5 Tips for Selling Vacant Land
by Laura Mueller
Sitting on vacant land that just won’t sell? It can be tough out there for investors in the land market, where potential buyers aren’t exactly plentiful. Selling vacant land takes a little bit of patience, a little bit of luck, and lot of dedication to optimizing your property for a sale. Because even if you’ve got a perfect property, no land is going to sell itself.
To help you out, here are five tips for selling your vacant land quicker and more efficiently.
1. Work with an experienced land agent
In such an unpredictable market, it helps to have an expert on your side. Working with a seasoned land agent is important long before you get to the negotiation table. Early on in the process an agent can help you price your land to sell, figure out comps (which are often few and far between), and give you insight on the key trends that will help dictate how to best set up your vacant land for a sale. They’ll also bring their marketing chops to the table. If you haven’t brought on an agent yet, aim to do it right away.
2. Broaden your marketing scope
Cast a wide net when it comes to who you market to and how. In addition to the usual channels, you should also be utilizing social media and on-the-ground networking to reach as many prospects as you possibly can. Your buyer is out there; it’s just a matter of getting your listing in front of them.
3. Study up on relevant zoning and government regulations
Be apprised of all the rules and regulations concerning your vacant land and its possible uses. This will be important for answering any and all questions that might come your way from potential buyers, and also for informing your marketing strategy. If you know your land is buildable, for example, or that land use requirements dictate it for commercial development, you’ll have more ammo to work with in terms of identifying and reeling in those people who it might be a good fit for. You can get this information from your local Building and Planning Department, and a qualified broker will be able to provide you with regulatory input as well.
4. Make smart improvements
Think there’s not much you can do to improve vacant land? Think again. From fencing off the property border to hooking up attachments for future utilities, small improvements can make a big difference in the appeal of your property. Bring out a couple appraisers and brokers to take a look around and give you ideas for what sorts of improvements might give you the biggest bang for your buck, and plan on incorporating at least one or two of them.
5. Do a flyover
When it comes to images for your land listing, drone videos are way more effective than still pictures. Hire a professional to take a video of your land at the golden hour, when it’s looking its best (either when the sun is coming up or when it’s starting to set). Then share the video on your listing page and in your marketing efforts. You’ll get more eyes on it and make a better first impression.
Ultimately, your sale is up to the whims of the market. But do everything right on your end and you should find it going in your favor sooner rather than later.
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