Author: Coltyn Bettis
Are you ready to list your property? I am talking about Sellers who just want to test the market and the damage it could do in the long run, versus putting the right list price on it from the start of the listing and the advantages of doing so.
Test Listing Hunting Land a Sure Way to Miss Your Mark
No rule exists that property owners cannot advertise and sell properties without the professional expertise of a real estate agent. Many property owners try this route with mixed success. Some look at saving the standard fee an agent would earn and call it a win. Such opinions cannot factor in all of the unknowns that only an industry professional like me would understand. When it comes to listing a piece of property that would appeal to hunters, anglers and outdoors lovers, what you do not know could kill your potential profits!
Testing the Market can be Detrimental
Some landowners think it makes a certain amount of sense to test the market and see if they get any bites. Given the fact that they do not have a real estate analysis background means the test listing price will be off the mark.
If the price is lower than buyer expectations, quick offers could be made. If you field one, it stands to reason money will be left on the table. If you reject these offers or try to negotiate up and buyers are likely to be turned off to doing business with you. Testing the market without precision is a lose-lose proposition.
Aftermath of a So-Called “Test” Listing
Folks that own a sought-after property and try a test listing may discover they have shot themselves in the foot. There is an entire niche real estate market that deals almost exclusively with hunting & recreation property. When interested buyers start looking into purchasing these types of properties on their own, location is often not the most important consideration. They are unlikely to worry about the school system or distance to a supermarket.
Hunters and outdoors lovers often anticipate they will travel to these newly acquired lands to bond with nature and get away from the daily grind. That means working through a professional and seamless process is more important than location. Testing the market and not promptly following through on a sale could lead to an unfavorable social media post that deters future buyers. It’s easy for buyers to go elsewhere.
Work with Hunting and Recreational Land Professionals
The real estate sector, like so many others, has evolved into an industry of specialization. Doctors specialize in pediatrics, orthopedics and surgeons focus on certain areas of the body. In terms of listing hunting and outdoor recreational lands, real estate professionals who work in this niche have access to national, regional and local data that allows them to make informed recommendations about appropriate list prices and other marketing strategies. Sticking with professionals who specialize remains the most accurate way to hit the listing price mark the first time.