When it comes to selling recreational property, for many owners the process can seem like a daunting task. Many pieces of property used for recreation can be very large or used in a unique way separate from other local listings. Here we will be breaking down a few keys to success when it comes to properly gearing up to sell your recreational property.
Primary Usage
A great starting point very early in the process of listing your recreational property is to determine the primary use of the property. Say you own a large plot of hunting land with a home that has been typically used as a vacation property. Highlighting this as a primary use will help significantly from a marketing and pricing standpoint. At minimum creating a list of the various uses that it is currently fulfilling, or that you believe could potentially be utilized will help greatly.
Highlighting Most Marketable Features
Creating a list of the top features of your property can be crucial to finding the proper buyer. This can be true in most cases with large recreational properties, as the larger the acreage the more difficult it can be for an outside perspective to fully appreciate the potentially desirable features. Many of those looking into buying recreational land may have a specific feature in mind that could make or break a deal if it is not explicitly highlighted in the listing.
Local Market
As an owner of a recreational property, you likely have a general sense of whether or not surrounding properties are listing and selling, or if you are in a desirable area. These details can help signal whether or not it is a good time to move forward with listing the property, as well as expectations to set for the time frame of selling and price.
Considering Tax Implications
Especially for larger pieces of property, the various tax implications of selling recreational property can be important to consider beforehand. Capital gains tax, which is a tax on the profit achieved from selling an asset, can be significant if your property has appreciated over time. Before moving forward with a large sale, be sure to consult with an accountant for a full breakdown of tax breaks, tax liabilities, and other various options at your disposal.
Working With A Real Estate Professional
The most important step in the process of selling recreational land can be working with the right agent. Working with an experienced local professional can open the door to many opportunities that aren’t available to someone selling on their own. Working with someone with experience can not only help sellers price their property appropriately, it can also help directly connect buyers to sellers much faster.
At LandLeader, our network of rural brokers is the largest in the U.S. If you’re looking to sell your recreational property, feel free to Contact Us to get in touch with an experienced local professional. Otherwise, feel free to browse our inventory of recreational properties across North America for more information on current market trends in your area.
