the property to themselves in hopes of collecting both the listing and buyer side commission of the sale….”
Get a free market analysis of your property
The best agents will provide you with a free market analysis to determine the current worth of your home and land. This gives you a good idea of what to list your property at from the beginning. When you list it for way higher than the market value, you won’t get any bites from buyers. Listing it too low will certainly get it off your hands quickly, but you’re bound to walk away with less money than you deserve.
Seek counsel from tax advisors who know what they’re talking about or at least use an online tax calculator.
The sale of a ranch involves different tax processes since the assets of a ranch are different from the assets of your average house. There is a large amount of land involved, livestock, a place of residence, and potentially farming equipment. Our advice is to seek the counsel of a tax professional who knows how to handle ranch sale taxation.