If you’re thinking about selling your farm to reduce your responsibilities, earn more money, or relocate, now is the time to do it. The housing market has been doing incredibly well recently despite widespread uncertainties caused by the pandemic, which gives you a golden opportunity to put your farm up for sale.
Additionally, rural real estate investors and low-interest rates make small farms even more valuable, especially as subdivision developments continue to rise. Now that most people are working from home, they’re now considering moving farther away from the city, making farms for sale like yours even more profitable. Here are four easy tips for selling your farm:
1) Work With a Real Estate Agent
Once you’ve decided to sell your farm, you’ll need to work with the best real estate agent to create your listing and make sure you include all your property highlights. It’ll take a few days or weeks to complete your listing since you’ll have to do a thorough search of your property to familiarize all the essential details and features the listing must disclose. These include known defects, easements, water and mineral rights, and other crucial information. A proper real estate agent can also carry out a comparative analysis of sales prices on properties like yours to help you come up with the right price.
Real estate agents will help you pinpoint the unique qualities of your farm and take care of the paperwork that comes with selling it. They can also look for property photographers to take attractive pictures of your farm and write an attention-grabbing description, which is sure to draw potential buyers to your doorstep. With these real estate professionals by your side, selling your farm will become less stressful!
2) Consider the Timing
You may have heard that the best time to sell your farm is during the summer, although this highly depends on where you are relocating when selling your farm. Additionally, the housing market can also grow dull in the summer depending on circumstances, so it’s crucial to think about the most strategic time to sell your property.
It’s vital to consider your farm animals as well. If you own a few horses and you have a contact who is willing to board them while you look for a new property, then you can shop around after selling your farm. However, if your menagerie consists of many different animals, you’ll need to craft a solid exit plan to ensure their care while accounting for the best time to sell the property.
3) Craft a Contingency Plan
Every farm comes with its own set of quirks that you’ll need to address in the sales contracts through a contingency plan. This clause is often written into real estate deals that provide parties with the right to exit their contract under concrete, specified circumstances that both the buyer and seller agree on, protecting both parties from future problems. A real estate agent can also assist in this area.
4) Stage Your Property
Lastly, you’ll need to stage your farm and make sure you showcase its highlights and qualities to interested buyers. This process is similar to staging residential properties, although this will be a bit more challenging since you’ll also have to factor in your farm animals and equipment. However, to make it easier, a real estate agent will offer you a to-do list that will beautify your farm, improve its value, and make it look more appealing for interested buyers. These may involve inexpensive fixes.
When it’s time to move on from your farm, you’ll need to work with a real estate agent to prepare it for the market. Real estate sales can move faster than expected, so it’s crucial to iron out everything to make sure it’s ready for showing. By following these tips, you’ll have a smooth experience in selling your property.
If you’re looking for farms for sale, let me know at Chris Low! I’m the best real estate agent in Manitoba that works with clients to buy and sell residential, commercial, and farm real estate. Contact me today to find out more about how I can help you sell your farm!