Owning rural property can be rewarding as you have factors that urban places don’t have, but if you don’t have the skills to sell it quickly and profitably, you might find yourself stuck with it. When this happens, it’s good to have a step-by-step guide to help you through the process. Discover seven easy steps to help you prepare your property to sell, market it in the right places and negotiate at the right time by creating a compelling marketing strategy.
Do Market Research
The process of market research is different depending on what type of property you’re looking to sell. If you want to sell an urban or suburban house or a piece of land, it’s best to ask friends, family, and co-workers if they know anyone who would be interested in purchasing your home or land. For example, you might decide to rent out a cabin owned by yourself or someone else that isn’t being used much for vacations and ask around about potential renters. You can also research the demand for your space and know the normal price range, depending on your location.
Work On Your Curb Appeal
Curb appeal has everything to do with how a buyer perceives your home. Fixing up a home’s exterior will usually bring a higher asking price. While you shouldn’t go overboard on new ornaments, keeping an eye out for structural or aesthetic problems is always smart. Lawns and backyards should also be kept in good condition. You may want to consider hiring professional lawn care services if necessary.
Nothing screams fixer-upper like overgrown grass or unkempt landscaping. Decorative accessories can help too! If potential buyers aren’t impressed by what they see from outside your property, they probably won’t bother going inside to find out more.
Price It Right
When selling a home in a rural area, it’s essential to price it competitively from day one. When setting an asking price, consider that you may need to drop your price by 5% or more. It is particularly true in areas where there’s not much competition for properties on the market. Without much local pressure, real estate agents can be soft when negotiating offers, often countering an overpriced listing by reducing their asking price even more than necessary. By initially pricing right, you can save yourself time and money.
Understand Your Property’s True Value
Valuing your property can be a tricky task, especially if you’re not familiar with residential real estate values in that area. A good place to start is by researching recent comparable sales in or around your neighborhood on sites like Zillow. Get an idea of what other houses in similar conditions have been selling for, and you’ll be well on your way to determining a fair asking price. Remember that even though it might be great to sell quickly, it’s also important to set a realistic list price. Doing so will ensure buyers don’t scoff at your valuation, leaving you stuck with a house on your hands until someone else comes along willing to pay more than it’s worth.
Creatively Advertise Online
You don’t have to be a Silicon Valley marketing genius to advertise online. Many entrepreneurs start their business out in rural areas or even small towns where you may not have many opportunities for foot traffic. You can still reach several potential customers with very basic efforts. Social media sites such as Facebook and Twitter are great places to let people know you have services they might be interested in.
Other free-to-use options include posting in local groups on Reddit, blogging about your company’s services, and posting ads on Craigslist. If you don’t yet have an audience but want one, all it takes is a little creativity; come up with some fresh ideas, try them out and see what happens!
Network With Industry Specialists
If you’re looking to sell a rural property, you may have to dig outside of your immediate circle of friends and family. If that’s not possible, make it a point to get to know some people in your local real estate industry—this way, when you find yourself in need of a buyer for your place, they’ll be more likely to come through for you. Your business won’t end with just one sale: It may be helpful to maintain good relationships down the road especially if there are lucrative contracts up for grabs.
Patience Is A Virtue
Finding prospective buyers for a property in a rural area can be difficult, but it isn’t impossible. Patience is one of your most important assets when selling in a small town or far-flung location. You need to give potential buyers time to find you—and that might take longer than if you were selling in an urban area.
The key is making sure people know what your listing looks like and having patience until they make contact; once they do, make sure you have a team in place ready to deal with them. Take care of each lead as quickly as possible, even if you’re not interested in their offer: there may be another buyer on their tail who is interested and waiting patiently for you to respond.
Selling a property can be an overwhelming experience. If you’re thinking about selling your rural property, take some time to prepare. Your home might not be in move-in condition, but that’s okay—make sure it looks presentable enough for potential buyers. Once you’ve cleaned up, follow these seven easy steps and sell your home quickly!