Want to Sell Your Listing Faster?

Do you have an amazing property that’s been sitting there for weeks and you’re not getting any real movement? The amenities the property offers are everything any landowner could want, but you’re starting to think the listing may need a little tweaking? Here are some things you can do to boost your listing and get it to the finish line faster!

1. Maximize Your Social Media Reach

You may have already shared the property on your personal and business Facebook pages, but don’t forget to also share it on other social media platforms such as Instagram and Twitter. Remember that each platform has a different audience, so you’ll be able to reach all kinds of people – some that are more visual (Instagram) or others that just want a quick read (Twitter). You can even post a short video clip on Instagram of things such as the water running through a creek on the property or a prescribed fire that just took place. And don’t forget you’re also able to post multiple pictures and videos in one post on Instagram!

2. Use Descriptive Language

The title is the first thing a person sees when looking at your listing, so make sure you’ve got a good one! Go back and re-check it to make sure it’s clear and concise and is a good description of the property. Use words that are strong and describe the property well. (It sounds so simple, but it’s something that’s easily forgotten!) So, if you have a property with 50 acres of timber, you’ll want to use the word timberland in the title and description. Missing little things like that in your listing can have big consequences, so make sure you’re using your words wisely.

3. Use Technology Tools

There are a multitude of tools at your disposal nowadays. Thank goodness for the age of technology! Of course, you’ll already have numerous pictures of the property, but don’t forget about other visual elements you can add to your listing such as property highlight videos with drone footage, panoramic images, interactive tours of the property and 3D virtual indoor tours of any homes that may be on the property. Just remember you want to cater to all types of buyers and different kinds of situations, like buyers that are located out of state who want to look at the property in person, but perhaps can’t at that time. That’s when tools such as our new interactive touring technology, Land Tour 360™, come in handy.

These three tips won’t guarantee 100 percent that you’ll sell your listing faster, but they will definitely help it go farther, reach as many people as possible, and help you sell it faster!

National Land Realty is a full-service real estate brokerage company specializing in farm, ranch, plantation, timber and recreational land across the country. NLR currently represents land buyers and sellers in 20 states. To learn more, visit www.nationalland.com.

Land Lingo

For those just starting out in the land industry, all the lingo might sound like a foreign language. Here’s a quick guide for those new to land real estate (or those who just want a refresher!) on some of the most common terms in land real estate.

1031 Exchange: When you sell land, you have to pay taxes on your gains. This can cause a problem for sellers, since taxes on selling land can be massive. A 1031 exchange allows you to delay paying capital gains taxes if you reinvest the proceeds from the sale in a like-kind type of property.

Agritourism: This is any type of activity which brings visitors to your land. This can include:

  • Fishing
  • U-Pick
  • Wine Tasting
  • Guided tours
  • Horseback riding
  • On-sight sales

ALC: This is an acronym for the elite Accredited Land Consultant Designation, a prestigious designation through REALTORS® Land Institute. To get the ALC, land experts need to complete RLI’s rigorous education program, have a proven track record of transaction performance, and pass the summary exam. It’s not easy, but nothing worth getting ever is!

Conservation Easement: This is a legally binding agreement that prevents certain developments or land uses on a property in order to protect the land’s natural resources. You’ll see these a lot in areas with endangered wildlife.

Google Earth/Google Maps: Google Earth and Google Maps are two free online programs that allow you to measure a lot’s dimensions, create online tours, and download all the data you need on land from around the world. Seth Williams from REtipster has an excellent video series of Google Earth hacks. Check them out here.

Land Values: In the simplest terms, land values determine how much a plot of land is worth. There are dozens of factors that impact land values, ranging from land use to the state of the market to current land laws.

Mineral Rights: If you own the mineral rights of a property, you have ownership over the property’s underground resources, such as oil, natural gas, iron, and even gold! Having mineral rights gives you the right to mine for and profit from these minerals.

Perc/Perk Test: This is shorthand for a percolation test. A percolation test evaluates the rate that water drains through soil. These tests are incredibly important when it comes to determining the highest and best use for a property. The rate that water drains through soil impacts what crops can grow on the land and what structures the land can hold.

RLI: This is the abbreviation for REALTORS® Land Institute, the industry’s leading land real estate organization. RLI provides the education, networking, and resources to help land real estate professionals become the best in the business.

Tax-Assessed Value (TAV):. This is the amount that seller’s property taxes are calculated on. These numbers are available at your county’s courthouse and are updated every few years.

Title: A title is a bundle of rights tied to a property. These rights can be divided up and held by different parties. For example, someone could own the mineral rights to a property without owning the property itself.

Topography Map: These maps are very similar to your run-of-the-mill maps. The only difference is that topography maps details the physical features of the land (the topography). This can help land experts get a sense of what they could best use the land for, based off an area’s elevation and physical make-up.

