Investing in land is one of the best ways to generate income without having to spend tons of money to manage overhead costs. However, to make money on that investment, you’ll eventually need to sell the property you bought.
If you’re like most landowners, you’re likely wondering how to sell land in the first place.
After all, not everyone is looking for an investment. Some buyers want to buy property to build their dream home and finding those buyers can be tough.
As long as you know what you’re doing, you’ll be able to find the right buyer quickly. Here are a few tips for selling land to get you started.
Figure Out Your Target Buyer
The people looking for raw land for sale have different priorities than buyers who want a pre-built home. This means you’re going to need to figure out which types of buyers will show interest in your property.
If you’re not sure where to start, consider working with a realtor and let them help you find qualified buyers. They’ll have access to a long list of clients that want to buy raw land and not just properties with existing structures.
If you want to go it alone, think about what drew you to the property in the first place. This can help you understand the types of people looking for properties like yours.
Understand What Your Land Offers
Different properties offer different benefits. Think about the types of benefits and features your land offers that others in the area don’t.
Is the zoning flexible? Does it have water rights? Are the building restrictions loose?
Make a note of those benefits and features and use them in your listing. The more information you can convey about the property, the easier it will be to find a qualified buyer.
Set a Fair Price
Choosing the right price can be especially difficult when you’re trying to figure out how to sell land. You can’t look at the value of a house and the property likely won’t have additional improvements that increase its value.
Instead, you need to figure out how much the land is truly worth.
Look at what other properties in the area are selling for and what other landowners are pricing properties at. See if those properties share similar features to the ones offered on your land.
If they do, you can use those prices as a guide.
Keep in mind that setting a fair price means choosing a price based on the land’s true value, not its personal value to you. This might mean the price you’ll need to choose will be lower than you feel is fair.
Communicate Any Land-Use Restrictions
Before you can find the right buyers for your property, you need to be willing to explain any restrictions associated with your property. For example, some areas allow you to use the land for any reason you see fit. Others restrict usage to residential only or forbid you from being able to use water to irrigate the land or take care of landscaping.
The more honest you can be when buyers inquire about your land, the easier it will be to sell.
If you’re not sure about the zoning or restrictions associated with your property, reach out to your county assessor’s office. They’ll be able to look up the information associated with your land and can give you an idea of what buyers will be able to do without issue and what they’re forbidden to do under the local regulations.
Market Your Property
Once you have a clear understanding of your land’s benefits and any restrictions for its use, you’re ready to start marketing your property. If you’re working with a realtor, they’ll handle everything for you.
However, if you’re listing the property on your own, you’ll need to handle the marketing and advertising.
If the property is in-town or close to town, posting “For Sale” signs can help draw attention. You can also post your listing on social media or create an ad and send it to your local newspaper.
It’s also a good idea to list the property with online real estate databases. These will help you reach a broader audience and can even help you find buyers from out-of-state.
Remember, the best way to sell land is to get your property in front of as many potential buyers as you can. By posting ads locally and online, you’ll do just that.
Clean up the Land
When you sell a home, you have to stage the property. This means getting rid of any clutter and deep cleaning the house from top to bottom.
You’ll need to do the same thing for your land. This way, it will look more attractive when people visit the property.
Walk the entire property and pick up any trash and debris that’s collected over the years. If you have junk tossed in a corner, hire a junk removal company to haul it away.
Put yourself in the buyers’ shoes and look at your land with fresh eyes. If there are improvements you can take care of to make the property more marketable, take care of them.
Work With Land-Buying Companies
Ultimately, listing your property on your own is both stressful and time-consuming. You’re in charge of scheduling showings and making sure the sale goes through properly.
If you find this overwhelming or don’t like the idea of dealing with individual buyers, don’t panic. Instead, work with companies that buy vacant land.
These companies will save you the hassle of trying to market your property or negotiate with private buyers that only want the best deal possible.
Now That You Know How to Sell Land, Get Going
If you’re waiting for the “right” time to sell land, don’t wait any longer. Now that you know how to sell land, you’re ready to get your property on the market.
The sooner you list it, the faster it will sell and the less of a financial strain the property will be.
Looking for more tips on selling real estate or getting a property ready for prospective buyers? Check out our latest posts.