Selling land is significantly different than selling a home. In fact, some may argue that houses practically sell themselves in the current real estate market. However, land presents more challenges; requires a much more strategic approach. Using the right approach can help you with achieving the desired outcomes.
Here are 6 tips to keep in mind when selling vacant land:
- Choose the right sales strategy: Should you sell your own property or hire a licensed professional?
- Know all the technical info regarding your property. Here are a few questions to consider: What is the best use? What type of soils does your property contain? Is it in a flood plane? Does it have marketable timber? Is there deeded access?
- Establish a good pricing strategy: Locate good comparable sales. Remember that pricing your property too high or too low can be costly!
- Make the necessary improvements: It’s common knowledge that some home improvements increase the market value while others won’t yield an ROI. In some cases, landscaping or clearing an access path can make a significant difference. Know your property and determine what potential buyers are looking for.
- Establish a good marketing strategy: In most cases, a for sale sign on the property won’t cut it. Also, simply entering it into the MLS or on free sites such as Zillow won’t do it either. Going the extra mile by having drone footage and listing the property on premier land databases can help get your property sold faster with a much higher sales price.
- Have the right expectations: Land doesn’t sell consistently as fast as houses, but applying a good strategy can help you get it done!
Want to learn more? Watch the video below!
