A private land sale happens when the real estate isn’t advertised to agents and isn’t listed on the MLS. Sellers who sell their homes privately don’t use a real estate agent and are in charge of the entire land selling process. So, even though a private listing is unlikely to appear on the MLS and won’t be advertised through the typical methods, the seller will still have to market the property. Sellers who want to sell their homes privately usually have a network of potential purchasers they may get in touch with or a network of buyer’s agents they deal with. Then, if the sale closes, the seller handles all the paperwork.
All these facts might make private land sale seem like an ambitious goal. But, if you have the needed skills and enough time to engage in selling vacant land on your own, you can enjoy numerous benefits. In addition, we present you with the top seven advantages of selling land privately.
A Private Land Sale Is Discreet
Anyone can view the listing, the asking price, and any other information when you post a property on the land listings. But, depending on your personal circumstances and preferences, you might not want that information made public. For example, if you’re worried about maintaining the privacy of your business and personal lives, selling land privately is the best way to go. You’ll have greater control over who sees information about the land and how they use it.
You Can Avoid Paying Closing Costs
The potential to lower closing costs at the end of the sales process is one of the most significant benefits of a private land sale. A portion of the property’s final sales price is usually the agent’s fee, which can be rather high. The usual agent fee for personal property selling is between 4% and 6%, and even more for commercial property. So, if you sell a property for $1 million and work with an agent, you’d have to pay them up to $60,000 in commission. Engaging in a private sale of land would mean you get to keep the $60,000 in your pocket.
There’s No Middleman
Selling a piece of land privately may also have the advantage of cutting out the middlemen. Using an agent can make talks challenging, particularly if the agent cannot reach agreements or make concessions. This delays the transaction and could aggravate both you and the land buyer. On the other hand, selling land without a realtor entails face-to-face conversations, which offer better conditions for negotiations and might help accelerate the sales process.
You Get Total Control Over the Process
Depending on the buyer’s credentials and the property being sold, most real estate transactions take between 30 and 60 days to complete. Private real estate sales give the seller complete control over the process. You’re free to collaborate with any legitimate businesses or divisions required to finish the sales process. Since you’d be the first to learn of any issues, you might proceed to resolve them right away. Land sale by owner also entails less time to send the necessary papers to these organizations and agencies.
You Can Adjust the Land Showing Schedule
There may be many viewings for prospective buyers during land transactions. When you sell a home on your own, you can set up showing times that suit you. The seller has complete discretion over the style and content of the sales process. They can better communicate with buyers and explain the advantages of the property by responding to queries or questions. Additionally, if the seller gives them straight facts rather than an agent’s sales pitch, they can be more open to buying.
You Can Provide Detailed Information About the Plot of Land
You are likely the only person who can respond to prospective real estate buyers’ questions regarding all types of property-related information. While real estate agents can pick up the fundamentals, they hardly ever delve deeper.
On the other hand, when selling land on your own, you can respond to each comment or query. Even if prospective buyers inquire about the neighborhood, surrounding restaurants, shops, and other amenities, you can provide them with complete details and explain what makes the area so alluring. When selling land yourself, it’s significantly simpler to market the location and give prospective buyers additional reasons to purchase the land.
It’s Easier to Sell the Land for Cash
The advantages of selling your land to a cash buyer are vast. First, selling land for cash eliminates the dreaded property chain because they can buy your home entirely with cash already in their bank. As a result, there is a lower chance that a third party will cause the sale to fail through. Moreover, when engaging with a cash buyer, you can skip the long wait and close the deal in just several weeks. Finally, cash purchasers typically take their time looking around the land market and only make an offer when they are sure it’s the right step for them. Therefore, if they make an offer, they are more inclined to accept it.
Final Thoughts on Selling Land Privately
Private land selling is an important and ambitious decision. However, there are numerous advantages related to it. Some of them include no fees paid to agents, face-to-face negotiations between the buyer and seller, total control of the sales process, and a better schedule for selling the property.
When done right, selling land privately can work great. This is especially true when the property market is booming, or someone has already expressed an interest in buying the property. However, if you want to choose an even easier route, consider selling your land to professional land buying companies like SimpleLandSelling. We’ll present you with a hard-to-resist cash offer, cover all fees, and take care of the entire process instead of you!