There are a number of common mineral owner mistakes. Unfortunately a mistake can be very costly to mineral owners. We have been speaking with mineral owners for years. During that time we have discovered that there are a lot of mineral owners out there making the same mistakes. At Bakken Mineral Owner our goal is to help mineral owners. We can help you avoid the most common mineral owner mistakes. Follow this free guide below that will help you save money!
Most common mineral owner mistakes
If the mistakes below seem to have a lot in common, they do! A lot of mistakes mineral owners make involve selling mineral rights in North Dakota. When mineral owners wish to sell they end up doing so the wrong way. They end up losing out on thousands of dollars. To avoid losing money pay close attention to these common mineral owner mistakes in North Dakota.
Accepting the first offer – When you want to sell mineral rights in North Dakota the temptation is to take the first offer. This is the most common mineral owner mistake we see. Unfortunately, it’s also the most costly mineral owner mistake. What a lot of mineral owners don’t know is that the first offer you receive is almost never the best offer. Mineral rights buyers in North Dakota make low ball offers all the time. They know you don’t know how much your property is worth. They convince you to accept an offer far below market value. It’s extremely important to get your property in front of a large number of buyers to see if the offer you have is fair.
Finding the right buyer – Most mineral owners think that all buyers are equal. Throw your property out there to a few, get a couple offers, and accept the highest one. The truth is that buyers all value your property differently. If you talked to 10 buyers they would all value your property differently. The key to selling mineral rights for the highest price is to find the right buyer. The right buyer is one who is going to pay you the highest price and won’t take advantage of you. Unfortunately it can be very difficult to find the right buyer online just picking a random website.
For sale by owner – Another one of the common mineral owner mistakes we see is selling on your own. When you sell mineral rights in North Dakota on your own, you will almost never get the best price. We recommend working with a reputable company like US Mineral Exchange. They will quickly get your property in front of thousands of buyers who can get you the best price and help you avoid being taken advantage of. A lot of mineral owners believe they can save money by not paying a commission. They simply don’t realize that they might save 6%, but they’ll end up losing thousands more by selling to a shady buyer who gives them a low ball offer.
Documentation – When you want to sell mineral rights documentation is key. Giving buyers the documents they need to evaluate is important. A lot of mineral owners want offers without providing any proof they own the property or support documents. This is a recipe for disaster. Pull together your mineral deed, lease agreement, and check stubs (if applicable) so that you can quickly get buyers the information they need.
Realistic Expectations – A lot of mineral owners decide to make up a number. They want $X for their mineral rights. They sometimes loosely base how much they want on some amount they read on the internet. Unfortunately this approach will usually lead to people not selling their property. They hold onto it for years waiting for the price they want. You have to be willing to put your property out in the market and let the current market conditions set the price if you wish to sell mineral rights in North Dakota.
