Ranchland Expert Feature: Ted Harvey
United Country Real Estate has been a leader in ranchland sales for 95 years. We have hundreds of dedicated ranchland experts across the country with more than 100 years of combined experience in areas like water rights, grazing permits, cattle and guest ranch operations, mineral rights and much more.
One of our ranchland experts is Ted Harvey, owner/broker of United Country | Yellowstone Land Consultants in Cody, Wyo. Ted is an experienced rancher with more than 27 years of experience before becoming a real estate broker. He is the President of the Wyoming Chapter of the Realtors Land Institute and one of just 10 Accredited Land Consultants in Wyoming. We asked Ted for some advice for those looking to buy or sell ranch real estate.
Q: What would you say to someone looking to buy ranchland?
It’s a great investment. Land investments in general are safer long term and appreciate more long term than dealing with the uncertainty of the stock market. Once you’re ready to buy, make sure you choose an agent who is experienced in the type of property you want to buy. For example, you want an agent who has direct ranch land experience as opposed to someone who just sells properties in town. A lot of people tend to choose their agent for the wrong reasons, like it’s your brother or cousin or friend. But they don’t know about the ins and outs of ranch land. That could hurt you in the long run.
Q: Is buying land different in Wyoming compared to other states?
There are many reasons land buyers are attracted to Wyoming. With only 575,000 people in the state, Wyoming offers unmatched scenery, access to public lands, wildlife, hunting and fishing. Whether you are interested in selling your ranch property or investing in small or large cattle operations, dude and guest ranches, Wyoming has a lot to offer ranch buyers. For one thing, we are the most tax friendly state in the country. We have favorable laws for corporations that can help people protect their money. I suggest researching states for tax laws and other laws so you know what you’re getting yourself into.
Buying ranch property in Wyoming has many components. Most ranch properties in Wyoming border public lands. As a result, there are often grazing leases associated with deeded properties. Water rights, mineral rights, wildlife, hunting and fishing are all considerations when buying land in Wyoming. Buyers should work with brokers who have the knowledge, and experience to deal with these complex issues.
Q: What should a seller of ranchland expect?
The first part still applies. You want an agent who understands ranch land. We really do earn our money because, when you’re talking about farms or ranches, there are a lot of factors that go into it like water rights, grazing rights, 1031 exchanges, mineral rights, etc. You need someone who understands those intricacies. I don’t know much about selling residential properties in town, but I do know about farm and ranch properties. Sellers should also look for a broker to represent them that will really take the time to understand the ranch, and to market and show the property effectively.
If you’re ready to sell, you should set realistic expectations of the process. The average time it takes to sell from beginning to closing is around 18 months. This isn’t something that will sell overnight, especially if it isn’t priced correctly. It is not unheard of for ranch properties to sell quickly, but more often than not it takes time to find the right buyer.
United Country really is the best at selling ranches. We have the tools and outside resources to represent your property and get it showcased to national buyers instead of just locally.
If you’d like to learn more about buying or selling ranchland, reach out to one of our ranch experts at United Country Real Estate near you. Visit www.UnitedCountry.com to view all of our office locations. You can also view all of our available ranch listings at www.UCRanches.com.