Selling vacant land: sometimes life gets in the way of building that dream home. What do you do with that lot now? Consider letting it become someone else’s cherished future home site or escape.
Target the Correct Buyer
Once you have committed to selling your vacant land, the first order of business is to think about who is likely to be the buyer of your lot? Is it at the lake, in a subdivision, or a rural area? Is it wooded, cleared, in a flood plain, with improvements? Each of these locations and conditions will attract a different type of buyer. Knowing how to solicit that demographic is where an experienced REALTOR® can assist.
Seller’s Action Items
These buyers are not looking to be dazzled by kitchens and baths, but rather, have a very specific location, floorplan, or overall concept they want to achieve. They either can’t find it in existence or just simply have the dream of building their own home. Knowing this means they are looking for completely different details than if you were selling a home. So how do you differentiate your lot from all the others? Here are a few tips to consider:
- Clean up and haul out. Much like you would detail your home if you wanted to sell it but, in this case, it is simply a lot or vacant land. Try taking a fresh look at it from a buyer’s perspective. Does it need to be mowed, plant wildflowers on the hillsides or ditches, trim up trees and/or remove dead trees or fallen timber, pick up trash, maybe even rock an area to pull off the roadside if necessary? Exerting the effort to make your lot attractive will generally pay off in dividends.
- Gather the data. Make sure you have readily available all the details about your land/lot. Just to name a few:
- Covenants and restrictions
- HOAs and bylaws
- Flood plain maps
- Perk Test results
- If existing well, water test results
- Utility information
- Underground pipelines, storage tanks, etc.
- Hazardous condition reports, if any
Determining the correct list price is essential when selling vacant land. Price too high and help everyone else sell their lots…price to low and leave money on the table. It is a fine line and one that should be left to the professionals. Hiring an appraiser is one route of getting the correct market value. Another is enlisting the services of a real estate broker which will provide you with a Comparative Market Analysis and guide you in achieving your goals with respect to net earnings and timeframes.
Think back to what initially attracted you to this location? Is there a particular view, a creek, stunning trees, or the topography? Capture that image! Photography may be one of the strongest attributes to selling dirt! The photos must convey an inviting feeling and, in most cases, this is the one chance you have to draw-in that potential online buyer. Only if they are intrigued at this point will they make the effort to see your property in person. Don’t skimp here!
Exposure, Exposure, Exposure
Be where your buyers are shopping! Over 95% of today’s buyers are shopping online and then contacting a REALTOR® to assist them with purchasing a property. Your listing agent will ensure that your property is listed on all the appropriate sites of which their Broker Listing Cooperative (BLC) or Multiple Listing Service (MLS) are a couple of many. As stated before, knowing your target audience is key to the marketing efforts and your REALTOR® is best equipped to help you attract the perfect buyer.
Next, read about how to select a real estate agent!