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How To Sell Lots & Land: And Why Is It Different Than Selling Home

Posted on February 5, 2021 by Meghna Negi in Land Sale

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.

If you’re trying to sell land lots or land, you need a specialist in this area of real estate sales to get the property marketed to the right groups of people.

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.

5 Tips For Selling Vacant Land Fast

Posted on February 5, 2021 by Meghna Negi in Land Sale

Selling vacant land isn’t always a quick process. Land can take a long time, sometimes more than a year, to find the right buyer. So how can you help to sell the land fast?

5 Tips For Selling Vacant Land Fast

Use A Land Agent To Sell The Land Fast

Hiring an experienced land sales agent is key to selling land. They have the knowledge and experience to market and sell the property and sometimes, have relationships with potential buyers looking for just the right piece of land.

A qualified land agent will understand the nuances of selling lands such as zoning, use and potential development opportunities.

Price The Property Right

Pricing the property right is critical to selling land fast. While you don’t want to under-list or underprice the property, you also don’t want to price yourself right out of the market.

Talk to your land agent and review the comparable land sales in the area before setting a price. Also, don’t get stuck on a number.

Being flexible on the price of the land is helpful when reviewing offers and you don’t want to lose a sale over a few thousand dollars.

Get The Land Ready

Land doesn’t have a nice kitchen or fancy bathroom. But there are still things you can do to present the land in the best possible way. Clean up any garbage or debris that has accumulated. Tidy up the entrance to the land by cutting grass and weeds or planting wildflowers to make the area attractive.

Take pictures of the land when it shows in the best light – summertime when the wildflowers are in bloom, spring when the trees are blossoming, or fall when the leaves are changing colour.

Even if you’re not planning on selling right away, it’s a good idea to have some great pictures for when you are ready.

Communicate & Connect

Talk to your neighbours and let them know you’re going to be selling. Maybe they want to buy the land for themselves, or they know someone who might be interested.

If you’re in a growing community, reach out to some of the local builders in the area who may be looking to secure more land. Talk up your land with friends and family and spread the word that you’re selling your land.

If you’re on social media, share the listing from your agent’s website featuring your land.

Know Your Audience

Understanding who you will be marketing the land is vital.

If the property is zoned for commercial use, you’ll want to reach the local business owners and entrepreneurs. If it’s zoned multi-family residential, you’ll want to connect with the builders and developers in your area.

Targeting the people who will most likely see the benefits of buying your land is a big step in getting your land sold.

Maximizing exposure of the land for sale will generate enquiries and interest from serious buyers.

Weed out the people who are just looking, or aren’t financially qualified and you’ll only have to deal with buyers with a genuine interest in the land.

6 Most Common Mistakes That Land Owners Do While Selling A Land

Posted on February 1, 2021 by Meghna Negi in Land Agent

Selling land is an often lengthy process, very different than selling your home or condo.

Here are 6 mistakes that people frequently make when selling land:

Hiring the wrong agent.

Hiring a real estate agent who doesn’t specialize in land sales can be a fatal mistake when selling your land.

You need someone who understands the intricacies of land sales and all that entails.

Items such as zoning, highest and best use, development permit processes are all important subjects your land real estate agent must understand if they’re going to be successful in selling your land.

Not having a great listing.

Having an eye-catching listing is critical. It needs to include all of the pertinent details about the property including the zoning, any easements, right of ways, restrictive covenants or other encumbrances that can restrict or limit the uses for the land.

By putting this information in the listing, your agent ensures people have sufficient information in hand before looking at the property.

Advertising in only one place.

Advertising the property in only one place severely limits the exposure your land will receive.

To maximize the number of “views” your land gets, you need to make sure it’s on the MLS, your real estate agents website, in trade publications and print ads (local, provincial and even national).

You should also make sure the land has the real estate agents’ signage on it to capture the “drive-by” traffic that may pass by the land.

Selling at the wrong time.

Ask your real estate agent when the peak time is for selling land.

Your agent should know the selling trends in the area to maximize the chances of selling the land quickly. Maybe it’s best to list land in the spring or fall. Maybe the community is expecting an influx of developers in six months as the community grows.

Your agent should understand the best times to sell the land and hit the ground running at the right moment.

Showing to buyers who are not qualified.

Make sure your real estate agent is pre-qualifying anyone who expresses an interest in the land. If they don’t have the financial resources to complete a transaction in your price range, then don’t waste time and energy on a buyer who isn’t a serious prospect.

Using pricing gimmicks.

Advertising your land for sale using gimmicks isn’t going to attract many serious buyers. Using “offers over” a certain price or “price to be negotiated” provides a lot of uncertainty around the price of the land.

If people don’t know the starting point – the asking price – they may simply walk away, particularly if they think they may not be able to afford it.

By naming your price, you’ll narrow down the buying pool right out of the gate and eliminate anyone without the financial ability to do the deal.

