Table of contents
- Introduction
- How do I sell my property?
- How can I sell my land fast?
- Which site is best for selling property?
- How do I value my land?
- How do I understand my buyers and what are those things they need to know?
- What are those documents needed when selling my land?
- Conclusion
Introduction
There were so much vacant lands in the U.S., back in those days. Then the federal government was giving it away for next to nothing, especially in Kansas and other Midwestern and Western states. Thanks to the Homestead Act of 1862, settlers who made their first homes on land and stayed there for up to five years could take ownership of 160 acres of land. Imagine all for the price of a little filing fee.
Today, it’s obviously a different story. Though the U.S. is still a pretty large country, no one is giving out land anymore like that. Now if you need a land, for development or any other reason, you have to buy it. This is a great news for land owners like me!
But before you step out and post a “For Sale” sign on your land, it is good for you to understand how to sell your land. And equally know that selling land is quite different from selling other types of real estate, such as a home.
How do I sell my property?
There are many differences when selling land, although the concepts are similar to selling a home. All you need is to tailor your strategy, tools and focus how to sell your property.
Know who your buyer will be & what they need to know
When selling your land, you need to evaluate who your likely buyers will be among many other factors.
The profile of your boy may depend on what type of property you are selling. This depends on how condition of the, its location and market conditions, among other criteria. Probably your likely buyer is an individual looking for a lot for a new home or he will a builder or a developer looking for land for their next project.
After you must have identify your likely buyers and try to think like them. This will help you focus your message to convey what they need to know about your property.
But if you don’t know what message to convey, then do some research. When you have prepared and have enough information about your lot or land. You can make the procedure much more easier for potential buyers and inspire faith in them with your solid answers to their questions.
Have the land ready
First impression matters in real estate. You need to clean up your land before it is shown and marketed. Cut the grass or weeds. Make sure you remove the trash and take marketing photos of your property when it is looking its best.
Also consider to have a surveyor survey it in advance and mark your property boundaries. Is important that for home lots, show setbacks on the survey too. This will help provide useful information. And equally help buyers see the potential in a property to encourage a sale.
Choose your price carefully
Price determines your success in attracting potential buyers. Know that pricing your land too high is one of the biggest mistakes that sellers make and they end up regretting. Wrong price scares away buyers even before they inquire about your property. This will certainly cause your property to take longer time to sell.
Before you put a price tag on your land, consider your own needs. And understand how pricing could impact your buyers’ interest. You need the services of a good real estate agent with land expertise to help you greatly in this process.
Use online listings
You must understand that online listings are an important part of any real estate marketing plan. Also you should make sure you use of all the available tools.
You can use LotNetwork.com to target land buyers. It is strictly designed for selling residential buildings and land.
Your understanding of your buyers and the market comes is shown when you are about to prepare your listing. This means you must craft your message in your listing to provide the necessary information that your likely buyers need.
Show your property at its best
You need to use pictures to tell the story of your lot or land in a beautiful and compelling way. By using attractive photos of the natural features of the land, the view from your property and even community amenities (see tips for creating great photos for lot and land listings). Equally use maps and surveys to show the property boundaries and where it is located.
Talk with the neighbors
Call the neighbor, whose property close to the land. They may likely want to buy your land for extra buffer. Also to add to their property holdings or simply just to be in control of what is built next door.
Work with the pros
Network with a knowledgeable professional on your side is always helpful when selling your lots and land.
Another important strategy is to contact active builders in your area to see if they are interested in your property.
How can I sell my land fast?
Know your audience
On this note, pay attention to who your likely buyer will be, and find out these people. Probably the land has been zoned for commercial businesses. Then make entrepreneurs and existing business owners your target audience. Work with a real estate agent who has enough clientele’s base. They will you reach out to energy companies who are looking to build solar arrays.
When selling my land, it’s very difficult to check comps because land sales are less common than home sales. You might not likely find a plot of land that has similar size and features that has been sold recently and nearby. Instead, you need to circle back to your likely buyers. Equally your land might likely be used to build luxury homes or big box stores. This will likely sell for more money than someone looking to build a small residential home.
Most importantly, you have to consider the property surrounding your land. what kind of homes and businesses are nearby and the land’s zoning.
Always show the land to prospective buyers.
This is an obvious step for home sales, but some people do neglect it when selling their land. Because they do believe there isn’t a lot to really show. This will show the big difference between a rich seller and a poor one. For me to succeed in selling my land, I must show the buyer the property lines. And then, show them the neighborhood, local businesses and other aspects that could seal the deal. It is very important, I market the land for all types of potential uses. Because I can never know what will attract a buyer. It can be hunting, farming, energy farms or other types of investment land use.
Know what the land is zoned for
From the very beginning, you must have a clear understanding of what your land is zoned for. Don’t discourage buyers by keeping them waiting until you able to this question. Definitely you won’t like to mislead a buyer with incorrect information. It’s much better you’re honest to the buyer by referring them to information that explains changing land classifications and zoning exemptions.
Be proactive
The main key point from these is to be actively involved with figuring out who your audience is. And step out and meet them instead of waiting for them to come to you.
Which site is best for selling property?
The best deals are scattered throughout the internet, the following list of websites for finding land will be of great help.
Landwatch.com
LandWatch is understood to have over 30 years of experience partnering with both auctioneers and real estate professionals.
Apart from providing information on land for sale, the site can also help you find a real estate agent with knowledgeable understanding of the vacant land market.
Landsofamerica.com
Lands of America is a fast growing website for US-based land for sale. It’s built like Airbnb or other short-term rental listings sites. So it’s not as intimidating when you come in as a buyer.
Their listing details include amenities, a map, directions, and contact information for the seller.
