It sounds like you made a wise investment. You have some great posts so far, so I encourage you to read them carefully.
Having been involved in investment property transactions here are some thoughts that might not not be included in the "normal " thought process:
People buy and sell real estate for specific reasons, so as you contemplate the sale of this property consider carefully what you are trying to achieve. The obvious reason might be to sell it at the highest price possible, however in most cases there are more subtle reasons:
1. If your goal is to sell for the most money, why sell now? Why not wait for the market to swing the other way?
2. What are the tax consequences of selling? Would it be better to sell outright, or conduct a 1031 exchange? What would the impact be of a Democrat-controlled government? Might the capital gains tax go back up? If it did, what would that do to your profit picture?
3. Exactly what do you plan to do with the proceeds? Determining the best end result might help you. For example, if you were going to be buying more similar property (vacant land), where should you buy? If you do decide to conduct a 1031 exchange, you have a limited time frame to decide.
4. What about finding some development partners and developing your property your self?
I encourage you to obtain the wise counsel of experts. I expect that you will reap a fairly good profit from this, so you'll want to leverage that to the best of your ability with minimum risk.
I also recommend interviewing three Realtors. I would be honored to provide you with a referral to a seasoned REaltor who is expert in this type of property in your area.
Best of luck to you.
Good question! You do seem to have a rather special property. It will take some research to determine "how special"...translation, to find out how much it is worth.
Realtors are always going to recommend hiring an agent, and I am sorry to say, we all think we can do the best best job. What a dilemna for you.
First things first, hiring an agent puts your property in the MLS, the Multiple Listing Service. The MLS puts your property in front of all local agents, and also uploads the listing to many listing aggregators on the web that puts you in front of Buyers. The more exposure the better off you are because you can be assured of getting the highest price possible when you are sure you have had the most exposure possible.
Now, how to hire an agent. Select 3 to interview for the job. Naturally, I would like to be one of the three, but that is entirely up to you. All will give you a market analysis and some intuition on an asking price. The only thing to be careful of there is, don't simply select the highest estimate. Make sure there is data to back it up. We all have the same data, our estimates should be pretty close to each other.
Next, in the interview process, ask each agent questions on topics that are most important to you. Hire the one that satisfies you and you have a good rapport with. You have to get along as you will be employer/employee for some period of time.
Statistics have shown that properties sold with an agent yield 10 to 11 pernt higher selling prices than sale by owners do. That should more than justify the commissions and in today's market, a seasoned full time agent will more than earn their pay by getting you through the selling process, qualifying the Buyer process and getting through the mine fields to a closing.
I hope this is helpful. Good luck Ronald.
Tom Bernardo Realtor, GRI
Keller Williams World Class Realtors
Nancy is correct, first consult an agent and interview them to make sure it is a good fit. After you feel comfortable with the agent you need to get an evaluation of the property, comps on the market and recent closings. From that information you can determine a sales price. Once you have all that together the property must be put in front of investors (they would be most interested in this type of property). If you would like to get together to talk please let me know.
T he first place you should start is with a local Realtor. The service we provide would be a free initial analysis of the property. I would be more than happy to help, feel free to give me a call or e-mail.
Have a great day,
Nancy L Doyle
Sellstate Professional Realty Inc.
2311 Santa Barbara Blvd.
Cape Coral, FL 33991