Do you have a development land for sale? Connect with our team at Development Land BC to get the best offer on your land deals.

Smiles Guaranteed!

Why Hire A Land Agent Rather Than A Residential Realtor

Posted on February 1, 2021 by Meghna Negi in Land Sale

Buying land is very different than buying a house or an apartment and there are many things to consider that you don’t normally think of when buying a residential property.

Since most of us don’t have experience in buying or selling land, using a real estate agent who specializes in land sales is a great first step.

Why & Where To Hire A Land Agent?

Zoning And Development Information

Land agents understand zoning regulations. What type of development can take place on the land depends on the zoning. They can tell you the highest and best use associated with the current zoning, or alternately, what the process is to rezone the property to accommodate the proposed use.

Land agents are usually aware of the development permit process and any regulations surrounding subdivision plans.

Site Characteristics

Land agents understand site characteristics and how they may impact the value and use of the land.

What type of access there is
What the road frontage is
Are there any easement agreements or road right of ways on the property?

These are all considerations in land sales that a traditional residential agent may not be aware of.

If you’re considering buying or selling land, use a land agent who has knowledge of site characteristics such as slopes, change in elevation, roadways and trails, water features such as creeks, streams, ponds or lakes, as well as how those impact the property and its development potential.

If the property doesn’t naturally drain well or there are environmental issues, a land agent can assist in connecting you with the relevant experts who can provide guidance and feedback.

When looking at land, a land agent will generally know to look into which utilities are available (if any), what are the mineral rights, are there harvestable trees on the land, are there any environmental concerns impacting the land and so much more.

Development Opportunities

If the land is being developed, look for an agent who has relationships with, and has worked with, developers in the area.

The more the agent has dealt with this type of property or situation, the more benefits you’ll see as a buyer or seller of the land.

Land agents often have connections within the municipality for things such as official community plans, subdivision approvals, development and other building permits. With these types of connections, land agents can refer you to the right people and pave the way for future dealings with the governing authorities

While residential real estate agents can provide excellent service when selling your home, they may not have the understanding and knowledge that a land agent has. This experience comes from ongoing education, staying current on any zoning or development changes within the municipality and working with developers and authorities having jurisdiction in the area.

Hiring a land agent is a smart decision when selling or buying land. You’ll be assured you’re getting the best possible service from the most knowledgeable agents available.

10 Tips For Land Owners To Sell Land Hassle-Free

Posted on January 28, 2021 by Meghna Negi in Land Sale

Selling bare land or development land is vastly different than selling your residence. So it makes sense the person you hire to sell it, should be different too.

How To Sell Land To Developers

Choose a real estate agent or brokerage who specializes in land sales and understands the process. Find someone who stays current on what’s happening in this sector and knows the ins and outs of selling land.

Use an agent who provides a comprehensive marketing strategy. This might include:

Market analysis and comparable sales of similar type properties.
Using their website and social media to promote the land.
Using signage for drive-by traffic.

Don’t be shy about asking what other methods they employ to market the land for sale.

3. Understand what uses the land is zoned for. Are there easements, right of ways, restrictive covenants or anything else that might affect the value or future use of the property?

If a property has to be rezoned, for instance, it will take time to work through the process. If the property is in the Agricultural Land Reserve (ALR), there are restrictions on what the land can be used for.

Understand the tax implications when selling land. Will you have to pay capital gains? Is the sale subject to GST? Those are questions for your accountant and/or lawyer to answer before you sign agreements to sell the land.

Ask for a large, non-refundable deposit. Selling land often takes longer than selling a residential property and completion dates can be a year or more. A buyer will be more prone to complete the sale transaction if they’ve already put up a large deposit they can’t get back and it provides the seller with some certainty as well.

Find out the highest and best use for the land and market it to those buyers. Selling land is tricky, especially if it’s for development purposes so make sure you know what these uses are beforehand.

Understand the terms of any offers before you sign. Talk to your accountant or legal counsel if there’s any question about the proposed terms. While your real estate agent can give you guidance, they aren’t lawyers or accountants and may not fully understand how the sale of land will impact your specific situation.

Be prepared to wait. Just selling the land can take time, sometimes a year or more. After that, the buyer may have subject conditions to waive before the sale can complete. If they’re awaiting approval of development permits or rezoning, this can add a significant amount of time before you actually finalize the sale of the land.

Ensure your real estate agent weeds out anyone who’s “just-looking”. Selling land is a lengthy process so you don’t want to waste time on anyone who is not a serious buyer.

Don’t be afraid to ask questions. Ask your real estate agent, your lawyer, your accountant, and anyone else who can provide the expertise you need to sell the land.

Selling land doesn’t have to create a lot of stress. If you find the right agent to sell your development land, they’ll alleviate the hassle and assist you throughout the process.