Buying and Selling Kennel Property
Buying or selling horse or kennel property is not like buying or selling a house. There are similarities but there are also significant differences.
Sept 2015 | TheDogPress.com
Tam Cordingley, Licensed Specialty Broker
In any real estate transaction the first decision to be made is whether you will need a broker or whether you will sell the property yourself. At first glance it saves you money if you do it yourself, maybe. If you do the FSBO route (for sale by owner) it is your responsibility to price the property so it will sell.
The choice of a competent real estate broker is a complex process. If you are choosing a real estate agent or broker, you are hiring them to do a job. That job is much more than simply advertising and finding buyers. Their job is finding prospects, showing them your property, showing the prospects why they should buy your property and business.
After they have physically shown the prospects your property it is their job to help the prospect obtain financing, coordinate the documents and inspections needed to get financing, orchestrate a smooth and successful transition. It is also important to be sure the agent or broker is licensed in YOUR state because there are laws in almost every state that require any real estate broker doing business in that state to be licensed in that state.
There are specialty brokers who advertise nationally, BUT, they are unable to do most of the work that a real estate broker is hired to do. It is illegal for them to enter any states in which they are not licensed to show property or negotiate a sale. They can’t realistically be expected to know why your property or location is better than any other. Often they haven’t even seen your property. They can’t be expected to do the hiring of the inspectors required to consummate the sale. In fact about all they can do is advertise your property and send prospects to you. You still have to show the property. The buyers are on their own to arrange financing.
Additionally, and probably most importantly, the buyers are almost universally unwilling to insult the sellers by bringing up objections. If you don’t know what objections a buyer has to your property you can’t address the issues. The broker that you have agreed to pay, also can’t be there to act as an intermediary.
Regional brokers are often specialists in a particular type of property. Make sure the broker is licensed in your state, interview them and make sure they understand your business. Every situation is different, kennels and horse properties each have their own distinct character. Every one is operated a little bit differently than the other. The broker you choose should understand the differences as well as the similarities. Be certain that the broker you are considering understands your business.
One of the main tasks of the real estate broker is to protect your confidence. This is usually done with a signed confidentiality agreement prior to any information being given out, including town of residence. After all, you don’t want a client or competitor finding out your income, liabilities, etc. A competent broker who understands your operation can save you untold headaches.
Check around and see if there is an animal property specialist in your area. There are in many areas of the country. If there isn’t a specialist in your area then next best is to interview agents that are willing to learn. Help the one you like the best become educated about your business. Make sure it is a broker and not just a salesman, the brokers make the decisions on how and where the advertising money is spent. This is a significant part of selling dog and horse property - the broker must be willing to advertise nationally, must have a website that is readily searchable, and must think globally.
Good luck in your next transaction. If you have a specific question or need an experienced dog/horse person to serve as your consultant, you may contact me at Tamcordingley@live.com or visit Kennels and Horse Farms, alternatively, call (828) 288-3889 (7am - 10pm EST)
Related Article: Kennel Property Investor Scams
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