The love of a landlord for a rural property will be equal to the love for a well-built home. So, when it’s time to sell either of them, the decision is going to be difficult. However, selling rural acreage can prove to be one of the most crucial and life-changing decisions. Since it is an important decision one would make, it is a good idea to consider some tips and set objectives before placing your property on the market.
Selling rural property in Australia also requires seeking expert advice and choosing a rural real estate professional to be by your side while you make such a big decision.
By choosing the right rural real estate agent, you get clear on what you want to achieve with your sale. Just to give you an idea, a successful sale should accomplish the following three things such as:
1. Gaining the best possible price.
2. Suiting the timeframe.
3. Minimizing inconvenience.
Selling a property in either of the above cases requires a buyer. Selling a home away from a rural setting may seem easy because of the availability of the buyer and at the same time selling a rural property may seem difficult. The fact is that a rural property offers quite a different lifestyle from a residential home but this does not mean you cannot find the right buyer. The process of looking for a suitable buyer may seem like a herculean task but with the rural real estate agent, things get easy. For instance, you can contact Raine and Horne experts in Land Victoria.
In this blog we will talk about the stages through which you must go through, navigate and achieve a successful sale.
The features that attracted you to the property in the first place will benefit you when selling it, along with any improvements you might have made while living there!
So, here are the four stages that you must go through to get a successful sale.
● Understanding the market.
● Choosing a rural agent.
● How to sell your property.
● Ensuring a successful sale.
Now, let us understand the points in detail.
Understanding the Market
Knowing the current market means you get an indication of what sort of properties are being sold, how quickly those are being sold, and at what price? The rural property market can fluctuate more than the metropolitan areas. Historically, the rural property values in Australia respond to specific triggers in the market like:
- Commodity prices.
- Currency fluctuations.
- Interest rates.
- Improvements in productivity.
- Government policies.
For an experienced rural estate agent these triggers are not necessarily negative. They will know what factors are impacting rural property prices in your region and how a seller can navigate them.
As per the industry forecasts, the demand for large-scale farms and agri-business in Australia will remain high, which is expected to have a flow-on effect to small rural land holdings as well. Of course, this can change from region to region and between farm types, but the overall outlook for the market remains positive.
Choosing a Rural Estate Agent
While you will be on a hunt for a real estate agent, you probably will have a list of demands and things you expect from them.
In fact, at this stage, you will also be ready to eliminate anyone who is not up to scratch. It is true that choosing the right rural estate agent can be time consuming, but it does not have to be stressful or difficult. Just contact Raine and Horne, Land Victoria and you will have highly experienced rural estate agents to choose from.
A good real estate agent will be the one with strong local knowledge and proven results. He will be in the best position to give you a realistic appraisal of the market value of your rural property. They will also know what’s been selling and what current buyers are looking for. But even more important, they will know how to market the property in the right manner so that it attracts the right buyers.
A good rural estate agent will understand the most effective marketing channels to reach the buyers and how they will be tailored to your property.
5 Main Questions to Ask a Rural Agent
Don’t be afraid to ask the rural agent questions about anything and everything that comes to mind. Some good questions to get you started can be:
- What is the state of rural market? Will it affect my property value?
- Examples of the properties you have sold so far?
- Marketing strategy will you develop to sell the property.
- The working of a commission structure.
- Who will I be dealing with during the entire process and will they be available when I need any help?
Beware of Big Promises
Look out for agents who guarantee low commissions and high sales prices. It is more than likely they will be after a quick buck and won’t have your best interests at heart. Fortunately, the professional rural estate agents at Raine and Horne Land Victoria are well-informed, highly experienced and work considering your highest interest at their heart.
Make or Break the Deal
There is no doubt that selling your property is a huge decision, so you would want to feel completely confident about the rural agent you choose. All the glossy brochures in the world might not help if your rural estate agent is not able to communicate effectively about your property’s strength.
How To Sell Your Rural Property?
Listing and Sales Options
A ‘listing agreement’, or the authority to sell, gives an agent the ability to act on your behalf when selling your rural property. It is usually the first document you will be asked to sign. Just take your time to read through the agreement and ensure that all your details and those of the property are accurate. The agreement will outline aspects such as:
- Names of the official owners.
- Address of the property.
- Method of sale.
- Terms of sale.
- Commission structure.
- Marketing and advertising budget.
- Period of authority.
Owners are also obliged to disclose any information about the rural property that may affect the potential buyer. This could be things like:
- Access to the property.
- Services connected to your property.
- Intensive farming practices.
- Building approvals.
- Planning restrictions.
- Council rates.
Sales Methods
In discussion with your rural agent, you will also need to decide on how your property will go to market.
The most common way is through auction, which is defined as selling the property through bidding process on a dedicated day. Generally, properties are given a reserve (minimum set price) and if no bids reach this reserve price, the property is considered passed in.
Top 5 Advantages of Sale by Auction
- The settlement date and the reserve price are designed to suit the seller.
- Potential buyers do not know the reserve, allowing the seller to test the property market.
- The property can still be sold prior to the auction if the buyer makes an offer.
- The auction date also creates a sense of urgency for the buyers.
- The auction itself is conducted under the terms and conditions of the seller.
In consultation with your real estate agent, you can also consider a private sale or treaty. Even though it is less common than an auction, for some sellers a private sale can be a good fit. If the urgency of the sale is not as important, the private sale will provide time for a seller to consider offers and negotiate a flexible settlement period.
Ensuring The Sale is Successful
It is true that you get just one chance to make a good impression. If you own a considerable-sized rural property, there is no doubt, it will take time and effort.
Here are five must-dos and some common mistakes when people prepare their property for sale.
Remove old machine parts, dead plants, weeds, tree branches and some rubbish.
Repair gates, fencing, sheds, pumps, pens, sprinklers and hoses.
Re-paint and re-surface any tired looking entrances, pathways or driveways.
Have your garden and pastures looking as healthy and lush as possible.
Tidy, de-clutter and freshen-up your home’s interior so that it feels welcoming.
Five Common Mistakes While Preparing Your Property For Sale
You pack away family photographs, trophies, toys and any artwork that might otherwise look ‘edgy’ so that the home gives a neutral feel.
Too much style with overly bright colors, harsh lighting, unusual furnishings and strong aromas can detract from your home’s special features.
Overlooking small issues – this is not always intentional but things such as broken lights, doorknobs, stains, and scratches on surfaces will be noticed by keen buyers.
Overlooking the importance of the lounge room – this is often the make-or-break room for any buyer, so make it as spacious, welcoming, warm and comfortable as possible.
Remaining attached emotionally– It is quite difficult to suddenly pretend that you no longer live there, but motivated sellers are able to look at their properties through the objective eyes of a buyer.
For any query related to the sale of rural property, contact Raine and Horne, Land Victoria experts.