It’s no secret that the real estate market can be unpredictable and that landowners are often faced with a myriad of challenges during market downturns. During his appearance on the National Land Podcast, CEO Ronnie Richardson discussed a few tips for landowners to navigate a down market. Here’s what every landowner needs to know about finding success in a down market!
Tips For Landowners During Economic Uncertainty
Stay Informed With Current Industry News
One of the biggest things a landowner can do to protect themselves and their property during times of economic uncertainty is to stay informed. Keeping up to date with industry news and pertinent government legislation will leave you in a better position to make informed decisions about your property and decrease the chances that you’ll be caught off-guard by extraneous factors like rising interest rates.
If you’re considering enlisting the services of a Land Professional, it’s worth looking into what they do to educate their clients and help them better understand their property. Do they provide educational content in the form of informational articles and blog posts, podcasts, or social media posts? According to Ronnie, educating landowners is the responsibility of a good Land Professional, stating, “I can tell you that the landowners are educated when I leave. They know the right questions to ask and the mistakes to avoid on their land.”
Be Aware of Easements and Regulations
Easements and local State and County regulations can significantly impact the value and possible uses of a property and are at the heart of most common mistakes made by landowners during a down market. Without careful consideration and planning, easement mistakes could result in frustrating complications down the line.
Often, landowners may make decisions regarding their property without being fully informed of what that decision could mean for them down the road. As Ronnie stated, “I’ve had many instances where someone calls me to come out and look at their property after they’d already sold off a portion of it or their road frontage, and I usually tell them that they needed my expertise on the front end, not the back end. Nowadays, easements are a major concern, and some landowners who sold during easy times without professional advice might face significant issues with their properties over the next 30-40 years.”
This foresight is what makes the knowledge and experience of a Land Professional an invaluable resource to any landowner before making a major decision about their property.
Plan for the Long-Term
It’s best to take a long-term perspective when making any decision about your property, in order to prevent avoidable mistakes from coming up in the future. Taking a more strategic approach to your property management will benefit not only yourself and your property, but any future generations or new buyers who will use your property after you’ve gone.
Ronnie touched on the importance of long-term planning during his appearance on the podcast, stating, “When I talk to a seller, I ask them to picture what this property will look like 100 years from today.” Long-term property management strategies are a great way to save yourself time, money, and headaches down the road.
Planning for the future is a great way to ensure that improvements are made on a regular schedule and that your legacy will be established for generations to come. Thinking long-term can also identify potential income opportunities on your land that may have otherwise become unavailable as a result of short-sighted property management.
Seek Professional Guidance
One of the best tips for landowners to effectively navigate a down market is with the help of an experienced Land Professional! A good Land Professional has extensive knowledge of your local real estate market and should be able to address any concerns you may have regarding your property.
Regarding the role of a Land Professional, Ronnie said, “When I consult with landowners, they often ask if I’m a real estate broker, attorney, or financial advisor because I take a comprehensive approach to help them make decisions. I address everything from capital gains exposure to the purpose of the sale and what they plan to do with the money. Your Land Professional needs to be asking the right questions.”
During times of uncertainty, the best thing a landowner can do is to consult with an educated Land Professional. Whether you’re looking to protect your investment, establish your legacy, or just need some advice on where to put your hunting stand this season, our local Land Professionals are here to help!