While the processes of selling a house and a vacant lot might overlap in some areas, there are some crucial differences. Each requires a different market, targets buyers with a different mindset, and has a different sales approach. Applying the techniques that work with house selling won’t translate into success when it comes to selling land. If you’re looking to turn obstacles into strategic advantages, read on to find out how selling land differs from selling a house. With this knowledge, you’ll make the process of selling your land as easy as it gets.
Selling Land vs House: What Are the Differences
The dynamics of the land and house markets are very different. This just means that when selling your land, you’ll need to understand the crucial differences between these two markets and what it takes to sell it successfully.
Land buyers and homebuyers have different needs, expectations, and desires. For example, homebuyers usually want the property to be move-in-ready. Likewise, they know what features and design they are looking for in a house. In many cases, homebuyers are willing to sacrifice personal customization for convenience.
On the other hand, land buyers are interested in finding the right location to customize it to fit their needs. The buyer’s perspective can differ depending on whether it’s an individual or a group of developers. For example, an individual might look for residential property to build on or a parcel of land for recreation. In contrast, developers will look for the right location that can make them money in the future. Regardless of the type of land buyer, the focus would be on the practical side like zoning requirements, utility sources, and easements.
Conventional sales strategies for selling homes include detailed and appealing pictures, open houses and other visual, hands-on features. Potential homebuyers can get a feel for the house and visualize themselves living there. You can show off the most desirable areas of the home, list the updates and maintenance work performed, and provide details on the community and neighborhood.
When selling your land, you’ll have to show prospective buyers the property’s potential. Accordingly, it’s best that you have detailed data about the property to help the buyer understand what it can be used for. You’ll also need to guide the buyer beyond what the land is at the moment and towards what it could become in the future. In fact, it might help to have maps of the property to help them visualize how they can use it. Also, you should capitalize on the most important features of the land, such as soil type and view.
In the residential real estate market, things move very fast. People are generally more interested in buying a house than a vacant lot to flip or develop. Considering there’s less demand, raw land might take longer to sell than a home.
When you’re trying to sell land by owner or realtor, it’s likely that you won't see much action as this market moves at a slower pace. The land selling market is much quieter, especially in the initial phase of your search for potential buyers.
However, this doesn’t mean that your piece of property is undesirable or won’t eventually sell – it just emphasizes the fact that the market is less saturated with offers and there are fewer people actively looking to purchase vacant land. But this can also work to your advantage as it leaves you ample space to sell your land to someone who will love and appreciate it almost as much as you did. All you need are the right marketing tactics and a bit of professional help, and you’ll successfully sell your piece of land in no time.
How to Sell Land: Best Strategies
Selling your land might take some time, but the right approaches and tools can speed up the process. Below we outline the best strategies to sell your land successfully.
Understand Your Ideal Buyer
The first step to selling your land is deciding who your ideal buyer is. This will depend on the type of property you’re selling, the land’s location, and market conditions. Consider whether it is a family looking for land to build their dream home or an investor looking for a vacant lot for their next project.
After identifying the ideal buyer, focus on the message you want to convey and what they need to know about the land. Be prepared with all sorts of information about zoning, utilities, and the neighborhood and nearby amenities. Then, customize that information to the specifics of your land and your targeted buyers.
Get the Land Ready
First impressions are crucial. When selling a house, you can stage it and make it look beautiful. So, you should do the same with your land. While you can’t exactly stage the land, you can definitely take steps to prepare it for sale and show it to potential buyers.
For example, mark the property boundaries, mow the grass and weeds, remove the trash, and consider planting wildflowers to make it more appealing. Additionally, take pictures when your land is looking at its best. Finally, it’s worth investing in aerial photography or drone footage to show your land in greater detail.
Make an Informed Decision When You Price the Land
Pricing the property can make or break your selling efforts. Setting the price too high can scare away potential buyers, and if you underprice it, you’d be selling it low. Therefore, you need to be smart about pricing your land for sale. To do so, learn all about the size and dimensions of the lot and compare it with similar ones on the market. Additionally, understand the land market as a whole, who is buying land, and why. Last but not least, be aware of the land’s flaws and issues that might affect the final price.
If you aren’t sure about the correct pricing, you should consider getting an appraisal. A land appraiser will give you an accurate value estimate based on the property’s features and current market rates. You can get multiple appraisals to get a more accurate idea of your property’s value. Additionally, you can consult a real estate expert who has a pulse for the market and can give you an accurate insight into what potential buyers might be willing to pay for your land.
Consider Professional Land Buyers
The easiest and most lucrative way to sell your land is to go through land investors. These real estate investors are continually looking to buy vacant lands and offer competitive prices for them. Additionally, they have the resources needed to guarantee payments so you can have peace of mind. Not only do the land investors provide a top dollar, but they also cover the escrow, title, and closing costs. More importantly, you’ll be free from any brokerage commissions or other fees associated with the listing.
SimpleLandSelling is one of the “we buy land” websites that can offer you the best offer for your land. Our team will make the process easy, taking over marketing, negotiations, and paperwork, so you don’t have to.
Selling land has unique challenges, and the strategies differ from those needed when selling a house. If you want to sell your land fast, you should understand the market, reach your ideal buyers, and set the right price. Having a professional by your side when selling your land or lot is always beneficial. Therefore, if you want a simple land selling experience, SimpleLandSelling is here to help!