Hiring an Agent Qualified to Sell Land

Written by Jenna Ritter

Everyone has a friend or family member that's a real estate agent. Passing a state exam mostly focused on residential sales does not mean a person is qualified to sell land. It is not like selling a "cookie cutter" house. Hiring the wrong agent can and will cost you 5-6 figures.

 

Consequences you could face by hiring someone that does not know what they are doing with land:

 

1) Undervaluing: If you hire an agent that does not understand every single bullet point listed under "valuing your land," someone who knows land will immediately identify it's under valued and will be able to tell that the agent does not know what they are doing. They will put it under contract, ask for several extensions to due diligence, and right at the end they will exaggerate or make things up to make the agent think the land has a lot of issues to get the price even lower. 

2) Overvaluing: Just because land is in a "good location," does not mean it's worth a lot. If an agent can't defend the price, it will sit on the market for years. Savvy developers know that good land that sells. They don't have time to do the agent's homework for them. They'll just assume something is wrong with it and move on. 

3) Improper Advertising: It takes money to make money. It is not okay to simply list land on the local MLS like you would a house, unless it is a residential lot for a single family house. Land needs to be not only advertised on the local MLS, but also LoopNet, Crexi and Land.com. Commercial and residential developers do not look on Zillow to find land to develop their project on. If your land is not listed on LoopNet, Crexi and Land.com, it's because your agent does not want to pay for them for whatever reason. These advertising vehicles can be very, very expensive. 

4) Your agent will be taken advantage of: There are a lot of local and state processes and regulations. These can and will be taken out of context and used to the buyer's advantage if the agent does not understand. They will be subject to manipulation, and they will pass that manipulation on to the seller. For example: buyer might say they need you to reduce the price because it was discovered a neighboring well has a 100ft buffer all around it, impeding the property. A well buffer only applies to a septic tank. An agent that doesn't know that will deliver the message to the seller that part of their land is unusuable, thus costing the seller money and undo stress. An agent that does know that will say "nice try."

5) Conveyance: A residential transaction can simply state the address of the property on the contract. A land transaction often doesn't have an assigned address and needs an accurate legal description, and preferibly an updated plat. If an agent doesn't know how to pull a legal description from public records and attach the legal to the contract, the wrong property could be conveyed, or the entire property could be conveyed when only a portion was intended. Conveying real estate is like a wire transfer, there is no going back once it is done unless it is an attorney error.

Jenna Ritter

Virtual Properties Realty .BIZ


Office:
2750 Premiere Pkwy, Suite 200, Duluth, GA, 30097
www.VirtualPropertiesRealty.com
(770) 495-5050
Agent:
jennaritterSOLD@gmail.com
(678) 362-6300

Virtual Properties Realty is comprised of three different companies with the same owners. GREC Firms: Virtual Properties Realty.COM H-31589 | Virtual Properties Realty.NET H-62748 | Virtual Properties Realty.BIZ H-45477

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