Selling a home is relatively easy – you find a realtor in your area and get the property listed on the MLS service, put up a sign and wait for people to view the home. The potential buyer can see the tangible asset (the home) and knows exactly what they are getting.
Selling land or lots is different and not quite as simple.
Smaller Pool Of Buyers
The number of buyers looking to purchase land is a far smaller group than those looking to buy a home. People who buy land are also looking for different purposes than a home buyer.
Maybe they want a large lot or acreage to build a dream home or start a farm or ranch business, or a developer is looking to buy a large parcel of land to sell off individual lots to develop with homes or develop multi-family properties.
Whatever the case may be, the pool of buyers will be fewer than in a traditional home sale.
Different Information Is Needed
To reach the right audience, specific information is needed.
- What type of development the current zoning allows
- How large the lot or acreage is
- And if utility services are available to the property lines are just some of the basics.
Access to the property via its own driveway or a road right-of-way or mutual easement, and environmental considerations and restrictions are all important details to be aware of.
Listing Needs To Be Specialized
In order to appeal to the right group of buyers, the listing needs to be specialized.
The information provided upfront will determine whether or not a buyer wants to “walk the land” or view the property.
You’ll need to note the site characteristics, slopes, water features or impediments, as well as all of the other details noted above.
By providing as much information as possible in the listing, the pool of buyers will be further narrowed down to only the ones who are serious possibilities.
Make Sure You Have Adequate Formal Information
Have a property survey done and the boundaries clearly marked. If there are easements or encumbrances on title, have those available for review and determine whether or not they can be discharged or removed from title.
Overhead (drone) or other aerial photos will help people get a clear picture of the property that you can’t get from ground level – size, shape, topography and any limitations as a result of these things will be identifiable from good quality, high-resolution image.
When selling land or lots, you need a realtor who works in this sector to avoid any potential pitfalls. If the realtor you hire isn’t familiar with this type of transaction, there is potential for lost time while they learn the ropes.
Hiring a specialist will get you the most qualified agent as they get up to speed on your property and its special attributes.