Thinking of selling? It’s a seller’s market!
The rural property market is currently booming, often with multiple buyers all in a strong position. However, the most successful sales are those where the sellers have taken time to prepare the property and paperwork ahead of time.
What surprises most of our clients is how long legal formalities can take on a property sale. Traditionally many farms were sold by public auction with completions taking place 28 days after the auction. Today this is rare and once your agent has agreed a sale, it can take many months for the solicitors to reach completion.
A good agent will actively manage the process but legal formalities can drag on, so it is wise to do some preparation work to help speed things up. Talk to your lawyer. Get them to check that the title is properly registered, that they have all the relevant legal documents and other important information which the buyer will need such as planning consents, guarantees etc. It is also wise to speak to your accountant about potential taxation issues.
There may be development potential on the farm and your agent can advise how this is best approached. Sometimes it is better to highlight the potential and anticipate a higher price but on other occasions it may be appropriate to consider some form of development claw back.
A good agent will work with you to put together the most appropriate form of marketing campaign as well as using their own database of buyers. However, first impressions are important to potential buyers, so a little preparation in tidying the farm and making it as presentable as possible can help enormously. It is rarely worth undertaking major modernisation or improvement works before a sale as buyers will have their own preferences and plans but making that first good impression is vital.
We are always very happy to meet clients well in advance of marketing their property to guide them through this pre-sale process.