Avoid These Common Mineral Owner Selling Mistakes
If you own the rights to a source of minerals, you need to make sure that you avoid the three common mineral selling mistakes discussed below when you decided to sell your minerals.
#1 Don't Accept Unsolicited Offers
You should not accept an unsolicited offer to purchase your mineral rights. Companies and organizations may mail you offers to purchase your mineral rights. Oftentimes, these types of offers greatly undervalue your mineral rights and deny you fair market value for your mineral rights.
Look into the value of your mineral rights and know the real-market value of them before you sell them. Generally, these types of businesses that mail out mineral right purchasing offers are trying to get a great deal for themselves and undercut you. If you are not interested in selling your mineral rights or don't know the fair market value of your mineral rights, just keep those offers on file so you can contact them when you actually want to sell your mineral rights and see if they are willing to make a fair offer instead.
#2 Advertise Your Mineral Rights
In order to get a competitive offer, make sure that you advertise that you are selling your mineral rights. By advertising your mineral rights, and making multiple companies and individuals who may have an interest in your mineral rights aware that you are interested in selling them, you will create competition to purchase your rights.
This will help drive up the price of your mineral rights and will help you to get the compensation level that you deserve. You need to create a market for your mineral rights.
#3 Don't Accept The First Offer You Receive
Don't accept the first offer you receive for your mineral rights if it does not meet your expectations or selling price. Wait for other offers to roll in, and then decide if you want to accept any of those offers. Listing your mineral rights for sale is a way to test the market and see what businesses and individuals are willing to pay for your mineral rights; it does not obligate you to accept any of the offers.
Take your time and let the offers roll in for a few weeks, then look over all the offers and choose the one that best compensates you. Don't feel pressured to accept the first offer that you receive.
If you own mineral rights, treat it like you would treat the sale of a house. Get your mineral rights appraised and make sure that you understand how much they are worth right now. Then, look into the market and see how the trends are for selling the types of mineral rights you have right now. Based on market trends, you may want to wait or it may be a great time to sell. Then, advertise your mineral rights like you would advertise a home for sale; you have to let potential buyers know about the opportunity before you are going to get any offers. Finally, remember that listing your mineral rights for sale doesn't mean you have to sell them. Review all offers and only accept the one that feels right to you.