Transitional Land: This is a land type that is transitioned from one use to another to increase profitability and land value. For example, if a plot of land is perfect for ranching, but is currently just vacant land, someone could purchase it and invest enough money to transition the land into ranch land. This person can therefore then sell the land at a much higher price.

This is just a sample of the varied vocabulary of land experts. The longer you are in the land industry, the more you’ll learn! Interested in becoming ana land real estate expert? Check out our LANDU Education Program Upcoming Courses.

 

About the Author: Laura Barker is the Membership and Communications Specialist for the REALTORS® Land Institute. She graduated from Clark University in May 2017 and has been with RLI since October 2017.

Lessons from Land Legends

To quote the legendary John D. Rockefeller: “The major fortunes in America have been made in land.” The people on this list have made their fortunes in different parts of the land industry, ranging from oil to transitional land to ranches. Let’s look into the secrets to success from America’s greatest land legends.

John D. Rockefeller

John D. Rockefeller

John D. Rockefeller might be the biggest land legend of all time. Even though some of his business practices were considered less than ethical, you still have to admit this oil tycoon’s thinking was revolutionary for the time. Rockefeller was the king of cutting costs. He bought his own tracts of white oak timber to build with, knowing the long-term value of owning timberland would be worth the short-term cost. Rockefeller was notoriously stingy, except when it came to investing in land that he knew would bring him profit for decades.

Rockefeller also believed in waste not, want not. He found ways to make a profit on the byproducts of oil, such as using the tar for paving or selling Vaseline to candle makers. He was thrifty in a time when other refiners were dumping their gasoline and other byproducts in the river. His planning for long-term value made him one of the richest men in American history.

What can we learn?

Think long term for gaining profit. Rockefeller knew buying timberland property might not be cheap in the moment but would pay for itself over time. Thinking about the big picture can lead to big profits.

John D. Rockefeller, Jr.

John D. Rockefeller, Jr.

Most people only know of the original John D. Rockefeller, but his son is just as fascinating. While his money was made primarily through his father’s business, the younger Rockefeller had a passion for land. He donated land for multiple national parks, including Grand Teton, Acadia, and Yosemite. He used the shell company Snake River Land Company to buy up land for the Grand Teton National Park. When he reached a stalemate, he wrote a letter to Franklin D. Roosevelt saying “it will be my thought to make some other disposition of it or to sell it in the market to any satisfactory buyers.” He eventually won the land. For his dedication to land, both the John D. Rockefeller Jr. Memorial Highway and Rockefeller Memorial were named after him.

What can we learn?

The land industry is not for the meek. Rockefeller, Jr. was not afraid of opposition and fought for what he thought was right. He may not have made money in these deals, but he cemented his reputation as a land legend, which is more valuable than any paycheck. He is also a perfect example of having the kind of passion for land that it takes to make it in the industry.

Ted Turner

Ted Turner

You might know him as the founder of CNN, but did you know he also owns two million acres in ten states? The “Mouth of the South” uses much of the land to raise bison for his restaurant chain. His other ranches rake in a profit from hunting, fishing, and ecotourism.

What can we learn?

Turner uses his land to earn multiple sources of income. He also has a good sense of land use and a knack for finding a property’s highest and best use to ensure he is using certain plots of land for whatever use is most profitable. How else can you make money off your land?

J. Paul Getty

J Paul Getty

When he was just ten years old, J. Paul Getty’s father, George Getty, bought the mineral rights for 1,100 acres of land. Smart move. The land was soon producing 100,000 barrels of oil a month.

When he was twenty-one, J. Paul Getty’s father gave him ten thousand dollars to expand the Getty family’s Oklahoma oil field holdings. After careful deliberation, he bought the Nancy Taylor N. 1 Oil Well. Site. He struck oil. The 40% commission he got made him a millionaire!

What can we learn?

Mineral rights are just as valuable today. Before buying land, make sure any mineral rights you could be entitled to are included in the sale. Imagine what would have happened if George Getty had bought the land without the mineral rights?

Walt Disney

Walt Disney

The story of how was bought is crazier than Space Mountain! Disney secretly bought up 27,000 acres of land dirt cheap under shell corporations with names such as M.T. Lott. When locals found out who was buying all their land, prices shot up, in some cases to $80,000 an acre!

Even though it got expensive towards the end, the Orange County Appraisers officer estimates that the land value of all Disney World is now worth over $1.3 billion.

What can we learn?

The sky is the limit when it comes to transitional land. Figure out the highest and best use for your transitional land and profits will follow.

And One To Watch: Jeff Bezos

Jeff Bezoz

According to Forbes Magazine, he’s currently the richest man on earth, with a net worth of 140.8 billion USD. So far, his money has come from his business, Amazon, but many land experts are curious about what he’ll do when it comes to the second headquarters for Amazon. He might pull a Disney and transition low-value land into some of the most expensive land real estate in America. We’ll just have to wait and see!

