Vacant land selling does not operate in the same way as traditional real estate selling.
You’re looking for a different kind of buyer and have to use specific sales techniques to really highlight the value of your land.
Unfortunately, selling vacant land isn’t always easy. In fact, the price of land is appreciating at a slower rate over time. In 2016, vacant land prices rose 3% but rose only an additional 2% in 2017.
If you’ve found yourself with a vacant lot on your hands that you don’t intend to develop yourself, your first priority is going to be figuring out how to sell land.
If you’re in this land selling boat, you’ve come to the right place. Read on for 5 land selling tips that will make your life a little bit easier.
Table of Contents
1.Start With a Value Estimate
Just like traditional real estate, you’re going to want to come up with a value estimate before listing your land for sale. However, estimating the value of vacant land is a little bit tricky.
To begin, research land sales in your region over the past two years in order to draw comparisons.
Narrow down your search by looking at land that has similar properties to yours. This should include acreage, topography, proximity to through roads, and access to water.
Consider your own needs, as well. What’s more important to you: getting the best price or turning the land over quickly?
The higher you price the land, the more potential buyers you’ll eliminate, so keep that in mind as you determine your asking price.
2.Identify Your Buyer
When you’re selling a developed property, identifying your target buyer is relatively simple.
You’ll typically assess the demographic of existing homeowners in the area and a general price point for the property.
However, identifying your target buyer when selling vacant land is complicated.
First, consider the location of the property. Is it rural, suburban, or urban? Is the region filled with farms, shopping centers, or housing developments?
Then, consider the size and potential use of the property. Is it large enough for an entire housing development or will it only fit a single home?
Is it possible to develop the land for commercial use or is it more suitable for agriculture?
Ultimately, buyers who are looking to develop an entire housing development or commercial property will pay more.
However, you can’t expect those bigger buyers to consider a property that doesn’t suit their needs.
3.Prepare the Land for Marketing and Visitation
Consider the prep work you can reasonably put into your vacant land. This can range from basic weeding to landscaping to junk removal.
You want the land to look as attractive as possible, and taking the time to plant wildflowers or clear debris is often worth the investment.
Get to know your land and when it’s at its best. Any photography you use for your online marketing should highlight your land’s best features.
For example, many landowners will photograph their land during the “golden hour.”
The golden hour occurs about one hour to 90 minutes before sunset and lasts until you’ve lost most of your natural light.
During this time period when the sun is fairly low, everything outdoors is lit with a beautiful golden glow.
You can also keep factors like the golden hour in mind when scheduling property visits, but remember that flexibility is key.
You may want your potential buyer to traverse the land while the sun is setting. However, if they’re only available in the morning or afternoon, you’ll want to make yourself available, too.
4.Compile All Property Features
Most potential buyers will interact with your property online before they schedule a visit.
That means that you need to create a clear, thorough sense of your property’s features in your online listing.
Pictures and maps are some of the most important tools at your disposal.
Maps and surveys will help buyers place exactly where the property is located and how the acreage is spread out.
Pictures will create a more concrete image of what kind of vegetation a potential buyer should expect.
In addition, make sure to highlight the most desirable features on the property. For most buyers, this will include things like bodies of water and unique or scenic views.
You should also highlight desirable features of the surrounding area, like school systems, shopping centers, and hospitals.
5.Bring In the Pros
If you want to skip the headache of DIY land selling, another option is to bring in professional help.
You have two options in this regard, and one is arguably easier and faster than the other.
The first is to find a real estate agent who specializes in land sales. Make sure that you vet any agent you consider working with.
Make sure that they’re licensed to practice real estate in your state and that they have significant experience selling vacant land, not just developed property.
The second and best option is to find a company that will sell the land for you.
If you choose this route, you’ll want to look for companies that market themselves with slogans like “we buy vacant land.”
Reputable land buyers will assess your land, offer you a fair price, and take it off your hands within a matter of days.
Land Selling Doesn’t Have to Be Hard
Land selling, as we’ve mentioned, isn’t the same as traditional real estate selling.
You’ll find that you’re looking for a very specific kind of buyer and that marketing isn’t as simple as posting a few pictures.
However, working with a company that will buy and sell land for you can make your life a lot easier.
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