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We are searching for a large estate/farm. In our search, we have had a difficult time finding a competent realtor who could help us from the land aspect. In my research, I've found that using a land broker would be best. However, I have not been able to understand exactly what a land broker brings to the table vice a normal realtor. Could any of you help me understand what a land broker would do for us in purchasing land?
Some real estate agents specialize in large tracts. Farms and ranches, mostly.
The easy way to find them is to see who has their sign on the big pieces of land. Also, look through the multiple listing and see which agents have the listings on the big farms.
Or go to the livestock auction and see who has their business card on the bulletin board. Or go to the horse show and look for a horse trailer with a real estate sign on the door of the tow vehicle. Look in the freebie horse magazines, or farm and ranch newspaper and see what agents have ads there.
Real estate agents have specialties. Condos, residential, commercial, rentals, land, farms and ranches, old homes, etc.
A land broker is just a real estate agent that has chosen to specialize in bare land, farms, and ranches. While I am not generally a fan of the NAR designations, they do have one for land brokers called the ALC, Accredited Land Consultant. Having it doesn't mean they are a good agent, and there are good agents with no designations but it might give you a jumping off point to find an agent that specializes in land.
A good land broker can tell you about soils, what areas have well issues, contamination issues, be totally up on current zoning laws, aware of any overlay zones, etc. Despite what people think, there is a massive amount of things to know in being a real estate agent. There is no way to know everything about an area and stay up on legislation and land use issues for all of the different areas of real estate. Specialization is a good thing in the industry and is a good thing for consumers.
You might look for a Realtor with an ALC certification, "Accredited Land Consultant."
That is a NAR certification among land specialists, and is awarded by the "Realtors' Land Institute." RLI.
The training is different for a land brokerage specialist vs. someone who specializes in residential sales, particularly for large tracts and brownfields.
A land broker is just a real estate agent that has chosen to specialize in bare land, farms, and ranches.
I suspect this is true in most states, if not all of them. In Michigan, there is no licensed profession called a "land broker". There are just Real Estate Brokers (and Salespersons)...and some happen to specialize in large properties--which may include recreational/hunting, farms or even commercial/industrial. Any broker could call themselves a land broker. That wouldn't assure that they have any particular skill set, but it might be an indication.
Quote:
Originally Posted by oregonwoodsmoke
Some real estate agents specialize in large tracts. Farms and ranches, mostly.
The easy way to find them is to see who has their sign on the big pieces of land. Also, look through the multiple listing and see which agents have the listings on the big farms.
^^^^^^
This is probably the easiest way to locate agents in a given area. My only cautionary note would be that if they are primarily listing agents, they would be looking out for the interests of the Seller. Make sure that you deal with a buyer's broker who will be concerned with only your interests.
I work primarily as a buyer's broker and most often deal with large acreage parcels. In my area, the #1 concern in purchasing a large property is the potential for environmental hazards. Oftentimes, a Phase I environmental assessment will be done which includes an inspection of the land and research into the property's history. Make sure that you deal with a broker who is knowledgeable about environmental concerns. If you're looking at farm properties, some of the biggest environmental concerns would be underground storage tanks, farm dumps and old wells.
By the way, if you're interested in larger properties--whether they be farms or properties with significant conservation values--you may want to familiarize yourself with conservation easements. Conservation easements are voluntary agreements which allow landowners to permanently protect all or a portion of a property (which some people like to do) and they can also generate some significant tax benefits--both federal income tax benefits and potentially property and estate tax benefits. Here's link to some basic information from the Land Trust Alliance: https://www.landtrustalliance.org/conservation/landowners/conservation-easements
You could get additional information from a local land conservancy.
I've found that the land brokers we deal with tend to be more educated (masters degrees) but like anything else, a good land broker is worth their weight in gold and the rest are what they are. You need to be very careful about procuring cause with land brokers in my experience. If they sit down with you and open up a binder of deals, be prepared for them to track you down for a commission if you don't use them as your representation.
Based on the answers thus far, a land broker seems to be exactly what I need. Prior to this point, we were looking casually but now as we are ready to begin our search in earnest, I wanted to make sure we are picking the best representation for us. I did not know much about land brokers or what they bring to the table so this information helps. There are two major land brokers in my area and I plan to interview both.
Just sharing a memory: I used to board a horse for a ranch specialist agent. If he or his partner stopped by on days when they had been showing property, they would be towing a trailer with 4 big ATV's on it (Quadrunners).
Ask the agent how they are going to show you the property. It doesn't do you any good to have the agent drive you up the driveway and point out that the land runs up over the hill. You need to see it before you buy it. How are you going to get out to look at it?
Just sharing a memory: I used to board a horse for a ranch specialist agent. If he or his partner stopped by on days when they had been showing property, they would be towing a trailer with 4 big ATV's on it (Quadrunners).
Ask the agent how they are going to show you the property. It doesn't do you any good to have the agent drive you up the driveway and point out that the land runs up over the hill. You need to see it before you buy it. How are you going to get out to look at it?
Yes, I sit in the car while my husband happily treks acres and acres of land. However, I love the idea of using ATVs. Although one good thing about down here - no hills.
I emailed a land broker this morning that has sold quite a few of the same type of properties we're interested in purchasing. Thought it was a good sign that he got right back to me even on a Sunday. We're meeting with him tomorrow. Y'all have given me quite a bit to ask about. I know my husband's concerns are the soil type, land elevation (we're in the Lowcountry so that's an issue), the water table (I think for wells?), and conservation easements.
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