These land legends come from different places and periods in time, but they do have a few things in common. All these men are out-of-the-box thinkers, hard workers, and take advantage of everything land has to offer to them. We hope these stories will inspire you to become the next land legend. Interested in buying or selling land real estate? Make sure to Find A Land Consultant that is qualified to handle your transaction.

About the Author: Laura Barker is the Membership and Communications Specialist for the REALTORS® Land Institute. She graduated from Clark University in May 2017 and has been with RLI since October 2017.

Choosing (And Using) The Right Client Relationship Manager (CRM) Software

Picture this: It’s Friday afternoon, 3:00pm. You are scheduling your next week’s business activities, setting priorities, and putting a plan in place. You’ve had a pretty successful week – got a contract on a large listing, met a new prospect who is likely a buyer for a couple of projects, went to a successful networking event, and called 25 new prospects on big land tracts. You’re feeling good. But as you begin to plan, you look down and see business cards scattered on your desk, a wrinkled legal pad with half-legible notes, and a desk calendar sprinkled with coffee stains. You breathe a deep sigh and wish that you were better organized.

Does this sound like you? Perhaps it’s not as bad as all that. However, I think we can all admit that we have been there. Things get busy and we run our business with pen, paper, and our own brains. But in the long run, all 3 of those things will fail you. There should be (and is) a much better way.

Client Relationship Manager (CRM) software is the extra brain that every successful business operator needs to keep their business at peak efficiency. A CRM is far more than a list of clients. Used properly, a CRM is your contact database, your personal assistant, your calendar planner, and your goldmine of information. It will remind you to follow up with a new client, call a prospect you should’ve heard from by now, or get in touch with a past client at regular intervals. We’ve all got way too much flying around in our heads to remember it all. Handing off a lot of that responsibility to a CRM is a great way to free up brain space and time in order to focus on the most important aspects of your business.

Many of you are already using a CRM at peak efficiency. Great! Stop reading now and go make it rain. But many of you are not using one well, or worse, not using one at all. I submit that in today’s market with all of the available technology, speed of information, and industry competition, it is more important than ever to be the person most engaged with every prospect you want to do business with. Your CRM will keep you honest and consistent with that engagement.

I’d like to offer three tips for choosing a CRM as well as three tips for using one – and using it well.

CHOOSING A CRM

Tip 1: Keep it simple.

Many CRMs have intricate functionality and can perform high-level categorization and analysis on your contacts, prospects, and pipeline. These features are great. But make sure you will actually use them before you select a CRM that does so much. You might get bogged down in all the functionality and lose sight of the goal.

Remember that the CRM is supposed to serve you. Not the other way around.

Tip 2: Don’t break the bank… at least at first.

Do you want to spend thousands of dollars on a CRM? There are many available. Do you want to get one for free? A few of those exist as well. If you’ve never used a CRM before, start with a free one (Zoho and Insightly are free for 1 or 2 users). You might not get every bell and whistle but as discussed above, you don’t need them. Once you are accustomed to using a CRM effectively you can always upgrade. And you’ll be far better prepared to select among alternatives since you will have some likes and dislikes from your free experience.

Tip 3: FORCE yourself to use it.

When first starting out with a CRM, you will be tempted to use all of your old methods as a crutch. As you encounter frustrations and growing pains, you will tend to shy away from the CRM – only using it when it’s convenient. This is no good. Select a system, spend a few days playing around with and getting used to it, then COMMIT. If you encounter issues, use the help function. Or use Google. Figure it out as you go along and deal with the pain up front. You want to get that machine good and oiled up so that it’s smooth sailing once you’re past the indoctrination period.

USING A CRM

Tip 1: Do it right from the beginning… or at least from right now.

If you’re just getting started or only have a couple of years in the business, make this a high priority for yourself. Properly creating, growing, and maintaining a quality database can be tedious, but it’s far more tedious to get 10 years down the road and try to do it all at once. Maybe you’ve been in the business for many years and use a spreadsheet, a notepad, or even a Rolodex (anyone??). All of that should be converted into a digital CRM. YES, it will take time. YES, it will be painful. But the benefits you will reap when it is complete far outweigh the work of getting it done.

Tip 2: Once you figured out the basics, try a new function or capability.

Once you have pushed through the transition, you should be pretty comfortable with the functionality – at least the basics. When you’re feeling foggy, learn something different about the software and find a new way it can help you. You may discover that it can tell you something interesting about your business operations. What’s your average time from listing to closing? How often do you really call that important client? How many new calls do you make on a weekly or monthly basis? By exploring different functions you will more deeply understand your contacts, your process, and your overall business.

Tip 3: Change to a different software after 3-5 years.

