Page 15 - WCA July Ketch Pen 2020

SUCCESS
is Reason Enough
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Determining Listing Price
This is probably the toughest part of the process. Prices aren’t determined by what the seller needs to net, though knowing the desired outcome can be helpful. Prices are set by what a buyer on the open market is willing to pay for a given property. That price is most likely predicted by recent sales of similar properties.
The trouble is, few Agricultural properties are created equal. This is why working with an experienced Realtor is crucial. I work with my sellers to set an initial price that is supported by market data. Then we discuss ahead of time what price reductions might look like and when they will occur.
On the Market
Once the property is listed on the MLS (Multiple Listing Service), buyer’s brokers are able to begin sched- uling showings. I schedule an open house for the first weekend the property is listed, and then only after price reductions or changes in status.
It’s not advisable for the seller to be present for show- ings. I always suggest leaving 15 minutes in advance, and assume the showing will take up to an hour. It is import- ant to have the home clean and ready for showing, but
I also encourage sellers to allow showings even if they feel the property isn’t quite ready. The right buyer for a property will be able to see past a few dishes in the sink, especially when it’s a horse property.
It’s hard to anticipate length of time a property will be on the market prior to receiving an offer. Farm and Ranch listings don’t run on the same timeline as houses in a subdivision, but it does hold true that it is a func- tion of price, condition, and location.
If a property isn’t moving in a healthy market, the most likely reason is price. Location can’t be changed, and condition usually requires capital expenditure that is easiest addressed with lowering the asking price.
Next month we’ll look at what to expect from the time you receive an offer to the time the deal closes!
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July 2020 - KETCH PEN 15