Realtors try to be all things to all people and it is simply not possible. Basically real estate breaks down into 3 categories: Residential, Land and Commercial. Generally speaking all realtors can or should be pretty good at residential. There is tons of information on the local MLS, so realtors have access to really good information related to what is on the market. But there is where the commonality ends.
The other areas of real estate require special knowledge and expertise related to the market. For example, a commercial specialist may have the CCIM (Certified Commercial Investment Member) designation. Realtors who specialize in commercial real estate can provide and analyze detail cash flow spreadsheets to determine the Present Net Value or the Internal Rate of Return of the subject property.
Like wise, a land specialist may have the Accredited Land Consultant through the Realtors Land Institute ( I will talk about this highly esteemed designation in a later blog). Generally commercial and land realtors charge a higher commission rate due to the extra education, training and expertise they provide. Also, these specialist, in some cases will provide marketing and advertising opportunities that other realtors do not use. A land specialist can provide aerial photography and topographic maps of the property. This is helpful for determing how much of the land is forested, in agriculture, size of a pond or for other requirements. A topo map is useful to determine the percent slope on a tract or to determine if the property has a good pond site.
NOW HERE IS HOW YOU DETERMINE IF YOU ARE REALLY DEALING WITH A LAND SPECIALIST..... have your realtor meet you at one of your corners providing latitude-longitude coordinates. This will separate the land people!!
For Information on Buying or Selling Land contact G. Kent Morris, ALC, RF at (706) 457-0090
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