How do you convince someone to buy an empty box? How do you sell the sound of silence? How do you market empty land with nothing on it to someone interested in buying real estate?
No, those aren’t trick questions. Nor are we proposing you offer the emperor invisible clothes. There are buyers out there for all those products, but the trick is finding them and making your product more appealing than the alternatives.
Whether you have a small in-town plot of land or acreage outside the city limits, we can help. Here are three quick tips if you want to sell your land for the best price.
Understand your buyer’s needs and questions.
This tip is the first step in any real estate sale, but it’s especially important with land sales. People interested in purchasing land have different needs and goals than those buying traditional existing homes. Land buyers come in two broad flavors: individuals and developers.
Individual buyers may want land for farming, raising horses, or simply building their dream home in the mountains. In addition to your land, buyers want to know about schools, shopping, commute times, and other amenities of the community. By understanding their needs, you can market the best qualities of both your land and the surrounding community. This should lead to faster and better offers.
Developers have larger goals, and they are likely going to be more financially savvy with their purchase. Some developers may be interested in dividing the land into buildable residential lots. Others could be more interested in developing the land for a variety of commercial endeavors. In either case, land buyers first and foremost want to know if your property is in the right location and can be customized to fit their unique needs and goals.
Which brings us to our second tip:
Know how the land is zoned.
If your land has not been developed, buyers will want to know what options are available. Can the buyer build a McDonald’s or an energy farm? Or is their only option residential development?
Knowing how land is zoned will help you customize your marketing to target the best buyers and encourage a faster sale. In addition, understanding your zoning up front will prevent delays in conversations with buyers who have questions about its potential use. In a market moving as swiftly as ours, every delay could discourage buyers and lose you the sale.
It’s also helpful to have a survey done in advance and mark your property boundaries. A survey offers a lot of helpful information. Plus, it could help you eliminate any existing boundary disputes before potential buyers get involved. For home lots, show setbacks on the survey, too. This will provide useful information and help buyers see the potential in a property. You never know which details will trigger an offer.
Prepare the land properly for sale.
Selling a plot of land, no matter how desirable the size and location, requires different techniques than selling a house. Home buyers can easily visualize themselves in a home’s living spaces simply by viewing the photos or visiting an open house. For most land buyers, many of whom may never have bought land before, that’s more difficult to do. It’s up to you (and your agent) to illustrate the various options a buyer would have on your residential lot or acreage for sale. To do this properly, you need to prepare your land, just as you would a home for sale.
With land, there’s a big difference between raw and developed parcels for sale. Depending on your land’s other criteria, finishing your plot could give you a big advantage over other sellers in your area. Even if you choose not to finish the land, you will want to present it in its best light in order to set a good first impression with any potential buyers who drive by. Remove any trash, straighten up around any structures, patch any fences, keep the grass cut, or consider planting wildflowers to make the plot look more inviting. Fill any holes or move any trees that make traveling the roads or driveways difficult. Then, take professional photos that highlight your property’s unique topographical features, views, and even community amenities.
Work with a professional to sell your land for the best price!
There are certainly more things to keep in mind than these three quick tips if you want to sell your land for the best price. A real estate professional who specializes in land can help you set a fair price for the current market. They can also help connect you with a professional photographer, who can capture your land in the best light. And they can show the property to potential buyers on your behalf, among many other things.
If you’re ready to list your land for sale, connect with one of our land experts today!