Selling land without the assistance of a realtor has numerous benefits, but it also poses a series of unique obstacles. It’s best to know the difference between selling a house and selling vacant land. When you sell unimproved land, you must ensure that the potential buyers can imagine a future there. So, selling land is all about promoting the property’s potential, and it takes some ingenuity and imagination to do it right. Hopefully, this guide will provide valuable, actionable insight on how to sell land by owner and set you on the right track.
Define Your Buyer Persona
When learning how to sell land by owner, the most important step is to determine who you will sell to. Defining your buyer persona will help you get one step ahead and be better prepared. Start by doing thorough research on the land market and the type of client you will deal with.
For instance, if you are selling a farm, you need to focus on farmers. Likewise, if you sell a piece of land in the urban jungle, you should direct your message toward business people who might be looking for a place to build offices.
Also, research what the parcel of land will be suitable for and its future profitability potential. For example, will the buyer be able to construct a residential business on the lot or make a living from farming? All these crucial factors aid in consumer insight and strategy coordination. Once you have a vision of your ideal customer, you’ll be able to direct your message to the right audience and find a land buyer faster.
Put Yourself in the Client’s Shoes
Once you define your target audience, you should try to think and see yourself as the client. Putting yourself in the client’s shoes will help you craft a compelling message that communicates all the essential information about the property.
This tactic will also help you determine the sale price. Don’t overprice the property because that will turn buyers off and stall the sale process. At the same time, don’t undersell it because that would mean leaving money on the table. Instead, try to balance the land’s worth and the lowest price acceptable to you.
Provide the Essential Information
Buyers have the right to know where their money will be invested. Therefore, prospective land buyers tend to ask lots of questions. They will be investing a lot of money in the property to want to know as much information as possible. The questions are usually about the property’s size, condition, and price. Think from a client’s perspective and update yourself with answers to additional questions they might ask. Provide details about the topography, be prepared to provide zoning requirements and potential for rezoning, mention any environmental concerns, and more.
You should also consider giving them permission to inspect the property and providing satisfactory answers to their inquiries. Take good shots of your plot of land for buyers who like to look at pictures before visiting the location. You can use drone footage or any other photograph of the property to create an appealing image. A detailed map of the raw land will also assist buyers in learning more about the area and its surroundings.
Boost Your Property’s Value
About 75% of top brokers say that well-landscaped properties are worth 1% to 10% more than homes that do not have landscaping. The good news is that improving your curb appeal is a simple task. We’ll argue that a curb appeal makeover can be accomplished in only one weekend of hard labor. Remove any weeds, trim the foliage, remove debris, mow the lawn again, wash the exterior, wipe off the siding with a pressure washer, and spruce up the appeal with a stylish seat and a bright mailbox or flower container.
Try Video Marketing
Video marketing is very efficient for land selling. It’s one of the online marketing tools that will help you in conveying your message to your customers in a comprehensive manner. Good videos are visually appealing, and people are more likely to pay attention. As a result, video marketing tells the whole story in a short few seconds. Make a video to tell your clients about your property, and make sure it’s high-quality, colorful, and attractive.
Don’t Forget Social Media
Social media should also be an indispensable part of your marketing strategy. Use great photographs, exciting language, targeted hashtags, and location tags to promote your listing on social media platforms like Facebook and Instagram. Don’t forget about social media ads that allow you to target specific demographics and people who have expressed an interest in purchasing property in your area.
Moreover, land buyers want to know the good, bad, and ugly about each community they’re thinking about moving to. So instead of providing only basic demographic information, use your social media channels to educate potential consumers about the markets you serve, including the benefits and drawbacks of each location.
Be Flexible for Showings
Even if you have a comprehensive marketing campaign in place, buyers will most likely want to see your home in person before committing. This is where land tours come in handy. When working without a realtor, buyers will communicate directly with you to schedule a tour. Be reachable and adaptable; some showings come up unexpectedly so if your lifestyle allows it, be prepared to drop everything at any time. A better idea is to plan to be available on certain evenings every week, and you can share your availability via social media.
Ensure the Land Title Is Clear
You’ll need to clear your land title before the sale can go through. This requires a title search, which entails searching through municipal records and other sources to verify that the property is, in fact, yours to sell and that no other claims against it exist. Title and deed issues account for a large part of contractual problems in delayed settlements so it’s not unheard of for title concerns to slow down a sale. However, you can get a preliminary title report to get ahead of any title concerns.
During a title search, you might discover that you have outstanding loans, public utility easements, child support liens, covenants and restrictions against the property, unpaid taxes, and restrictions, historical oversights, and planning requirements. If any of these claims are discovered, you must pay them as quickly as possible.
How to Sell Land by Owner: Final Thoughts
Selling land by owner is a full-time job that requires commitment, strategic thought, and effort. If you’re ready to dip your toes in the real estate market and dive into marketing the property and negotiating with prospective buyers, this guide will arm you with the knowledge you need to sell your tract of land on your own and obtain the highest return on your investment.