Most people know it’s no easy task to sell a home. But what about selling a piece of land? That process can be even more complicated than selling a home, according to Scott Cameron, founding principal and designated broker of Land Advisors Organization Washington. We asked Cameron to elaborate a bit on what makes brokering land such a difficult process.
1. The real estate market is hot right now in the 425. What exactly does a land broker bring to the table that a real estate broker doesn’t?
Real estate brokers are experts in marketing and selling homes to homebuyers. But for people who have land to sell — not a home — land brokers are the better choice. Land deals often can be complicated, with many moving pieces. Our job is to simplify this process while supporting our clients, and helping them make educated — not opinionated or emotionally based — decisions. Our clients view us as their trusted advisors, and we market to the right buyers who are interested in acquiring land. Additionally, we present accurate advice supported by real data, valuations for the buyer, and a thorough understanding of the market, including future development costs.
2. Why is a broker necessary? Why shouldn’t land owners work directly with prospective buyers?
When land inventory is low — like in today’s Puget Sound land market — it’s common for owners to be approached by builders interested in purchasing their property. While it may be tempting to cut out the middle man and work directly with a prospective buyer, sellers who go into deals unrepresented miss out on understanding the true value of their land, and often leave dollars on the table. Land brokers offer a wealth of market knowledge. By utilizing sophisticated analytics, we can provide future values of the property and counsel sellers on what buyers would be willing to pay. With the help of a land advisor, sellers can be assured that they will benefit from the full value of their land.
3. What should longtime land owners and their families consider when selling?
Before speaking to any possible buyer, it is important that sellers have their property value professionally analyzed. An expert land broker can determine the market value and recommend the best course of action for navigating the sales process. From assisting the seller by preparing the property prior to listing to determining the best use for future development and strategically marketing to targeted buyers, we manage the deal from start to finish. Engaging an expert land broker provides a centralized resource for the seller and his or her family, making the sales process easier and more profitable.