While selling land does have some similarities to selling a home, the truth is, selling a plot of land can be a bit more challenging no matter how the market is going. If you have an empty lot that you are looking to sell you’ll need to know these top 5 differences between selling a house and selling a lot or land so you can have the knowledge and strategy to attract potential buyers.
Who Buys Vacant Land?
While a home buyer heads to the market with distinct ideas about the type of home they want down to the type of countertops or cabinet finishes, a land buyer also has their own set of needs and wants. Perhaps they have dreamed of a few acres for keeping horses, or a piece of land big enough to build their dream home, grow an orchard or have a lake property. Land buyers are looking for the little details that make your land a good fit and their most important concern is usually the zoning code.
Being clear and up front about the zoning for your plot of land is key because potential buyers want to make sure the land can be customized for their animal and specific building needs. The location of your land as well as the type of property you are selling will also determine what kind of buyers you can expect. Does your property lend itself to attracting buyers looking for finished lots? Rural acreage? A piece of suburban land for building a new home? When you have identified your potential buyers, focus your message on everything they would want to know about the property.
Be prepared to answer these questions about your land:
- Are there any building restrictions associated with this land?
- Can I drill for a well? What type of water access is available?
- How much will I pay in property taxes?
- Are there any tax breaks or abatements associated with the land?
- How accessible is the property?
- What is the property’s history?
- What grocery, entertainment and shopping areas are nearby?
- Is there a hookup for utilities?
If you don’t know all the answers to these questions, take your time and do your research. The local public records office and perhaps your local historical society can get you the information you need to appeal to your buyer.
How to Sell Vacant Land
Unlike listing a home with beautiful pictures of curated bedrooms meant to entice potential homeowners with a homey aesthetic, listing land is a bit more tricky. Since you can’t post a picture of the ideal finished product with that completed house on the land a traditional buyer is looking for you’ll need to customize your pitch for potential land buyers instead. Just like you would clean up a house before taking photos for listing, cleaning up your land of any waste and pulling up weeds and mowing the grass is a good idea.
Take pictures of the land at sunrise or sunset when the shadows are long and the light is soft, giving a dreamy quality to your piece of land. Make sure to capture photos of any special features like mature trees, creeks and hills that could be an added bonus. Listings with photos have proven to have double the number of leads you get, so include more than one photo and capture the potential home site, the lovely natural features and even community amenities nearby.
When listing your property include maps that show easements, property lines and all of the information the buyer will need to visualize the space for themselves.
To set your land apart from the rest include key details that can become selling points for a buyer such as:
- Topography details
- Special views or vantage points
- Zoning restrictions
- Soil Type
- Nearby attractions and conveniences
How Quickly Can I Sell Vacant Land?
While a buyers market means houses are selling as fast as they can be listed, you can’t necessarily expect to see that same speed and demand for selling vacant land. The land market is traditionally a slower market and you may not see the same demand for a piece of property as a finished home. If you don’t get any interest for a few months don’t get discouraged, there may be nothing wrong with your lot, there is simply less land buyers.
Setting your price right can attract potential buyers more quickly. Pricing land is different than pricing a home. Unless your land is in an area of developed lots with clear market prices for similar lots, you’ll have a trickier time determining the listing price for raw land. With fewer comparable sales to help you determine your price you’ll need to consider your needs for pricing and look at the land market as a whole.
How to Market Vacant Land?
While a traditional home will be placed on the MLS and have lots of traffic from realtors and potential buyers, you can also list your land and target lot land buyers. Consider putting up an effective sign on your property — go beyond “For Sale” and instead make a custom-made sign for selling your land. The sign could include the acreage and property features and grab attention by being professional and easy to read.
If your land borders developed land, talk with the neighbors to gauge their interest. While odds are good you wouldn’t be able to sell your home to the next door neighbor, purchasing the empty lot next door might be lucrative. Neighbors could be interested in your land to give them more property or have more control over what is built next door. Contacting active builders in the area is another way to market your land, they may be interested in purchasing the property for developing.
How to Sell Vacant Land Quickly
With a slower market you never know how long you’ll have to wait to sell a property. If waiting on the right buyer, especially while you are possibly still paying on the property and paying taxes on the property, is taking too long, consider selling to a non-traditional buyer.
Selling your property to a house buying company like us at GaryBuysHouses allows you to save time, money and stress helping you to sell your property quickly. Gary is ready to make a fast and fair cash offer for lot or your land. If you are interested in selling your lot, land or house to Gary you can establish a possible closing date in as little as 7 days. Gary specializes in hassle-free closings and all-cash offers. If there is no lean on the lot, land or property then Gary could even close in as little as 1 to 2 days.
Working with Gary means getting a check that you can cash right away the day that you meet up about the property. He is serious and motivated to purchase your raw land or lot/land. And if for any reason Gary doesn’t buy the land, even if it’s your fault, you get to keep the earnest money. Contact Gary about purchasing your property and don’t let it become just another empty lot.