COVID-19 negatively impacted real estate. However, market activity has continued and users are searching for answers on how to sell undeveloped land today.
Selling a house in today’s challenging real estate market can be quite a challenge. Selling undeveloped land can be an even greater challenge. Sellers are still suffering from the general lack of activity in the market as they try to find how to sell undeveloped land.
You can sell undeveloped land through a few simple steps. This includes understanding the buyers interested in your property, marketing your property on real estate sites, taking the right images, getting in touch with neighboring property owners & working with experienced pros.
With pre-constructed homes, you can remodel the property, take buyers across a home tour, make changes to the design and do a lot more to it, but you don’t have a similar luxury with undeveloped land. Buyers can’t visualize themselves inside the property, causing a lasting disconnect between the two. This is where our advice will prove handy.
We went through several real estate blogs and studied listings for undeveloped land to find common factors. These factors can be applied across lots and empty spaces of land in general as well. We also have prior experience advising numerous other sellers like you and can give you lasting solutions for the future.
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Steps to Take for Selling Undeveloped Land
While we did mention the differences between selling land and homes, you should learn how to tailor your tools, strategy and focus accordingly. We now look at some of the steps and tips you can follow to sell undeveloped land in a fail-free manner.
Understand the Buyer and Tell Them What They Need to Know
Just as you would do when selling your home, you should study the buyer for your undeveloped land and look to find out all they need to know about a property.
When you’re selling a constructed property, your ideal buyer would be someone who has a pre-set price range in mind, looking to move into your property. However, if you are selling undeveloped land or property to someone, you would want to know their motives behind buying the property.
Your buyer profile is heavily defined by the property you are selling, the location it is in and the general market conditions. Is your buyer looking for a lot? Are they searching for land for their first project? These factors will help determine the persona they have and the ways you can follow to target them.
Once you have identified your ideal buyer type, you should start to think like them. Think of all the techniques you can follow to market to them and achieve a good deal. Have all information pertaining to nearby areas, schools and amenities ready so that you can market the land to buyers effectively. You should also generate some insight from local authorities in the region to find out about sewerage services, the capacity of water and whatnot.
Choose Your Price Bracket Carefully
Pricing plays an important role in determining the success of your selling pursuits and attracting potential buyers for the deal. Pricing your lot or land too high is a mistake you should preferably look to avoid. Most buyers that list the land for too much regret doing so because they are unable to find the right buyers.
Pricing undeveloped land can be a bit tricky because you don’t have a precedent to look forward to. Developed lands within communities have a clear convention that can be followed, but raw land doesn’t have many comparable options.
Consider your own needs from the property while selling the land and consider the buyer requirements in the market. You will ultimately have to choose in between getting a good price and selling the lot urgently. You can sell the land urgently if you keep a low price on it, but you can earn some good money from it if you set an appropriate price and wait for the right buyer to come through.
You can get in contact with a good real estate agent here as well. An agent with real estate expertise can help you in this regard and can help you get a good retail price on the sale.
Offer Financing Options
The lending market for vacant lots and undeveloped land is still pretty difficult for people without the appropriate cash available to them. Buyers will face trouble getting financing from banks and other lending agencies.
However, you can attract a higher number of potential buyers and can increase the general consumer interest shown to your undeveloped land by offering financing options to buyers. However, the financing option should only be offered if you don’t have any urgent expenditure to meet and can offer buyers a feasible payment plan. Do not offer financing if you have a planned expenditure to meet.
Use Online Listings
Online listings can come in very handy if you are looking to sell any kind of real estate property or land. It is fairly obvious that you have to market your home to the appropriate buyers. In line with this, you should have online listings available so that buyers can get in touch with you. When you market your property, you want to get consumer interest. This can only happen if you target the right niche of people looking for lots and lands in the market.
MLS is typically the first listing site to go to and should be in your marketing plan as well. Besides MLS, you can also visit LotNetwork.com, which is specially designed for undeveloped lands and can help you market to the right audience. Make sure you market your land in the best manner possible and use the right verbiage in the message that goes along with the advertisement.
Take the Right Pictures
It can be a tough job to take pictures of undeveloped land because you don’t have the luxury to take visual images of the property. With homes and structures, you can actually take visual images and add them to the marketing site you are using. However, with land, you are limited in what you do.
Make sure that you use visual tools in the advertisement so that the online listing looks compelling and can win potential buyers’ attention. You can even take pictures of the nearby amenities and some of the developed land nearby so that all potential buyers know of the upsides involved with buying the land.
Additionally, you should also add a sign on the property as part of your marketing plan. A standard ‘For Sale’ sign should do, but we recommend you to go beyond just that. You can also tell a story with a custom sign that can fit the purpose you are looking to establish with the property. The ‘For Sale’ sign should also list a number that can lead people to the right point of contact.
Get in Touch with Your Neighbors
Some focused marketing strategies can come to your rescue as well when you are looking to sell undeveloped land. When selling a home, you probably wouldn’t go to your next-door neighbor and ask whether they want to expand their current place, but you do have this option when you are looking to sell your undeveloped land. You can always approach the owner of the land next to yours and find out whether they would want to expand your land as a buffer to what they already own.
Get in touch with your neighbor and learn whether they would want to be in more control of their land and add to it. You can also get in touch with all active builders in the nearby area and see if they are interested in building something on the piece of land you own. Chances are that you will get an active buyer or two just through these practices.
Work with Pros
Having a real estate professional with knowledge and expertise in selling real estate lots and lands can come in very handy for you. Specialized expertise can really help you in the long run, which is why we recommend you to work with real estate agents who specialize in land sales and lots. The agents will help guide you to the best outcomes and will make sure that you get a good deal.
Selling undeveloped land has unique challenges, which you may not encounter with other real estate structures. We hope these tips can help you in the long run and can give you the sense of urgency and direction you require moving forward.
About THE AUTHOR
Brittany has been in the land business since 2020 when the world was starting to shut down because of COVID-19. Since then, we’ve sold to dozens of people from ATV weekend warriors to camping enthusiasts to retired truck drivers. Our inventory spans mostly in the western United States. We’ve been trained by experience, land acquisition courses, and hundreds of hours meeting with county assessors and clerks, zoning officials, realtors, and land investors. We’ve answered hundreds of questions from people regarding the buying and use of land.Read More About Brittany Melling