Selling your land by owner without using a real estate agent or broker can save you thousands of dollars in real estate commission. You’ll also avoid competing with other land listings the agent or broker has. At the same time, it’s one of the hardest things in the real estate market and comes with a unique set of challenges. But, if you know the right tactics on how to sell land by owner, it’ll definitely be worth the extra time and effort.
Selling Land By Owner: Where to Start
The first and most important step to selling your land is to gather all relevant information about your property, including easements, tax information, available utilities, maps, and photographs. Then, decide your target audience, so you know who you need to reach. Next, decide on the sale price and, finally, prepare the property to look at its best before any potential buyers could see it. Once you’re all set up with the basics, you can proceed onto the five important steps on how to sell land by owner as hassle-free as possible.
Try the Professional Land Buyers
Usually, the best and easiest way to sell your land by owner is to go through the professional, “we buy land” websites. Real estate investors specialize in buying vacant land, offer competitive prices, and have the resources to guarantee payment.
SimpleLandSelling is an excellent website where you can get the top dollar for your land. The land investors cover the title, escrow, and closing costs while also saving you from broker commissions or any fees associated with the listing. Plus, they will make the selling process easier for you. You won’t be involved in marketing the land, negotiations with prospective buyers, and working through paperwork.
Use Online Listings
The online land listings give you a unique opportunity to market your land directly to buyers. You should make use of all available tools that online listing sites offer in order to market your property in the right way and target prospective buyers. Multiple listing service sites are a great first step for selling land by owner but make sure to choose a reputable database with a solid level of exposure and service offers.
To stand out among the dozens of listings, you should optimize your listing to appeal to your target buyer. Find a unique voice, craft a unique message that shows what makes your land special. Additionally, include all the relevant details like restrictions, buildable area, the status of utilities, and site maps so that potential buyers imagine what the property could offer and evaluate it better.
Put a Sign
While you’re not legally obliged to put a sale sign, doing so should be part of your marketing strategy if you’re trying to sell land by owner. By putting up a sign you’ll inform people you’re selling the land, even those who might not learn about it otherwise. Likewise, it will reinforce potential word-of-mouth marketing. Additionally, by putting up a sign you are letting neighboring property owners know you’re selling vacant land and they are highly likely to buy your land.
What is more, a sign would help people who want to see the land in person pinpoint where your land is exactly located. Consider using a custom-made sign instead of the standard “For Sale” sign to appeal even more to prospective buyers. Custom signs can help you tell a story by including the key points of your property that might attract potential buyers. Finally, locate the sign in a visible place and always keep it clean and upright.
Prepare All Important Documents
Selling a property involves a lot of paperwork which means that it’s wise that you prepare all documents you’ll need beforehand. For example, you’ll definitely need a sale contract; this legal document outlines the terms and conditions of the buying and selling process and it's essential for keeping the transaction legal. Additionally, you’ll need a Land Purchase Agreement — a document that states the amount of land you’re selling and outlines that both parties have agreed on it.
As a seller, you need to have a closing statement too. This document includes all financial transactions that have occurred during the sale, helping create transparency. Moreover, you should also prepare a deed — the document that needs to be signed and delivered to the buyer to complete the sales process. Depending on the state your piece of land is in, you might need a disclosure form too. A disclosure form is a document that reveals any issue of the land and highlights any environmental problem. That said, not all states use this form so make sure to inform yourself whether you’ll be needing it.
Ask for Professional Help
Once you find a prospective buyer, you can get professional help to handle the transaction and avoid legal risks. Some states might even require a real estate attorney to conduct transactions, whereas in others it’s acceptable to hire a title company or an escrow agent. Having a knowledgeable professional by your side has many benefits, so it’s highly recommended to work with someone who specializes in land sales.
For example, hiring a real estate attorney will protect you against unanticipated risks and will know how to solve difficult issues that could potentially delay settlement. Additionally, they can help you draft and negotiate the necessary legal documents, which in turn will help you facilitate the closing process. Last but not least, you’ll get valuable legal advice along the way.
Skipping the middlemen can help you save time and money and lets you retain more control. However, selling land by owner has many challenges and can be an overwhelming task. Hopefully, these simple steps have made it more doable for you. And if you want an easy, hassle-free experience, don’t hesitate to contact SimpleLandSelling!