OK, this may sound crazy but I really do believe it is beneficial. As technology continues to develop, newer, better, and less expensive options will always be available. If you shop around every few years you may find a product with functions you’ve always wished your current CRM had. Furthermore, moving to a new system will force you to look at your information and clean it up. It’s kind of like moving into a new house.  You might finally decide to throw away that box of stuffed animals you’ve had since you were six. By cleaning up your database once in a while, you will keep it streamlined and relevant – making it more useful in your business.

A well-maintained and properly utilized CRM can make a struggling business good and a good business great. With very little effort, anyone can introduce a much higher level of structure to their business, keeping the pipeline full and the clients happy.

About the author: Caleb McDow is a land specialist and vice president with Crosby & Associates, Inc. in Winter Haven, FL, with a Master of Science in Real Estate (MSRE) and is a licensed private pilot and drone operator. McDow joined the institute in 2014 as a Military Transition Program (MTP) member.  He serves on the Institute’s Future Leaders Committee and regularly blogs on real estate issues. Caleb McDow can be reached at 352-665-6648 or caleb@crosbydirt.com

 

A New Generation Takes On The Land Industry

Think about how much has changed from 2017 to 2018. Prince Harry got married. Elon Musk sent his sports car blasting into space. Peace talks between North and South Korea are in the works. It’s incredible how much can change in a mere twelve months.

Now think about how much can change in a generation.

The new generation of landowners and farmers are facing an entirely new world. The global market offers new clients, but also new competition. The internet and social media have created endless opportunities for marketing and networking. Solar energy and legal marijuana are new crops bringing in millions of dollars. These are just a few of the many things new farmers and landowners will face as they start their legacies in the land industry.

New Tech

The biggest difference for new farmers and landowners is the rapid increase of technology. Long gone are the days of typewriters and rotary phones. Now, drones, virtual reality, social media, and incredibly advanced farm technology are the name of the game.

In a recent Land.com article courtesy of RLI Member, Luke Worrell, ALC, talks about how technology has changed the land industry for both clients and land experts. “Now, we communicate with our clients in a variety of ways including email, text, video conferencing, and social media to name a few–we don’t simply have to rely on phone and mail marketing. We have learned the unique way each client wants to communicate and are therefore more relevant to them because we are speaking their language.”

How are new landowners and farmers adjusting to the onslaught of new technology? The answer is by applying old-fashioned rules to new platforms. Land experts are already known for their people skills. Social media lets this generation of land experts take these skills online to reach a wider audience than ever thought possible at a lower cost than possible for previous generations. Social media and online networking require a sort of fearlessness to promote yourself and reach out to new people. We can’t think of a single land professional who doesn’t already do that in real life!

The Future Leaders Committee at RLI is dedicated to finding the very best of the latest technologies, services, and trends in the industry for RLI members – just check out their new Member Technology and Resource Center. Keep an eye on them to learn about the latest in the industry!

New Clients

As the world around us changes, so do the clients we serve and their needs. Thanks to technology, clients have more access to information than ever before.

“The internet has played a huge role in redefining the ways in which land-seekers and land-sellers can connect with one another,” says Worrell. “This has created a shift in the characteristics of land buyers. Buyers are now more sophisticated because they have access to so much information! Modern technology allows buyers from all over the nation, and even the world, to learn about land for sale thousands of miles away without leaving their screen.”

Clients aren’t always within driving distance anymore. Although most clients like to visit a property before taking out their checkbook, in-person trips aren’t a must-have anymore with things like virtual reality for showing land properties. The Information Age of buyers can now find all the data they need to know from their living room.

New Crops

If you told farmers twenty years ago that marijuana would be one of the most profitable crops, they might think you’d helped yourself to a little bit of that crop yourself. While marijuana is still federally illegal, farmers in states like California and Colorado are pioneering the new legal industry.

Even more traditional crops are getting an upgrade. Pork, an American staple that has been around forever, has become more cost-effective. Vitamin-rich feed has created bigger, and therefore more profitable, pigs.

All In The Family

The good news for young farmers is that statistically, they’ve got generations of land wisdom behind them. Unlike many other industries, the land industry is one where the passion is often passed down through generations. This inter-generational business allows millennials to teach new technology to older generations, who in turn can pass on the tricks of the trade.

What Doesn’t Change

While lots of things are changing in the land industry, there are just as many that stay the same. Good people skills and a strong work ethic never go out of style.

It still comes down to the people and earning their trust,” says Allan Worrell, ALC. “Be honest. Don’t backstab. Your clients have to believe in you as a person before they would ever want to do business with you. Don’t give them a reason to question your integrity. I’m reminded of the wisdom contained within John Wooden’s famous quote, ‘There’s no pillow as soft as a clear conscience.’ If you can go to bed at night knowing that your principles were not compromised in your land dealings that day, it will serve you well in this business.”

