If you have vacant land to sell, consider yourself fortunate. Anyone can sell or buy land, but not every parcel of land is valuable. Few people have a parcel of land that has a marketable value. But if you think yours is ready to be sold, then you’ve come to the right place.
In this short piece, we’ll briefly discuss some relevant information about selling vacant land. Next, we’ll give you some tips on the best ways to attract land buyers so that you can sell land quickly. Finally, we’ll include a FAQs section for you to gain more knowledge about land properties.
Now, let’s begin your research journey and see if we can help you sell that land fast.
Is Selling Land the Same as Selling a Vacant Lot?
Technically speaking, yes. But there are some differences, too.
A vacant land property is any property that has no houses or any other type of structural property adhered to the ground or in it. In the simplest sense, it’s a parcel of raw land.
The word land, however, can mean any type of land. This includes undeveloped land, or a developed piece of land with some structures on it. Structures can be a house or some old foundations left by demolished or derelict buildings.
Selling Vacant Land By Owner Versus Selling Vacant Land with a Real Estate Agent
The major difference between selling vacant land by owner versus with a real estate agent is that doing so privately means avoiding paying a commission.
For a vacant land property, this can be more relevant since real estate agents often ask for higher commission rates if the property is a vacant lot.
Another important difference is that opting out of hiring a real estate agent means the owner does all the work. This includes getting more buyers interested in the vacant land, as well as managing the entire marketing and selling process of the vacant land.
Would engaging real estate agents make the entire process easier? Yes, definitely. But like we mentioned, doing it privately or with help is a decision that only the land owner can make.
3 Tips On Selling Vacant Land
We can say a lot about how to sell vacant land, but for the sake of simplicity, we’ll keep it short.
Here are 3 valuable approaches for selling vacant land.
1. Research and Develop a Good Marketing Strategy
Assuming that you’re not planning on doing everything on your own, this step can be very simple. Focus on studying the market and see if your vacant land has the value that a buyer will consider gaining.
If the land has tremendous value, then you need not go crazy with your marketing. Buyers might line up for you and by then it’ll only be a matter of choosing which one has the best offer.
If the value of the land is, well, less than tremendous, then your marketing strategy needs to be solid.
Properly marketing your vacant land can be valuable. You can also learn from professionals, such as the team at Selling Land Fast.
2. Offer Flexible Payment Terms
When you market your vacant land, try to make it known that you are flexible with payment.
The terms of any contract can vary, so long as it follows the law. You, as the owner, are free to be lenient and gracious to your buyers. When you are, you have a higher chance at gaining more buyers who may be interested to strike a deal with you.
Talk to your real estate attorney or agent and consult with them about the different flexible payment arrangements that are possible. One example is seller financing, which is a mode of payment where the seller or owner finances the entire transaction.
3. Hire an Experienced Professional
Selling vacant land has its own unique challenges, but you can opt to relieve yourself of those challenges by simply engaging an experienced agent.
Anyone who has ever hired a professional in any industry knows that doing so makes a world of difference. A good perspective to have is to look at it from the point of view of risk.
If you do it by yourself, you risk making wrong decisions due to inexperience and lack of market knowledge. But that risk is yours alone. With a realtor, the risk is them making the wrong call. This accountability can be powerful enough to make sure that person does a good job for you.
Frequently Asked Questions
Before you jump right into selling your vacant land, be sure to cover these important FAQS first.
What Should I Know About Selling Vacant Land to a Cash Buyer?
As a seller, of course you’d want to sell your vacant land in full and not in parts or installments. Dealing with payment terms from retail buyers on land sales can have ambiguities. Having a prospective buyer pay in cash can not only rid you of those potential problems but also enable you to enjoy the fruits of your sale immediately.
However, one important thing you should know about potential buyers who want to pay in cash is that these types of land buyers come in two forms: retail buyers paying in cash and land investors who have the cash on hand to repeatedly buy several lots of land.
If a prospective buyer comes to you and wants to buy your vacant land in cash, then that buyer demands careful consideration. It can be difficult to find a retail buyer who will pay cash, but investors or developers will often pay for vacant lands or undeveloped land in cash and in full.
Selling Vacant Land To A Retail Cash Buyer
Let’s assume that all is well, and that there is nothing about the potential buyer who wants to pay in cash that should alarm you. What you should now look into is if the likely buyer wants a special cash arrangement with you.
A common example of this is if they condition the sale with that of the sale of their own property or vacant land. For instance, the cash buyer will propose that you will get cash for the sale of your vacant land to them, but only when they get the cash for the sale of their own vacant lands or property.
We don’t need to belabor on how potentially stressful and complicated this arrangement can be. So unless you know the buyer yourself, make sure that his or her cash is on hand and that the exchange for this is instant and not under some complex contract arrangement.
Selling Vacant Land To A Land Investor
Often, online land buyers just wholesale your land to an end buyer. At Selling Land Fast, we close on your vacant land ourselves. This means we have the cash on hand to close on the date you choose. We also have our own local title company or attorney depending on which state your vacant land is located.
We’ve created a different process that allows you to sell land fast with no hassles. If you’re looking for a land buyer for your vacant land, we may be a good fit– fill out the form at the bottom of this page, or give us a call. (346) 207-1246
Any Tips on How to Market Vacant Land?
Marketing is a special subject that deserves its own dedicated section. This doesn’t prevent us from giving some tips, though, so here they are:
- Use technology: Use high-quality cameras, drones, and other visual technology to create photos to better show your land to potential buyers.
- Highlight noteworthy features and facts: Include in your signs or listings important information, like the total number of acres or any special properties the land may have.
- Open the land for visits: Similar to an open house, allow prospective buyers to visit your land with you or your agent.
- Maximize the exposure of the land: Get your land to as many reputable listing websites as you can.
- All about pricing: Don’t overprice your land. This is the first thing that potential buyers look at when looking to buy land, so whatever pricing you plan to set for your vacant land, make sure that it’s justified.
What is the Best Advice To Have About How to Make Money on Vacant Land?
One word: research.
It’s no secret that to make more money in the land market, you have to know the market. And to do this, you have to do your homework.
This is especially true for vacant land owners. To sell vacant land properly without the help of real estate agents, a landowner must learn all that he or she can about the vacant land’s market and properties, as well as the profile of its target land buyers. This includes knowing the best and right price for your land listing, and other essential information for sellers that would attract potential buyers.
Alternatively, we can also argue that getting a broker can also end up helping you make more for the sale of your vacant land. Think of it this way: if you pay someone to do the work for you, you’re free to use your time on other things.
Although you may end up with something that isn’t tangible, these benefits are still measurable. You may well end up having made more money in that period than if you did all the work yourself.
Final Thoughts
Vacant land is more than just a place for you to plant wildflowers or take photos of or build on. It is a location that holds a story; maybe family history but also value. By getting through this piece and learning about how to sell your vacant land, you can decide whether it’s time to sell your vacant land or not.
We hope you find the information we provided you to be both useful and valuable. We are glad to help you take that first step.
Don’t forget to reach out if you have more questions! We are happy to discuss your vacant land and, if we’re a good fit, make you an offer for your land. (346) 207-1246