How To Sell Land By Owner
Selling land without a real estate agent, called selling land by owner, can be a challenge. But with a little research and work, you can save quite a bit of money. For many, the cost savings is worth it. Read on to learn more about the difference between selling land and selling a home, and how to sell your land fast.
Selling Land Vs. Selling A Home
There are several key things that make selling land different from selling a home.
The Buyers Are Different
It’s important to understand whom you’re selling to. People who buy land and people who buy homes have different needs and goals. Take into account that each type of buyer is different as you prepare your land to sell.
Land buyers are looking for the right area and the ability to customize everything to their liking. This goes for both developers and those looking to build their own home.
Home buyers typically want something they can move into right away.
Uses For The Land Can Vary
The zoning regulations in your area will determine what your land can be used for. Property zoning is governed by local county or city laws.
If the land is zoned for residential use, there may be stipulations that only new homes can be built there. Or the zoning may specify whether single-family or multifamily use is permitted. If it is deemed for commercial use, then buyers could use your land for retail or other business-related purposes.
If you want to find out what your land is zoned for, your local planning or building department can help. It can give you a copy of any of the local ordinances and a zoning map for you to locate your specific parcel.
There Is No House
Yes, this sounds obvious, but a key difference between selling land and selling an actual property is that there is no home on your land. So, the way you approach buyers and market your land will be completely different. It will require different sales techniques and a lot of patience, as selling vacant land often will take longer than selling a house.
Tips To Sell Your Land By Owner Quickly
Even though it can take longer to sell land than to sell a home, there are ways to make the process move faster. The tips below will help you reach and appeal to more buyers.
Do Some Research
Before you put your land up for sale, look at comparable lots for sale in your area. This will give you an idea of what the competition is. It’s also helpful to know what the land is zoned for. That way, if a buyer asks, you’ll be ready with the right information to keep the sale process moving forward.
Reach Out To Developers
If you’re in an area zoned for residential use, contact some of the local builders. They may be interested in building property on your lot. If their business is going well and flush with cash, they might want to snatch your land up, too.
Think Like An Investor
Real estate investors may be another potential type of buyer interested in your land. To appeal to investors and increase the chance to sell your land quickly, put yourself in their shoes. People who are looking for an investment opportunity want to make sure that the location is good and that they can make a profit if they put the work in.
To learn more about how to think like an investor, check out our blog on 5 Ways To Evaluate A Neighborhood.
Price Your Land Right
Price is one of the most important factors in how quickly your land will sell. If you price your land competitively, you’ll attract more buyers. If you price your land too high, you’ll miss out on potential buyers. Land priced too high can scare away prospects, and your land will take longer to sell.
Market Your Land
There are several ways you can market your land when you sell it by owner. Below are the two most influential ways to reach buyers.
One of the most important ways to market land is online. There are many websites where you can post your land listing for free, such as Facebook or Craigslist. Make sure that when you craft your listing, you appeal to the type of buyer you’re trying to attract. Include information that you know your desired audience would like to know.
“For Sale” Sign
An attractive yard sign is a good way to make sure that anyone in the area who drives by knows your lot is for sale. Make sure to include your contact information prominently. It’s also important to list your lot’s key features and size. Including pricing details is a matter of preference. Some sellers want buyers to know upfront what the cost is, to help attract the right buyers. Others want to generate interest and negotiate those details later.
Help Buyers Visualize Their Home Or Business On Your Land
Another method to help sell your land quickly is to help buyers picture themselves owning your property. That’s all about staging. Keep your land clean and make it as visually appealing as possible. You would be shocked at how many lots are for sale with overgrown grass, weeds and other debris. This isn’t a way to make a good first impression.
Offer To ‘Show’ Your Land
Just because you aren’t selling a home doesn’t mean you can’t show potential buyers your property. Doing this allows you to be there to answer any questions they may have and give more information about your lot and the surrounding community. You can show buyers the property lines and point out the positive aspects of your parcel.
Now that you know the differences between selling a home and selling land by owner, it’s time to decide if now is the right time to sell. If you have any questions or need any guidance, we can help – just visit www.forsalebyowner.com to get started.