The elder Worrell also points out the importance of getting involved with groups like the REALTORS® Land Institute. “Get involved in professional organizations within your local communities and those that go well beyond your sales territory. Organizations such as the REALTORS® Land Institute provide the education, tools, advice, and networking opportunities that are the foundation for all land professionals to become the best in the business.”

The newest generation of land experts is facing a brand-new world of technology, clients from around the world, and ever-improving crops. While new farmers and landowners will face new hurdles, they have the wisdom and support from previous generations to help them and vice-versa.

Laura Barker is a Marketing Assistant Intern for the REALTORS® Land Institute. She graduated from Clark University in May 2017 and has been with RLI since October 2017.

Time Out-Sourced

As a broker, what activities do you enjoy doing the most? Is it meetings? Researching property? Cold calling? <–(FAT CHANCE). Beyond enjoying, what activities tend to get you the most business or make you the most money? I’m sure we have many activities that we enjoy doing far more than others. I have many of them. For example, I absolutely hate collecting all of the minute information related to a new listing. Tax info, parcel numbers, future land use, water, sewer, etc. It is certainly important for me to know all of that information. But the process of collecting it is time-consuming and tedious. On the other hand, what I enjoy more than anything is riding property with a client. Not only does it teach me the finer points of the land itself, but it fosters the client relationship in a unique way. This also takes time. You can’t be in a hurry when getting to know your client. For me, it’s one of the most important things to focus on for current and future business. When considering the resources that you put towards your business everyday time is both the most demanded and the most precious. It is your most valuable and least available resource.

This is not the first time I have written about protecting your time. Visit What is Your Time Worth? Part 1 & Part 2 for some background. For this article, I will focus more specifically on saving time when doing one of the most important things in the business: PROSPECTING.

I’ve learned a lot about prospecting over the years. I’ve utilized many resources and heard from or read many different experienced brokers on the topic. A website and blog authored by Bo Barron was particularly helpful in my early days of brokerage. Most recently, I heard Michael Bull, CCIM, speak at the REALTORS® Land Institute National Land Conference. Michael led an incredible session on broker success strategies and gave me one of the best tips I’ve ever heard about prospecting in commercial real estate: “Prospecting is not part of the business. It IS the business.” With this idea as the backdrop behind spending your time wisely, let’s look at how to maximize your available time for true, focused prospecting.

Here’s a quick real world look at the aim and process of my prospecting system. I look primarily for high-quality farmland. If I can find willing and reasonable sellers who own irrigated farmland, I can usually sell it pretty quickly. Below is a rough breakdown of my process. When I first started, I did all of this myself.

Step 1. Find high-quality properties located in certain agricultural areas

  • Search aerial imagery visually
  • Look for crop circles, irrigation

Step 2. Match likely properties from imagery with tax parcel info

  • Find property on tax assessor website
  • Collect owner’s name and address

Step 3. Search public information websites to find phone numbers for owner

  • Google owners name
  • White Pages, Intellus, etc.

Step 4. Enter information into Client Relationship Management (CRM) database

  • Click, type, copy/paste, repeat
  • Ensure accuracy, categorize new prospect
  • Log task for follow up call to prospect

Step 5. Prepare form letter to mail

  • Enter address info on form letter, fold, and insert
  • Address envelope, lick stamp

Step 6. Follow up call

  • Pick up phone, dial number
  • Talk
  • Sell
  • Make money

That’s a lot of steps. And all of that work took time. Time, time, time! And on the days I had meetings or other obligations, I got further and further behind.  I felt like I was always playing catch up with my property research and other administrative tasks – and the phone calls often left undone. Then came the MOMENTOUS day I discovered the world of Virtual Assistants (VAs).

VAs are real people who will undertake just about any task that can be completed with the use of a computer and phone. They work remotely from anywhere in the world. They can’t pickup your dry cleaning or drive you to an appointment. But when it comes to administrative and electronic tasks, they are some of the best in the business. With a little training and direction, they will amaze you with their ability to complete tasks quickly with great attention to detail. A quick Google search of “Virtual Assistant” provides many different clearinghouses to choose from or you can hire a freelancing VA directly. Hourly rates vary depending on experience and skill level, as well as whether they are US-based or overseas. However, you can get solid virtual support for between $8-$20/hour. It may take some trial and error to find a good fit, however, once you get comfortable with the process you will wonder how you ever lived without it.

The one thing I will admit is that it was difficult at first to hand things off. I had a certain way I wanted tasks done and was hesitant to just let someone else do it for me. Yet before long my VA was churning out info and products for me faster than I could keep up with the important things. So now, my process looks like this:

Step 1. Open CRM and see all the wonderful work my VA has done for me.

  • Properties researched
  • Owners name, address, and phone number, already in database
  • Tasks for follow-up calls already entered
  • Letters ready to print

Step 2. Give letters to in-house assistant to collate, address envelopes, and mail

Step 3. Same as Step 7 above

The process that once took me about 30 minutes per prospect/property now takes about 30 seconds. I skip straight to the most important step of getting on the phone with people to build relationships and get busy listing and selling property.

