If you’re considering selling a piece of land, chances are you have a lot of questions. You’re probably also hoping to sell your land fast and for the best possible price. That’s why it’s essential to list your land with an experienced broker who knows exactly what they’re doing.“Anybody can put a sign up on a piece of property,” says Allen Olmsted of Canaan Realty, which specializes in land sales across the entire state of New York. “But you need to ensure you work with a broker who has the depth of understanding to be fully competent in evaluating the property and all of its unique qualities, as well as how and where to market it.”
So what can you do to make sure you partner with the right land broker? With 30 years of experience in selling New York land and the highest volume of land sales across the state, Allen offers a few insights to help you select the best Realtor for your needs.
When choosing a land broker, one of the most important qualities they must possess is a full understanding of the four types of land: commercial, residential, recreational, and agricultural. Each type also has multiple subcategories that can change a seller’s circumstances. For example, if the land is agricultural, the agent must be well versed in its various uses, such as equine, beef cattle or dairy.
In addition, brokers must be adept in what is happening with the local zoning and tax laws that apply to the location of the land. If you’re looking to subdivide your property, each municipality has its own regulations for doing so. And then there are properties associated with wetlands, which present an entirely different set of challenges.
Needless to say, many factors must be assessed before the land is sold. “Finding somebody who is experienced with the uniqueness of the land is very important, as there are nuances in certain areas that may affect the timeline or long-term value of your asset,” says Allen. “They need to be alert to aspects of the property that may dramatically change its marketability.”
Finding the Right Buyer
After a thorough evaluation of your property, your broker should help determine a target buyer and how best to reach them. For instance, residential land is almost always sold to a residential buyer, but agricultural and commercial land can appeal to a variety of buyers, such as recreational companies or investors. These issues will influence the marketing of your property and help identify interested buyers who are most likely to make an offer.
One telltale indicator of a seasoned land broker is his or her willingness to utilize multiple listing services. However, with over 100 websites to list properties on, Allen says it’s essential for Realtors to choose the ones that would be most beneficial for your specific type of land – even if it means paying a high premium to be featured.
You may also have questions about when to sell your land. From Allen’s perspective, the answer is quite simple. “The best time to sell is when you’re ready – period,” he says.
The right broker will offer accurate advice about the current land market, how your property fits in and what to consider as a reasonable timeline. They can also help you understand the ups and downs of the market cycle. However, they can't make you any promises. A skilled Realtor can help determine an appropriate price for the current land market and promote your property to the best of their ability, but ultimately the length of the sale will be determined by the number of interested buyers.
Ready to List Your Land?
Though listing and selling a property can be difficult, complete transparency between you and your agent will contribute to a successful sale. “The simple fact is the truth will set you free,” says Allen. “Brokers need to show buyers compassion and the understanding of value.”
NYLand.forsale, a branch of Canaan Realty, leans on Allen’s expertise to offer land and real estate listings across New York, including the Catskills, Albany, Buffalo and Rochester areas. If you'd like to learn more about buying and selling land, contactAllen today.
You can also check out his video blog series, Ask Allen, in which the latest episodeexplains how using a Land Realtor Specialist can help you buy or sell land. If you have additional questions about the land market, let Allen know what you'd like to hear him vlog about next by sending an email to [email protected].