Tips for first time mineral rights owners
Posted on Friday, April 1st, 2016 at 2:00 pm
Like any other business, it is important for first time mineral rights owners to have an understanding of what to expect from this ownership. This is especially true if an individual is looking to sell their mineral rights, as the marketplace can be incredibly complicated.
Interestingly, according to the Texas Landowners Association, it is not uncommon for land owners to have no idea that they are sitting on mineral rights until they are approached by a prospective buyer. So, for those who are new to the mineral rights world, the Texas Landowners Association offers the following, helpful tips:
- Understand whether you are looking to sell OR lease your mineral rights, as these processes and outcomes are very different for mineral rights owners.
- Never forget to negotiate when you are given an offer. Chances are your property has great value, which you stand to greatly profit from if you negotiate properly.
- Understand market value. In the mineral rights industry, it is hard to determine the full value of your property. The best course of action is to introduce your property to many different buyers and have them compete, driving up the price of your mineral rights.
- Determine the best time to sell or lease your mineral rights. Do not be blindsided by instant offers. Take your time and assess the situation.
At The Mineral Auction, we take the confusion out of the mineral rights selling process by putting your rights up at auction in front of our network of thousands of qualified buyers. Find out how we can help you get the best price for your mineral rights by calling us today at (512) 698-2802.