Now you’ve decided to sell your land. Perhaps, the number one question that’s running in your mind as of the moment is what you should do to sell it successfully.
The first thing you need to understand is that selling land is different from selling a house. If you think it’s challenging to sell a home, just wait if you start putting up your land for sale. By then, you’ll realize that it’s more difficult to sell land than to sell a home.
That’s why you should study more about the land market and know the essentials when selling land. Here are the things that you need to consider to make your land sale successful.
What to Expect When Selling Land?
The dynamics between the housing market and the land market are not the same. This reality is the first thing that you must keep in mind and understand when selling land. Study the differences between the two markets first to sell your land with less hassle.
Land Buyers are Not the Same as Homebuyers
Of course, since they’re buying two different types of real estate property, homebuyers and land buyers have different views and needs.
A homebuyer wants a property with an existing building or structure, and definitely, he/she will also consider the style, design, and size of the building. On the other hand, a land buyer wants a vacant lot that he/she can develop or customize according to his/her wishes.
Most land buyers purchase a vacant lot to plant crops, make it a recreational area, or build a commercial or industrial building.
The Land Market is Less Active Than the Home Market
The home market is always bustling throughout the year compared to the land market. It means that the people looking for land are not as many as those who want to buy homes. Yes, it’s another reality that you have to accept and consider when selling a vacant lot.
Don’t be discouraged when you receive fewer calls because it’s common in this kind of endeavor. There’s also the probability of waiting for a long time before you can find a land buyer.
Selling Land Requires a Different Marketing Strategy
A house is easier to market than vacant land. When you sell a house, you can have photos of the building, the front yard, and its interior. You can also invite potential homebuyers to see the features in each room.
When selling a vacant lot, it’s hard to muster up anything for marketing other than the vacant lot itself. Land buyers always ask for the property’s size, the boundaries, the type of soil, environmental risks, and easements. Make sure that you include these pieces of information in your land listing.
Tips to Selling Your Land Successfully
Take note of these tips if you want to boost your chances of selling your land quicker. These pointers can help you create an effective strategy to attract potential land buyers.
Study and Understand the Needs of Your Target Audience
There are several factors that describe the needs and wants of potential land buyers. Land buyers often consider the property’s location, the price, land use, zoning, accessibility, soil profile, utilities, and property features.
Of course, you should anchor your marketing on the type of land property you’re putting up for sale. There are buyers who are looking for agricultural land, commercial land, suburban land, or recreational land.
Once you’ve figured out your potential target audience, create a marketing strategy that focuses on their needs. As mentioned earlier, give your potential buyers the right information about the property, such as zoning, land use, accessibility, utilities, soil profile, and other features.
Price it Right
One of the things that attract buyers to land property is its price. That’s why you should ensure that you give a reasonable price for the land you’re selling to increase your chances of selling it quickly.
If you want to figure out the right price for your land, you can look at recent comparable property sales in your area. However, you have to keep in mind that you can’t find many comps for land sales. So, it’s better to work with a real estate professional who specializes in selling land for that purpose.
Show the Best Photos of the Property
You should hire a professional real estate photographer to take photos of the land you’re selling. Make sure that it shows the great views, natural features, and amenities of the property. Aside from the photos of the land, you can also include surveys and maps in the land listing.
Now you know what to expect and what you should do when selling your land. Always remember that it’s different from selling a house. You may find challenges along the process, but you can avoid them if you do your research about the land market and understand the needs of your target buyers.