Do you own land that you don’t have any use for? Are you looking to sell it and use the profit for a business? Then you need to learn the basics of selling land.
Interestingly, selling land during the pandemic is not as easy compared to a few years back. Most land brokers say that the current situation affected land sales negatively. With the present real estate landscape, you need to avoid common land selling mistakes.
Continue reading below for seven common mistakes to avoid at all costs.
1. Not Having Enough Market Knowledge
A common mistake when selling land is not having enough knowledge about the market. This means not gathering the latest information about the local real estate scene.
As a seller, you want to make the most out of your property. Thus, you need to understand the current market conditions that affect your land.
Is the local market eager to buy land at the moment? Or are sellers having a hard time disposing of their property? You need to find the answers before putting up that “for sale” signage and putting up your listing.
Speaking of your land listing, avoid the mistake of not proofreading. You want to make sure that every detail in your listing is true and accurate. One typo error that may seem harmless at first may cause a lot of delays and hassle down the road.
2. Using Bad Photos
Whether it’s recreational land, residential land, or farmland, you need to market it the right way. Presentation is the key to market your land effectively. Keep in mind that there is no beautiful house that comes with your land.
Thus, avoid using bad photos when marketing your property. Instead, you want to use a good camera for taking photos of your property. Sure, you can use your mobile phone as long as the photos are in high-definition.
When buyers see the pictures in your land listing as fuzzy, they will likely move on to the next seller. Ideally, it is best to hire a photographer with experience in real estate photography. You can expect the photographer to take shots from different angles.
3. Hiring the Wrong Agent
Hiring the wrong agent is a common yet crucial mistake you cannot afford to make. You need to hire a professional agent who knows the ins and outs of the local real estate market. This is crucial since you want someone who can give you accurate information and advice.
Also, don’t fall for the sweet-talker. Instead, you want someone who can provide strong marketing ideas. You want someone who can impart knowledge on how to sell land the right way.
Another related mistake is hiring an agent who specializes in homes instead of land. Though both lands and houses belong to the real estate umbrella, they differ in dynamics. You want someone who has extensive experience in selling lands.
Moreover, avoid unresponsive agents. You want someone who can provide immediate responses to buyer inquiries. Keep in mind that buyers want to get knowledge about your property ASAP. Thus, you cannot afford to hire an agent who responds after a day or two.
An agent who is rarely available is one of the key characteristics of a bad agent.
4. Selling at the Wrong Time
Before you put your land up for sale and include it on the top land listings, make sure you are selling at the right time. Selling property at the wrong time can mean losing money.
Letting go of your land in a bad market equates to not getting the best value out of your property. Thus, check the current market trend before selling your land. The problem with real estate is that it can be erratic at times.
With its unpredictability, the prices of land can go down for or up, depending on key factors. Also, there are areas where real estate takes a long time before they find respective buyers.
The key is to find an agent who can guide you toward the best time to sell. A reputable agent should know the peak seasons when people are hunting for vacant lands.
5. Poor Upkeep
Selling vacant land with nothing to show requires regular maintenance. Do not commit the mistake of leaving your land as is. Avoid the error of attending to it only when you want to.
Some buyers choose to drive by properties before connecting with the owners. This will help them envision the plans they may have once they secure the property.
However, having overgrown grass and shrubs will not reflect well on your property. It may even turn off some buyers who do not want to wait until you get to mow the land.
6. Not Offering Payment Options
Having limited payment options is another mistake you need to stay away from. Though you have the right to pick the mode of payment, offering only one form to buyers may backfire.
If you’re only accepting cash payments, you’re limiting the buyers who may want to purchase your property. What you want is to offer different payment terms to widen your market. Also, offering multiple payment options can help reduce the taxes from the sale.
7. Selling Land with Incorrect Pricing
Last but not least, don’t be lazy when it comes to pricing your land. One of the biggest mistakes people make is pricing their property incorrectly. If nobody is inquiring about your property, it could be a case of overpricing.
What you want is to research similar properties in your area. Find out how much similar lands cost. It is also wise to get an evaluation of your land.
Let’s Sell Your Land, Today!
You can sell your land faster by avoiding these common mistakes. You will find the right buyer and get the best value from your property. However, selling land is not all about avoiding key mistakes.
If you’re searching for an agent you can trust, then you came to the right place. Our team of realtors carries decades of experience in buying and selling land. Get in touch, and let’s start selling your land today!