A question that likely goes into people’s minds for land sales is “How long does it take?”
Let’s be straightforward at the outset: there’s no strict or absolute timetable for how long it takes to sell land. Neither is there an accurate range period for you to view and use for your planning or decision-making.
The reason for this is that the market dynamics for land are more complicated than, say, a simple sale of personal property, a food item, or selling homes. There are just several variables and many other factors to take into consideration. Land buyers are also less common compared to your average, everyday home buyers.
Most people don’t really have the resources, such as time and money, to buy raw land or undeveloped land. But let’s say that there is someone who’s interested– a land buyer comes to you and says he or she is interested in your listing and is ready to sign a contract and pay. What then?
In this piece, we’ll talk about the process and the time factor of selling land properties. We’ll outline some unique challenges that make selling more difficult compared to selling other types of real estate. Finally, and most importantly, we’ll give you a checklist of the things you need to remember when selling land fast.
Let’s begin your journey towards putting out a sign that says “sold”.
Time Factors To Consider When Selling Lots
As we mentioned, there are several variables that come into consideration when computing time for land sales. This makes estimating an accurate time frame difficult, if not impossible.
But, as with any transaction, we can take some facts and information about the property and sale and, from there, make a rough guess.
For example, we can assume that preparing a single contract that is related to the sale will take only 1 to 2 days, at most. We can guess time for bank transactions or transfers. We can create a marketing strategy based on a budget and make time estimates based on that budget.
What we cannot estimate, however, is the time that it will take to find the right buyers. This part is undoubtedly the part that is strictly subjective– it could take a few weeks to several months or longer.
Even if you have suitable land that is equivalent to a “move in” ready home with great market value, nearby amenities, and is in the right location, your chance of finding the right buyer within a certain period may still be as unknown as having raw land that doesn’t have those attractive properties.
Estimate Time To Sell Land
To make things simple, here are some factors you can consider that can help you estimate a timetable for your sales plan:
- What is the current market for your vacant land?
- Do you have a strong network or fewer contacts in the area?
- Do you want the highest price possible or are you amenable to any kind of pricing?
- Where is your land located, in the countryside or in a crowded neighborhood?
- What type of land do you own– farm and cropland or a lot without structures and utilities?
- Are you willing to offer a flexible deal for potential buyers?
- Are you willing to work with real estate agents?
- Are you only interested in dealing with cash buyers for your vacant land?
- Are you looking for fast cash, or do you want to wait for the right buyer for a higher price?
- Can your marketing strategy afford a long timetable?
- Are you a seller that’s approachable and welcoming?
Your answer to these questions can help you make a rough estimate of how long it takes to sell lots or land fast. But remember that the ultimate time factor in all this is you. In an average market, if you move fast, work fast, or are very persuasive, you increase your chances of selling land faster.
Does Selling Vacant Land Take Longer?
Yes, it may take longer to sell vacant land than, say, existing homes for sale, or land with structures and utilities. There are a few reasons it can be so.
One reason is that there are fewer potential buyers for vacant land. Another reason is that the land market for vacant land requires a different approach than selling other types of property. Learning how to sell vacant land will help further understand these differences.
Selling Raw Land Privately
Selling land by owner means taking on all the work by yourself. As we mentioned earlier, the most important time factor is you. If you work fast, your selling process will be equally fast under average market conditions.
You can compound the speed of this process by learning more about selling land by owner. Another option is working with a cash land buyer– many land investors can reduce the time it takes to sell land by months.
At Selling Land Fast, we can close on your land in as quickly as 30 days. We invest in land across the United States, and have the cash on hand to make your land sale faster than working with retail land buyers. Give us a call to find out more about our land buying process and how much we can offer for your land. (346) 207-1246
Selling Land With a Real Estate Agent
Getting in touch with real estate agents will undoubtedly relieve you of a lot of stress. Having an experienced agent deal with the land buyers and the market is not only convenient but also less time-consuming for you, the seller.
Though this convenience might give you time back, there is still a great deal of waiting around for a buyer and a hefty commission to pay (8%-10%). Not to mention most real estate agents primarily focus on buying and selling houses, so a land sale typically comes second on the priority list. This can drag out the amount of time it takes to sell land on the market.
Compared to selling property by owner, however, having an agent means leaving the time factor to him or her. If your agent is experienced, has a lot of contacts, and can generate strong interest for your property through competent marketing, then the time to sell the property may be lower.
It’s important to keep in mind that no matter how much experience a real estate agent has, a good chunk of a sale is almost always because of the features, such as its price point, location, and the type of buyers that would want it (e.g. developers, farmers, investors, etc).
Our Land Selling Checklist
As promised, here is a checklist of the things you need to do and know in selling your land fast:
- Do your research
- Study the land market for your land
- Identify your target land buyer
- Create a marketing plan
- Make a detailed land listing on as many listing websites as you can
- Reach out to your network
- Consult with a real estate agent
- Include all information that potential land buyers may need
- Reach out and connect with other land sellers
- Highlight the best features (such as structures and utilities) of your property
- Make the first impressions for your potential buyer unforgettable
- Consult with a real estate attorney
- Prepare your land contracts
Remember that this land selling checklist is not absolute. You are free to change this as you see fit for your specific scenario. Working through this checklist initially will help with estimating the time to sell land.
Some Tips on How To Sell Land Fast
So far, we’ve given you a checklist and some time factors to consider when making an estimate for a timetable.
Here, we’ll give you some tips on how to get a sale for your land or property fast.
Set Your Price Early
Price is the first thing people look at. A buyer that can immediately see the pricing of the land will also immediately know if he or she can afford it. The lesser time it is for a buyer to ponder and decide, the faster it will be for them to pay and for you to sell your property.
Have Your Contracts Ready
Having your contracts ready before you even start meeting buyers can also save a lot of time, too. Do your homework on what documents you need or, better yet, consult a real estate attorney. Typically an agent would have the necessary contracts ready to go, but if selling land without a realtor, this will become your responsibility.
Make Yourself Reachable and Available
Make sure that you are reachable through various types of communication technology. It can be text, email, social media messages, or calls. The easier it is to contact you, the faster you can get your deal done.
Don’t underestimate the power of selling your land through online listings and online ads. Taking advantage of today’s technology is crucial to sell your property. Buyers today are not only online more, but they also prefer doing most of their communication and transactions there, too.
To sell your land or property in the digital space is not just convenient for buyers, it’s necessary to reach the full capacity of available land buyers.
Relax Your Requirements
In sales, no one wants a complicated set of events to unfold either before the transaction or after it. If your aim is to sell quickly, try to relax your contract requirements and opt for the most convenient and quickest terms that are reasonable.
Selling the property at a cheap price is one option, but there are other options available for you, as well if you have flexibility in how your sale can be financed.
If you think about it, selling a property can be as fast as one day or as long as several months. If the land property is well-priced and a group of buyers with cash come, you could easily have a contract signed within 24 hours, perhaps even in the comfort of your house with an online sale.
If you are trying to sell a piece of land that holds little value, or you aren’t able to find the buyers you’re looking for, don’t sweat. As land buyers, we are here to get land owners out of any situation and can help you sell your land fast!
Fill out the form at the bottom of the page or call us. We look forward to hearing from you! (346) 207-1246