There are plenty of tricks and upgrades that sellers and real estate agents can take advantage of to sell a home, but how do you upgrade a plot of land? How do you make it appealing to buyers?
Far too often we see the same large sign on a plot of land for months, and quite frankly, years at a time before a sale is made. That’s a long time for the seller to wait for the sale and a long time for agents to wait for the commission.
Tips and tricks for selling plots of land
You can’t use the old baking cookies during the open house trick to make it feel like home, and you can’t give the property a facelift with some paint and a few repairs. So, what can you do?
Here are some tips and tricks you can use:
- Talk to neighbors personally. Many would love the opportunity to expand their own properties into the adjacent space, they just need a push to consider it.
- Contact builders who are already working nearby. If sales on their current land are going well, they may be interested in dedicating resources to your land.
- Plant wildflowers across the property to make it more beautiful. More so, remove weeds, and mow the lawn so that the property looks more manicured.
- List the property everywhere including Zillow, Craigslist, Facebook and eBay. You want as many eyeballs on this as possible; eBay may seem like an unconventional choice, but land is an unconventional purchase.
- Always offer to ‘show’ the property to prospective buyers. It’s an obvious step for home sales, but some people neglect it for land sales because they believe there isn’t a lot to really show. That’s the difference between a strong seller and a poor one. To be a successful salesperson, you’re always selling. You want to show the buyer the property lines, and then, lead them out to see the neighborhood, local businesses and other aspects that could seal the deal.
- Market the land for all types of potential uses. You never know what will attract a buyer. Whether it be hunting, farming, energy farms or other types of investment land use.
- Know what the land is zoned for. From the beginning, you need to have a clear understanding of what this land is zoned for. You don’t want to discourage buyers by keeping them waiting until you have the answer, and you definitely don’t want to mislead a buyer with incorrect information. It’s better to be honest and then refer the buyer to information about changing land classifications and zoning exemptions.
Know your audience
On those notes, pay attention to who you’re likely buyer will be, and seek out those people. If the land is zoned for commercial businesses, make entrepreneurs and existing business owners your target audience. A real estate agent who is selling a flat property that gets a lot of sunshine may want to reach out to energy companies who are looking to build solar arrays.
When you’re selling land, it’s difficult to check comps because land sales are less common than home sales. You’re not likely to find a plot of land that has similar size and features that has sold nearby and recently.
Instead, circle back to your likely buyers. If your land is likely to be used to build luxury homes or big box stores, you can likely sell for more money than someone looking to build a small residential home.
Ultimately, you have to consider the land surrounding your property, what kinds of homes and businesses are nearby and the land’s zoning.
Be proactive.
The main takeaway from these is to get actively involved with figuring out who your audience is and going to them instead of waiting for them to come to you.
Have you had good luck in selling land? What tips and tricks do you have to offer? Please share in the comments section below.
Martin Orefice is the founder of Rent to Own Labs in Orlando, Florida. Follow him on Facebook or connect with him on LinkedIn.
