Selling land yourself can be profitable if you do everything right. Read on to learn how to sell land by owner for top dollar here.
You might be very educated in the process of selling a home. You could likely walk through the various steps with ease and might not even need the help of a realtor or sales professional.
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However, could you say the same thing about selling land? Selling land on your own can present a whole new array of challenges and requires a completely different set of knowledge. Approaching it in the wrong way could lead to a lot of cash being left on the table.
If you need to learn how to sell land by owner without losing money, read on. We’ll walk you through some essential tips and tricks to ensure you come out on top.
Pricing Your Land Properly
The number one mistake any landowner can make when attempting to make a sale is to incorrectly price their property. Putting your land up on the market at the wrong price can either lose you money or steer potential buyers far away.
Finding the right price for your land can be difficult, especially if you have no experience pricing out land previously. This process can be a lot more challenging than it is for a home since there aren’t as many elements for a buyer to look at it.
Which elements end up contributing the most to the overall value of a piece of land?
The acreage is the obvious barometer. How much land you have to sell will have a big impact on your asking price. However, it’s also important to be specific about how many buildable acres you have. These are acres where potential buyers can actually build structures on, which might not be true of all of your land.
The zoning of the property will also be quite important. Is the area already zoned for residential use or is that something the potential buyer will need to do on their own? Zoning can be complicated, and having a properly zoned property can help to push your asking price much higher.
On the flip side, if you’re zoned as a historical site or preserve, it can be difficult to find buyers and you might need to lower your asking price.
The geological elements on your land also are important. Are there large trees or rock formations that might need to be removed? Will the land need a great deal of grading in order to be livable?
What about access to public roads and power? If it’s difficult to get to your location or if it is difficult to get utilities such as electricity and water set up, this can drive your asking price down lower than it would be otherwise.
You’ll need to do research on all of these elements before you can land at what a reasonable asking price might be for the property you have in your possession.
More on Zoning Practices
Of the above topics, the one that throws most landowners for a loop is that of zoning. It’s something that many people don’t have any experience in. Yet, it can be essential if you’re planning on selling land for cash all on your own.
Zoning regulations vary from place to place. They are established by local county and city laws and layout exactly what your plot of land will be allowed to be used for.
As you can imagine, these zoning regulations will also greatly impact who will actually be interested in purchasing your land. A buyer interested in building a mall won’t be willing to look at your land if it’s zoned for residential use only, to use a broad example.
Even with broad zoning regulations, there’s a lot of specifics to get familiar with. Some residential areas may only be open to new homes while other areas may have strict regulations on what kind or size of a home might be able to be built.
If you’re not sure of how your land is zoned, you’ll want to hop into research on the matter as quickly as possible. The local building department in your area should be able to provide you with zoning maps of your area and walk you through the particular regulations for your area.
This is essential information for you to get familiar with and be able to talk about with potential buyers.
Utilize Online Postings
It’s harder to find your audience when selling land as compared to selling a home. Often, land for sale will be away from the eyes of most passers-by, which means throwing up a for sale sign might not be enough to attract a wide audience of potential buyers.
That’s where the power of the web comes in. There are so many different sites and apps out there where you can post listings and photos of the land you have for sale and connect with potentially interested buyers.
You can even post a listing in locally-focused groups and pages on popular websites like Facebook. This local focus can help you to better connect with people nearby to you and find someone who might be interested in your land.
With the power to connect with others in your area instantly at your fingertips, you might not need the help of a realtor or sales professional in order to make a great sale.
Learning How to Sell Land By Owner
Owning a piece of land is a great way to build up value and make a great deal of money. It doesn’t have to be difficult to learn how to sell land by owner, but it will require a good deal of work and research as outlined above.
Need more real estate advice and information? Keep scrolling our blog for more.
