House sales are what you usually think about when selling real estate, but it isn’t the only option. There is still a lot of land available, and people are constantly searching for new land to develop. A lot of that is new residential developments for people looking to buy new homes.
That’s why you’re in luck if you’re a land owner. You can list your land on the market and find the perfect buyer to develop the property.
However, you shouldn’t just throw up a listing when you decide to sell your land. Below are six factors you need to consider when selling land that will make the difference between a great sale and a bad deal.
1. Zoning Type
The type of zone your land has will impact the kind of people who make bids to purchase. If someone wants to build a home, they need your land to be zoned for residential. If someone needs to put in extra work to get that zoning, why shouldn’t they make things easier for themself and buy something already zoned correctly?
You also have agricultural and commercial zoning to consider. These plots of land will be purchased for different uses. You’ll need to advertise to that specific land owner if you want to get bids on your property from the right people.
That also applies to permits on the property. A land owner needs to know that they can actually use the property for their purpose. If you can get the proper zoning permits ahead of time, it will make the job of a buyer easier since they know what they can do with your land.
2. Land Preparation
Your buyer will already have a lot of work to prepare your land for use. They’ll invest a lot of money in the process, so the chances are good that they don’t want extra work because of your lack of care for your land.
It pays to do some land preparation before you list your land on the market. Cut the grass if it’s overgrown, cut away dead trees, and tidy up your native plant species.
Doing this will create a better environment to view your property and see what’s there. It will also help people imagine what’s possible with a bit of work when there’s less mess in the way.
3. Utility Access
It costs a lot of money to set up utilities. On top of that, it can take time to schedule a crew to come out and do the work. That makes utilities a critical factor for many people when owning land.
It can be a dealbreaker if you list your land without utilities. It won’t only cause the price of your land to go down, but it can also delay your offers and extend the amount of time your land is on the market.
If you want to speed up the process and get more land bids, get utilities set up on your property. This shouldn’t be an issue if you don’t need to sell immediately, so reach out to the local utility companies to see what running utilities will take.
Pricing is a crucial part of selling a property. Even though raw land may not be as expensive as regular homes, it has still grown in price over the past decade. That means property owners are looking for the best deal possible during their search.
Look at the recent land sales around your area to see the average price. Make sure to consider location, utilities, and other factors that can affect the price. You should be able to find all this information by looking at sold listings and current land on the market.
You should be able to come up with a reasonable price once you get this information. You don’t want to price your listing too low, but it should still be high enough so you can negotiate down to the price you want to sell for.
5. Listing Platforms
Many listing platforms are available for people who want to sell real estate. The most popular ones are full of people who want to buy existing homes. However, you may find fewer people there who are looking for land.
While it’s never a bad thing to list your property on those websites, it shouldn’t be the only place you list your land. Many websites focus on land sales that can better cater to your needs.
Don’t stop once you find a single website on selling your land, either. Look for as many land listing platforms as possible to increase your chance of finding a buyer.
It’s hard to get someone to take a survey of your land, especially when it’s large. You have to do a lot of work to figure out what’s there. Why should someone waste their time if there’s no guarantee that you have what they need?
You can avoid this problem by taking as many photos of your property as possible. Try to cover every main area to show everything your property has.
Doing this will save potential a potential buyer work when considering your property. They can more quickly see if your property has potential and will be more willing to visit to see your land for themself.
Do Your Research When Selling Land
Selling land isn’t the same as selling a home, so there is another set of things you need to consider when going this route. Unless you do the work to create and market a valuable property, you won’t be able to find a land owner to purchase your property quickly. Keep the things above in mind when selling land to ensure you get offers on your property.
Do you want to learn more tips that will help you with the other parts of owning property? Check out the blog for more great real estate tips.