I will also note that the combination of a VA with an in-house Executive Assistant (EA) or Administrative Assistant (AA) is an incredibly valuable combination. Whatever the EA can’t do because it requires a physical presence (such as mailing letters) the EA or AA can do. My preference is to map out the vision and set expectations for the in-house assistant and then let them use their own skills while leveraging the VA as necessary to get the job done. My focus is on the output, and I do my best not to get too involved in the process.

As with anything you introduce into your business, all of this takes time: setup, training, direction, etc. And of course, none of this is free. A certain cost is associated with outsourcing of all kinds. You will need to make a determination on what is an appropriate level of outsourcing and cost for yourself and your business. However, in the long run, the time saved and the additional revenue generated is more than worth the time spent up front. As a suggestion, if you’re new to Virtual Assistants, start small. Outsource some non-time critical tasks on a pay-as-you-go basis, assess the results, and gradually increase. You will likely have to make yourself uncomfortable (like I did) with letting go of certain things, but once you reap the benefits, I’m certain you won’t be disappointed.

Ultimately, the buck stops with you. As a licensed real estate agent you have both a capability and a skill set that you cannot outsource. There are very specific things about your job that only you can do. Yet there are hundreds and thousands of other things that someone else can do for you at a fraction of the cost of your time. I encourage you to really asses yourself and your business to see where you can leverage other people and divert your most precious resource to the most important of tasks.

To learn more about this topic, check out McDow’s companion podcast below:

This post is part of the 2018 Future Leaders Committee content generation initiative. The initiative is directed at further establishing RLI as “The Voice of Land” in the land real estate industry for land professionals and landowners. For more posts like this, click here.

About the author: Caleb McDow, ALC, is a land specialist and vice president for Crosby & Associates in Winter Haven, FL. He holds a Master of Science in Real Estate (MSRE), the CCIM Designation, and is a licensed private pilot and drone operator. McDow joined RLI in 2014 as a Military Transition Program (MTP) member. He is an active member of RLI, serving on the 2017-2018 RLI Board of Directors and as Chair of the 2018 Future Leaders Committee. He also regularly shares his expertise on real estate issues for various industry blogs.

Effectively Networking for New Land Professionals

Networking always has and always will be a vital component to any successful real estate professional’s career. Being new to the industry can be especially daunting considering the number of real estate professionals entering the business.  To put it simply, the best piece of advice I can share is “you must be seen to be known.” In order to establish yourself in the marketplace and be successful, you need to be seen “out and about” by your existing and prospective clients at local and regional functions.  Here is an outline of several ways you can effectively network to grow and sustain your real estate business:

  1. Network with Industry Leaders Face-to-Face
    Get to know the top industry leaders and let them know you are in the business. By industry leaders I mean Brokers and Agents (within your company as well as your competitors), Appraisers, Lenders, etc. which have been in the land business for some time and are thought of as the “go-to guys.” It may be tough to get much of their time considering their busy schedules, however, try offering to take them to lunch or stopping by their office for a quick chat when you’re in the area. Be sure to have something to offer them, for example, if you stop in to see a broker you could take information on a new listing or ask them about specific buyer needs that you may have. I am always surprised how much more I learn by stopping by someone’s office and talking for 10-15 minutes in person vs. calling, texting or emailing them to check in. Always be willing to sit back and listen when they start talking, you will be surprised how much you learn.
  2. Start Using Social Media Networking
    Social media has become a huge part of the land brokerage business. It is a great way to network with buyers, sellers, and industry leaders as well as market your clients’ properties. I recommend creating a “business page” along with your personal social media pages. The business page will allow you to promote your business in a professional manner that can be easily reached by the public. A tactic I’ve found to be successful is periodically sharing items from your business page to your personal page. This will send traffic over to your business page often resulting in very credible leads. You will also find that once you’ve established yourself in the business, many of your clients will become actual friends and will likely become “friends” with you on your personal social media pages. This is a great way to stay in touch with your clients. By simply “liking” their post or wishing them a “happy birthday” you will stay on their mind and when they need a land professional they will be more likely to think of you.
  3. Attend Conferences and Industry Events
    Conferences are one of my favorite ways to network. Generally, at these conferences there are great speakers and trade shows, along with some of the best of the best in the industry. I highly recommend attending the National Land Conference by the REALTORS® Land Institute which is typically held in the Spring of each year. This premier event is attended by the foremost leaders of the land industry and is a great venue to gain expertise from the best industry speakers and teachers available. In addition, Conservation, Agricultural, and Forestry conferences are held throughout the Nation each year and provide great networking opportunities. There are also local and state chapters such as The National Wild Turkey Federation, Ducks Unlimited, Delta Waterfowl, and Safari Club International that host events.  All of these can be very beneficial in getting to know like-minded individuals with an interest in buying or selling land.
  4. Network in Your Local Community
    There is no replacement for being involved in your local community. If you take care of and help the people at home, they will take care of you. There are great networking opportunities in most local areas including: Sponsoring Charity Events, Participating in Church Events, Sponsoring Youth Sports teams, etc. You should make it a point to be present at many local community events such as trade shows, community cook-offs, historical society events, etc. Along with volunteering and sponsoring these events it is also a great idea to be involved with your local Chamber of Commerce. Many of the people you see and meet at these events will eventually have a need for a land professional or perhaps know someone who needs a land professional. When this happens, you want them to always think of you.