LandandFarm.com
It is believed to be one of the best marketplaces to buy ‘land and farms’ for sale. This site is believed to have over 25 million acres posted, which are worth more than $294 billion dollars altogether.
On their homepage, allows you to search a particular type of property that you need. With their quick search tool, you enter a state, city or zip code to search for the land you want.
Zillow.com
Zillow is a website that makes use of an exclusive tool called Zestimates. But unfortunately, there is usually no enough information to calculate a Zestimate for vacant land.
Facebook Marketplace
This is one of the best sites to buy land for sale and the amazing thing it is growing! It offers a transparent environment for all users. Equally it is easy to connect with the actual buyer or seller.
Craigslist.com
Craigslist is known to be one of the oldest online marketplaces to find land. Their most up-to-date posts are sorted at the top of the page. This help you to immediately connect with the individual who posted a listing.
HomesAndLand.com
The homepage is linked to local estate resources, a digital magazine, best featured content, real estate professionals, and mortgage rate assistance. The aim of the features on the website is to inform buyers and provide financial assistance.
Trulia.com
Trulia is one of the leading sites where you can buy homes and rental properties. The site is also where you can compare what homes sold for in the past.
Cityfeet.com
Cityfeet is known mainly for commercial properties. But you can equally find some great deals on land too.
Realtor.com
Right on their home page, Realtor gives you market information based on your location. This include the number of homes for sale as well as recent sales. There are featured articles that covers buying trends and tips, and a mortgage pre-approval application.
Auction.com
This is a leading live auction site, where one can buy discounted bank-owned foreclosures. This site may have the best land for sale if you are looking to buy at much more affordable rates. It also supports a mobile app with in-person customer service reps to help you through the bidding process.
How do I value my land?
The world population is on the increase, the demand for quality lands is inevitably growing as well. According to the laws of supply and demand, quality land is expected to slowly increase in value over time. But if you can’t wait for years for that to happen, here are steps on how to value your land;
Improve Access
You might have the perfect property in America, the chances of selling the land will drop if it does not include access or has poor access. The lack of access will severely limit the amount and type of buyers. To gain access to a property, you may need to reach an agreement with nearby neighbors. By doing some serious construction, or even gong to court.
Make sure you do whatever you can to make sure accessing the property is as easy as possible. Because making it easier to access the property makes it much more appealing to buyers.
Add Utility Lines
By adding utility lines, which can be costly. Still they are in such high demand that not having them will significantly bring down the value of your property. To run utilities might be simpler in urban areas, where you may be free to just connect to lines on the street and pay for the hookup. But in rural areas, this might take a little money and work, but will certainly worth it when it comes time to sell.
Build Structures
In most cases, building structures such as homes, storage sheds, barns, will help increase the value of your land. Note that this advice doesn’t apply to every land type or every structure. For instance, it’s likely value won’t be added to your land if you add a hunting cabin in the middle of the land. This means that every structure needs to be beneficial to the current or future land use.
Add or Improve Gates
If you want to create a good first impression, then the entrance need to be improved up on. Because it creates a last impression on the mind of the buyer. Gates will help to protect your property from trespassers.
Get a Survey
Many people are always reluctant to bring out the cash for a survey. It is understandable, but it’s not cheap to increase the value of your land. Although, the information you will get from the land survey is incredibly valuable.
The information include the following;
- The boundaries of the property
- Any restrictions attached to the property
- The topography and soil types of the property
- The location of any easemen
This will also be helpful when doing any logging, adding a trial system, food plots, water locations or even hanging stands and posting your property.
How do I understand my buyers and what are those things they need to know?
When you’re selling land, it helps you to think like a buyer. Imagine yourself in their shoes and then write a list of what you think they want, their concern and what they need to know about the property.
Imagine the kind of questions your buyers might ask, this help you decide what information to include in your property listing. It will be a great help in filling in the necessary gaps. Here are some few things your buyers need to know:
- What are the properties and developments next to or near your land, and how are they used? Are your land surrounded by farms, or there an empty tract of land in the area bursting with housing developments?
- How much work will the buyer need to invest into the land? Is it a ready to go farm, or is the land already zoned for residential use? Will the buyer need to set up utilities, or dig for wells or equally handle any zoning issues on their own?
- Is there any hidden details or secrets about the land? Previously what used to be on the property, and will the property history potentially have an adverse effect on the buyer’s ability to develop or resell it?
If you don’t have answers to these questions. Better you do some digging or research to find them out. It means taking a trip to your local historical society or diving into public records. Do it!
What are those documents needed when selling my land?
Purchase agreement
A purchase agreement is a document which states the buyer who is going to buy the land for a given amount, and that you’re going to sell that land for that amount. It equally list any conditions that would allow either of you to back out of the sale. Including any details of the purchase that have been met, such as the buyer making a down payment.
Disclosure forms
You needing a disclosure form depends on the state you’re selling in and what you’re disclosing. For instance, you will need to disclose any known environmental hazards on the property, as well as any defects on the land, especially in Kansas and Missouri.
The contact for sale
This outlines the terms of the sale and lists any other forms or documents that are required for the sale to go through.
Deed
For the sale of the land to be fully be finalized, as the seller you’ll need to have the deed transferred over to the buyer. This can take place at closing, or might happen later, depending on the financing type the buyer has.
Close statement
This statement lists all the fees connected to closing, this includes property tax deposits and mortgage insurance.
Conclusion
Selling my land without an agent can present excellent opportunities to make or save money on the sale of property.
However, it is critical that I get the advice and also call on the assistance of a professional such as a property lawyer to guide me through what I can and should do in the circumstances. Remember documentation and timing are key elements in any transaction. Also know that ignorance of the law is not an excuse.