Are you thinking of selling?
As we move into autumn, Will Parker associate director with H&H Land and Property explains why it is prudent to use this time of year for planning and preparing your property for sale. He also gives us some top tips for marketing a farm.
“We are currently finding that the land market in the north east is becoming increasingly unpredictable. Appraising land for market is becoming more of an art than a science, and buyers have more choice with regards to availability,” said Will
He continued: “In the same way that a farmer prepares his stock for market, anyone considering selling land, their farm or estate, should remember that the same rules apply; to maximise the price. Without a doubt, proper preparation and presentation prior to marketing is key.
“We are finding that the slightest issue with the property is causing fluctuations in price. The advice is to rectify any issues with the property before marketing it for sale. If you are considering selling in the Spring you need to start planning now to get all of your paperwork in order. Having all of the details about the property, farm and land to hand will save both hassle and cost at the contract stage. For example if you have an old woodland premium scheme and it is still under a maintenance obligation, have the relevant documentation in place ready for inspection. All legislative documentation, maps and information relating to environmental schemes must also be in place.
“Make sure that all questions are answered, long before the question can be asked. Satisfying queries over access, water, utilities, etc. is a key part of the marketing process, and they are certainly not topics that can simply wait until the contract stage.
“You should start thinking about the presentation of your house, cottages, buildings, farm and gardens. The next few months are ideal for making improvements inside and outside the house, whilst the farm is relatively quiet.
If you are going to be selling in the quieter time of the year, it is unlikely that the farm will sell itself. Therefore it is important to make sure that you have the marketing information on hand, such as photography and drone imagery that will make up for the lack of high quality images taken in the winter months. You can’t rely on the buyer’s imagination.
“We have found in recent months that, where issues do exist, buyers are looking for massive discounts from the guide price, simply to take into account the risk. Early time spent with your agent to rectify any issues will be time well spent. This is not a period of false promises, but one of educated buyers who are becoming increasingly risk averse with their money. The slightest scent of an issue with the property, and they are simply going elsewhere.
“You must also not forget to be flexible and realistic with regards to a reserve price. Don’t simply look at the agent who gives the highest market appraisal.
Rare properties are still selling at a premium, with a number of deals being agreed off the market at really high levels where the specific market is flush with buyers. H&H Land and Property have recently agreed sales on 3 farms, which all went under offer within 60 days, and all achieved above the guide price.
“So don’t get caught out – get your ducks in a row now. From the day you decide to sell your farm; it can be up to 12 months before the money will reach your bank.”
For further information about H&H Land and Property contact T: 091 370 8530 or E-Mail email@example.com.