This post is part of the 2018 Future Leaders Committee content generation initiative. The initiative is directed at further establishing RLI as “The Voice of Land” in the land real estate industry for land professionals and landowners. For more posts like this, click here.

About the author: Calvin Perryman, ALC, is an Associate Broker and Appraiser with Great Southern Land. Calvin is an active member of RLI, serving on the 2018 Future Leaders Committee and as the 2018 President of the RLI Alabama Chapter. He graduated from Auburn University with a Bachelor Degree in Agricultural Business and Economics in May of 2011. Shortly after graduating from Auburn he obtained his real estate license and has been in the real estate business since 2011.

The Top Land Blogs to Follow!

Buying or selling land can be confusing and complicated at times. It helps to partner with a land professional. You the client need to be educated about the process, intricacies around land ownership and many other facets surrounding all things LAND. There are many blogs out there that cover these topics and a lot of this information is available to you through blogs. Experts in the field often write blogs where they have an opportunity to share their knowledge….so why not take advantage.

I wanted to mention just a few, I hope you find these helpful.

 

 

Lands of America Blog

One of the leading website for rural land searches. Their post are written from many land professionals around the country and contain information you need to know!

 

 

LandThink

A great website full of information. This is the parent company for LandFlip.com a great site for searching for land and farms. The content often contains surveys from land professional across the country. Want to get land savy? Read their blog.

 

Southeastern Land Group Blog

Great content from their land agents. The content often covers topics about buying and selling land, transaction process and a wide variety of great information. One of my favorite bloggers is Jonathan Goode.

 

 

 

REALTORS® Land Institute Blog

Institute of  Land Broker professional from across the Country. Their Blog post come from members with a diverse background including Forestry, Agricultural, Farms, Ranches and a lot more!!

Land Blog.. Get the Dirt!

I had to plug my own blog. With over 35 years of experience in the timber, land management and land brokerage business, I love to share information to help buyers and sellers! My blog is narrowly focused to cover land, real estate and forestry topics!

 

Kent Morris, ALC is a Registered Forester and Associate Broker who has experience in fields such as timber appraisals, harvesting, thinnings, and timber sales. He writes articles about these fields and more in his blog Land Blog…Get The Dirt!

The Benefits of Land Real Estate Education

Some people think all they need to succeed in the land industry is a love of land and a few years of experience under their belt. Both of these are great to have, but once you start working, you’ll be faced with questions that even some of the most seasoned professionals might not know how to answer. Would you know what to say if a client asked:

  • In what ways do soil types affect land use?
  • Can I use a tax deferred 1031 exchange to my advantage?
  • How can I gain community support for land use projects?
  • What kind of returns can I expect from this property over the next ten years?
  • What are the tax results of my land real estate investment?
  • What is the highest and best use of this property?
  • What is the most efficient way to title real estate assets for a future wealth transfer?
  • What does the current US property rights system guarantee a landowner?

Gaining expertise through professional development and continuing education prepares agents to answer the tough questions before a client even asks them. But that’s not all. There are a lot of benefits of land real estate education.

The REALTORS® Land Institute is the gold standard when it comes to land education. No other provider offers as wide of a selection or as in-depth of courses as RLI’s LANDU Education Program. Here are the top four ways a LANDU Education can help you every day in your business to more confidently conduct transactions and close more deals as a land agent:

1: Expertise From The Best

If you look at RLI’s Instructor Center, you’ll see over thirty instructors with countless years of experience between them. You’ll truly be learning from the best in the business. These teachers have been handpicked and approved by RLI based on of their knowledge and expertise in their field of specialization.

2: Learn Your Way, At Your Pace

When you work with RLI, you choose the way you want to learn. There are online classes for folks on the go, independent study courses for those who to choose the pace they learn at, or traditional classroom classes for people who want to learn and network at the same time. If you want to get the Accredited Land Consultant (ALC) Designation quickly, you’re in luck. RLI’s 2018 LANDU Education Week is June 2-10 in Arlington, TX. Complete all of the course credits required to earn your ALC Designation in one place, including the three required courses and three elective courses which ensure attendees meet the ALC Education Requirements upon completion.

