Selling vacant land isn’t less complicated than putting property with structures on the market. Thinking that it’s easier to sell an open space without amenities and that many complications of landed real estate are eliminated is a farce. It’s not uncommon for listings to sit on the market for weeks, if not months, which can frustrate your investment plans.
The best way to sell vacant land is to think like a buyer, answering all their typical questions before they’re asked. Having a firm understanding of the output potential of undeveloped acreage will capture the imagination of investors. Preparedness is essential, particularly with pertinent paperwork, plus putting in some marketing time will increase the chances of a sale.
How Can You Sell Vacant Land Time Efficiently and Profitably?
While challenging to sell, vacant land has a typically longer sale cycle than other real estate types. That’s why many sellers chose to work with realtors or real estate agents rather than deal directly with buyers. However, armed with tips on ways to sell undeveloped land, it’s possible to turn a profit while going it alone. For selling your vacant land, you need to hold a sequence of some steps, including land preparation, setting up a moderate price on land, making a detailed research on a vacant lot, getting listed and reaching out to a qualified agent. Besides that, talk to your neighbors, to developers and farmers. You’ll never know who your future buyer is, so try to cast a wide net and make sure to be patient since this process may take a while.
Price Your Vacant Land Correctly
Buyers are looking to snag a deal, and the price is the most attractive or detracting feature of your vacant land listing. Pricing your land appropriate to the local property market or even a tad lower will act as sufficient investor motivation to buy your undeveloped acreage.
A buyer will most certainly be paying with their savings due to the general lack of land mortgages. As such, they’re looking to get the best possible deal, and you should offer one they can’t pass up.
Take the Time to Clean Up Vacant Land
Vacant land doesn’t usually require much maintenance, but you should spruce it up for the buyer’s eyes. Before placing your undeveloped spread on the market, fix it up so that it’s more attractive to that discerning investor. Repair broken fencing while removing debris or trash and clear wild bushes so that your property photos or videos appear splendid.
If you were selling a house, you’d want the buyer to see it at its best. On your vacant land, cutting grass or planting wildflowers are small prices to pay if you’re to attract potential buyers.
Homework on the Legal Aspects of the vacant Land for Sale
Well-marked property boundaries or survey documents that are transferable will act as incentives to encourage informed buyers into considering your land. Visit the local county’s planning office to find out about your vacant land’s zoning classifications, requesting maps of which part of the land can be developed. When it’s in your hands, such information eliminates the need for the buyer to do investigations themselves.
Build a portfolio of easements and where egress or ingress is possible shows the value of the vacant land to a buyer. You can include this information on your listing or describe it within your presentation.
Market Your Vacant Land Widely
The length of time your vacant land takes to sell can be determined by how or where you’ve listed it. Tailor your marketing efforts to suit the prospective buyer by showcasing future construction or zoning possibilities. Increase exposure by listing your undeveloped land in as many listings as possible, particularly if you are going the online way.
What you’re looking to do is to get as many potential buyers looking at your vacant land. Other than that, and with all pertinent information on your fingertips, personally answer calls on your contact numbers. Offer on-the-spot solutions to buyer queries and immediately call back any prospective investor.
Offer Seller Financing
Seller financing takes the place of vacant land loans, for which lenders have strict regulations that may include high-interest rates or down payments. By offering terms above those of local commercial banks, you can offer local buyers the pay-as-you-go incentive. While putting cash in your pocket, financing will assist a buyer who wants the undeveloped land but faces credit constraints.
There are arrangements like ‘clear title,’ which means that a buyer can resell the vacant land to a third party if they are currently on the financing payments. ‘Land contract’ is where you keep hold of the undeveloped land’s title until the installments are complete. ‘Equitable title’ gives buyers the right to develop but not refinance or sell the land.
Make Innovative Buyer-Attracting Improvements on Your Vacant Land
While there isn’t much, you can improve vacant land, and a few incorporated touches will add buyer appeal. You can put a fence around unfenced property or hook up utility attachments, including water, power, sewerage, and communications. There’s also a possibility that your undeveloped acreage carries timber or mineral rights, and it’s best to attach these to your land listing as buyer attractants.
Having a comprehensive vacant land listing that includes an attractive price, perfect pictures, and zoning information will get more eyes to look at it. Once you’ve done everything on your end to incentivize a buy, leave it to market whims. Make yourself available to talk to and show potential buyers your undeveloped land.