Owning a piece of land can be an excellent source of passive income. But if you’re holding the property for a long time now and you’re planning to sell it, you have to equip yourself with the right information before you make a decision.
Of course, there’s no wrong with putting your land up for sale. To help you make an informed decision, here are some critical questions you should ask before selling it.
- 1 Is There a Difference Between Selling a House and Selling Land?
- 2 Are Land Buyers Different from Home Buyers?
- 3 Is the Land Market as Active as the Housing Market?
- 4 What Sales Approach Works for Selling Vacant Land?
- 5 How Do You Identify Potential Buyers?
- 6 How Do You Prepare the Land Before Selling It?
- 7 How to Come Up with the Right Price for Your Land?
- 8 Is Selling Land Online Yields Better Results?
- 9 Takeaway
Is There a Difference Between Selling a House and Selling Land?
Yes, there’s a difference between selling a house and selling land. Those newbies in selling land often assume that the two are the same. You have to recognize their difference for you to avoid making common mistakes in selling land. We’ll touch on the differences between the two enterprises as we go through this article.
Are Land Buyers Different from Home Buyers?
While a house and a parcel of land are considered real estate properties, home buyers and land buyers are entirely different folks. If there’s a person who wants to purchase a house, it doesn’t mean that that person would be eager to buy your land.
The reality is different from expectations, and don’t disappoint yourself by believing that land buyers and homebuyers are the same.
The needs of a land buyer and a house buyer are different. If a person wants to purchase land, chances are he/she wants to use the property for investment or that he/she wants the freedom to customize the property according to his/her liking.
House buyers, on the other hand, may also consider the property acquired as an investment, but most of them just want a place where they can live or build a family.
Is the Land Market as Active as the Housing Market?
There are places where the land market is more active than the housing market. But considering the bigger real estate picture, a lot is going on in the housing market than in the land market.
The demand for existing homes is greater compared to the demand for vacant land because of the convenience of getting a “one-time package” when you purchase land with an existing house in it. So, when you put a house up for sale and sell an existing home at the same time, chances are you’ll get more interested buyers for the former than the latter.
What Sales Approach Works for Selling Vacant Land?
Since land doesn’t have the glitz and glamor of a house, you should employ an entirely different sales technique when selling land.
In selling homes, you can highlight features, such as the living room, kitchen, and bathroom in your marketing. Selling vacant land requires you to focus on its size, boundaries, accessibility, soil profile, zoning restrictions, utilities, and best usage.
How Do You Identify Potential Buyers?
It’s crucial to determine your potential buyers to increase your chances of selling your land fast. To make a profile of your prospective buyers, you need to know what type of land type you’re selling, its location, and whether it’s already developed or not.
How Do You Prepare the Land Before Selling It?
When selling a land property, make sure that it looks great. You can’t expect to attract prospective buyers by selling it without cutting the overgrown grass or picking up pieces of garbage in it.
The same with selling a house, first impressions are crucial when selling vacant land. The land you’re selling should look great when a potential buyer inspects it. You should make it clean, attractive, and visible to make people interested in buying the property. You can also consider planting some ornamental flowers to make it more colorful.
It’s also essential to conduct a land survey to mark the boundaries of the property. When you have the boundaries marked, it makes prospective buyers see the value of the land you’re selling.
How to Come Up with the Right Price for Your Land?
You should price your land right to ensure that you can sell it fast. Make sure that the price corresponds to the market value of the property. Once you put too high a price on your land, potential buyers are likely to be put off from buying it.
Look at comparable properties in the market to ensure that you’re giving a reasonable price for your land. It’s a must to seek the help of a real estate agent because such professionals have the knowledge and resources in determining the right pricing for your property.
Is Selling Land Online Yields Better Results?
Everything is now sold online, and land properties are no exception. Online listings are crucial if you’re looking to attract more prospects and sell your land fast. Utilize reliable online platforms to market your land property.
Selling land can provide you with considerable profits. However, if you’re new to this enterprise, you need to educate yourself to make yourself successful. Start by asking yourself the important questions integral to selling land.