3: Stay Trendy

We aren’t talking about hitting the closest Cabela’s to check out their clothing line or buying the latest Yeti accessory (although they are trendy!). The land real estate industry and the technology tools available to agents are constantly changing, making it crucial to stay update on the latest trends so you have the strategies and knowledge needed to adapt. RLI offers Hot Topic Webinars throughout the year to make sure agents can stay ahead of the curve. Many of which are free for members to attend.

4: Increase Your Client Base and Referral Network

Getting the ALC Designation is a great way draw more and get referred more clients. Having the ALC shows your clients and other agents that you have the expertise and experience needed to successfully conduct land transactions. Plus, as part of a nation-wide network of ALCs, there is no shortage of referrals happening.

Even without earning the ALC, RLI’s Find a Land Consultant tool, which is an online public directory of RLI Members, is a popular way for potential clients to find you. In fact, if you Google ‘find a land consultant’, the very first thing that pops up is RLI’s Find a Land Consultant search tool. Even Google knows RLI Members are the best in the business!

To wrap up, there are more benefits to land education than just getting a gold pin or three letters after your name – although we highly encourage you take advantage of their added power as well. You can expand your client base and referral network and learn from the best in the business about the latest need-to-know information for land agents all in a way that’s customized to meet your needs.

About the Realtors® Land Institute                    

The Realtors® Land Institute, “The Voice of Land,” continually strives to maintain its status as the acknowledged leader for all matters pertaining to the land real estate profession. RLI endeavors to remain the essential membership organization for the extraordinary real estate professionals who broker, lease, sell, develop, and manage our most precious resource: the land. The Realtors Land Institute, provides the expertise, camaraderie, and valuable resources that are the foundation for all land real estate professionals to become the best in the business. For more information, visit rliland.com or call 800.441.5263. It’s the best time to join the best!

What’s Right for Your Client?

When assisting a client with a land transaction it is not only important to be able to answer your clients questions but also, possibly more importantly, to be able to ask your client the right questions. Below is a sample scenario of a new client and a few examples of questions a land professional may ask in order to help the client determine the best decision regarding their property.

The scenario
Your client owns land composed of agricultural land, but which also has some woods and water (and you know the highest and best use is continued use of the land as agricultural land and hunting/recreational ground). Your client is reaching a time in their life to make decisions on how best to handle their land for the future and there are many options in today’s world. Some of these could include:

  • selling it for row crop land and the woods/water for hunting/recreation;
  • or, once sold, complete a 1031 exchange to purchase another income-producing property or retirement home;
  • or, keep the farm via leasing it out so that your client has an income in retirement;
  • or, work on a succession plan to keep the land in the family;
  • or, enroll the land in an exclusive ag covenant or conservation easement;
  • or, use the land to build their retirement home or cabin so they can enjoy their retirement and have a wonderful, memory-filled family retreat to pass on to their heirs.

Questions for your client when considering the above options

  • Are you prepared for retirement?
  • Do you need an additional income stream into the future besides other retirement funds?
  • Do you want to continue to farm yourself?
  • Do you have children who want to farm?
  • Do you strongly feel you want your land to continue into perpetuity as ag land or recreational land?
  • Do you already have a retirement home?
  • Do you have funds and time to build and enjoy a family retreat that can be passed on to the next generation?

Starting points
When the future of your land is in question, an appraisal or broker price opinion will provide an opinion of the worth of the land. This factor alone may assist in helping answer some of the above questions for your client. Your client may decide, based on the number of children they have, the number of acres of land and rent or income from that land, there may not be enough income to divide between the number of children and they will elect to sell the land. Or, on the reverse side, they may decide, depending on the number of children and amount of agricultural land, there would be enough income to warrant keeping the land in the family.

Then, are there children who are interested in farming or not? If yes, succession planning can be handled and there are a number of extension offices, attorneys, etc. who can assist with succession planning. If there are no children interested in farming, a professional farm manager could assist the children in managing the farm.

Should the client decide to enroll the land into an ag covenant or conservation easement? An Accredited Land Consultant (broker/REALTOR®) can assist in locating the appropriate agency/entity.

In deciding whether to add a family retreat to their land, the question again is dependent on their financial situation, age, the number of children/grandchildren they have, and so on.

Conclusion
Your client’s land is probably their largest asset and assisting your client to make an educated decision is the goal, even though it may involve tough questions. If you are interested in working with landowners, you can obtain the education, experience, connections, and expertise you need to better assist your client with the tough questions through the REALTORS® Land Institute.

Terri Jensen, ALC, is a Broker/REALTOR®, Auctioneer, and Appraiser in Minnesota and is currently VP of Real Estate/Appraisal at Upper Midwest Mgmt. Terri served as the 2015 RLI National President of the REALTORS® Land Institute, a commercial affiliate of NAR, and is still an active member of the organization, holding their elite Accredited Land Consultant (ALC) Designation.