Selling Land? Here’s How to Define Your Buyer
by Laura Mueller
A key part of selling any property—be it land or structure—is knowing who you’re selling to. Being able to define your buyer helps you narrow down the scope of your marketing efforts and better target potential buyers where and how it counts. The more you can figure out who your buyer is and what they’re looking for, the quicker you should be able to connect with them. And it’s especially important to do in the land market, where you’re typically going to be dealing with a much smaller pool of interested purchasers.
So how do you get started? Here’s some advice on how to define your buyer for a quicker land sale.
Know your land’s uses
A big part of who your buyer is depends on what your land for sale can be used for. A commercial developer isn’t going to have much use for hunting land, just as a family looking to build their dream home won’t want to consider land that can’t be connected to utilities. Figure out the exact parameters around how your land can and cannot be used and you should instantly be able to cross certain buyer categories off your list.
Ask the experts
It never hurts to get an outside opinion. Invite some experienced realtors (and developers, if applicable) out to your land and find out what they can tell you about who your buyers are, including their needs and goals and any challenges they might face with your property. In addition to helping you define your buyer, this expert insight will help you focus your marketing language to highlight the features that matter most.
Look at who else is buying in the area
You can tell a lot about who your buyer might be by looking at past available properties and who they sold to. While it’s most useful to hone in on land that’s similar to your own, there’s still value to be found in looking at land that differs in size, scope, or uses. The goal is to draw as many connections as you can between individual buyer personas and the type of properties that they’re drawn to.
Consider market trends
In the same vein as the advice above, a lot of information on who your buyer is will come from past activity in the land market. Look at market trends, not just in your own area but around the country, to figure out who’s doing a lot of the land buying and why. Broadening your scope in this area is key, since you want your buyer pool to be as expansive as possible. Ask your realtor for help identifying and making sense of the market trends that you have the most to learn from.
Defining your buyer isn’t the only thing that you’ll have to do to sell land quickly and efficiently, but it is incredibly important in terms of getting the most value out of your marketing. Follow the advice above and you should be able to easily figure out exactly who you’re selling to. From there, you can focus on the best ways to reach them.
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