Are you looking to sell your land?
Selling land is not only profitable but doing so is also a surefire way to turn a profit immediately. This is because there’s always a need for green space anywhere in the world, especially in urbanized areas and cities like New York.
However, there’s more to selling land than putting a “For Sale” sign on it. While you’re sure to sell it eventually, learning how to sell land the right way will help you sell it sooner. To help you with that, we’ve put together a guide for you below.
Read what’s below to know what you should do to successfully sell land in New York. Make sure you make the sale as soon as possible with these tips for selling land!
Key Facts to Know About Selling Land
Before we get into the meat of selling your land, we should first discuss some key facts about the market. Not understanding these facts is often why most people get frustrated about their land not selling. To avoid future stress and headaches, read what’s below:
Homebuyers Aren’t the Same as Land Buyers
It may come as a surprise, but most sellers expect land buyers to be the same as homebuyers. Homebuyers are often ready to pull the trigger, which means that if they see something they like, they’ll invest in the home almost immediately.
This isn’t a quality that land buyers share. They’re much more considerate of what they need as opposed to what the land offers. Even if the land looks amazing, they won’t buy it right away.
Instead, they’ll take their time to make sure that no other properties have what they’re looking for. This makes it a much more competitive market since even the smallest detail can make another patch of land more desirable for certain people.
You Need to Employ Different Sales Techniques
Because of how different the buyers are in each market, you can’t rely on the same marketing techniques when selling land. When buying a house, people look for something to catch their eye. Something unique enough for them to make them want the house.
When buying land, people want the exact opposite for the most part. Instead of unique features, they’re looking for a blank canvas. They’re buying land because they have a vision for what will be on it, after all.
This means that you must do what you can to keep the land as accommodating as possible. This means that the land you’re selling must check the box of almost everyone who’s looking to buy in the market. Keeping it broad and general will help you find a buyer faster.
The Land Market Is Less Active
As you may have noticed, speed is important when it comes to New York land selling. This is because the market is less active compared to the likes of housing and such. There are a few reasons for this, and it’s mostly because most don’t know which is the right asset for them.
Most people think of whether it’s more profitable for them to buy a property instead of a vacant lot. For the most part, they calculate whether they’ll save or spend more with each purchase.
Even when they’ve finished with their calculations, they”ll then think about the tax implications. This process is often why it takes so long for people to decide whether they want vacant land or not. Most then end up opting for houses because they’ll take less effort in the short-term.
This is also why there are few active land buyers in the market at any given time. These factors put together mean that you’ll likely spend a long time waiting for someone to contact you about your listing. It’s also why you must have extreme patience when selling land.
Now that we’ve gotten these facts out of the way, it’s time to learn how to sell land in New York. The land selling tips below will help you find and engage with buyers faster.
Understand Who Will Find Your Land Attractive
As mentioned above, it’s best to keep your land general in terms of appearance to appeal to most buyers. However, it’s also important to note who your land will appeal to. This means that you must know what your land is all about and what makes it valuable.
You’ll need to work with what you have to sell your land. So, if the land is already developed, then your target market is likely going to be people looking to open commercial businesses.
Having pre-developed land means that they won’t have to do it themselves. This is important for people looking to open a commercial business to cut down on initial expenses.
What about the location of the land? Does it appeal to homeowners? If so, then you may want to entertain people who want to build a home there.
If you see that your land is among the 60% of croppable land in New York, though, then farmers are your target demographic.
These are only a few of the potential outcomes you can produce. All you need to do to start is understand your land and customize the information about it. By doing this, you’ll find the right buyers sooner than expected.
Prepare the Land for Viewing
As with any sale, you must make a good first impression with your land. Make it look good for anyone that’s paying a visit. You may lose potential buyers if you do nothing to prepare your land for viewing.
A good way to do this is by clearing the land of any debris. Rubble and rocks will look off-putting when littered about in the property. Getting rid of them, along with any trash, will make the land look cleaner.
It’s also a good idea to mark the limits of the property. This will give buyers a clear sense of what they have to work with.
Hire Both a Lawyer and a Real Estate Agent
Failing to do this is among the mistakes buyers and sellers do when it comes to land. Both the lawyer and real estate agent will ensure that the selling process goes as smoothly as it can go. Here’s a more detailed breakdown of what they can do for you:
Why Hire a Real Estate Agent
Hiring a real estate agent helps you make the place more sellable. They help you in determining the price of the property before you put it up for listing. They also help your land stay competitive in the market.
Their help is invaluable because you don’t want to scare customers by pricing your land too high. Pricing it too low won’t do you any favors, either. It will only mean that you make much less than what you could have by selling the land.
Taking charge of the pricing allows you to attract more of the right buyers. Budget is, after all, among the first things most buyers consider when buying land.
Real estate agents can also help you market your land. Their experience in the field allows them to know which sides of the land are attractive when advertised. They’ll often manage the photos that they’ll use when putting your land up for sale.
They also help with negotiations with all the buyers that contact you. This way, you’ll have a more organized list of offers from each buyer. This can make it easier for you to choose which buyer to sell your land to.
Why Hire a Lawyer
The lawyer you hire will handle any legal matter involved in selling the land. This includes adhering to the contract made and signed for the sale. They’re also in charge of adding riders to the contract to help with the sale.
Lawyers can also act as witnesses for when the contracts are getting signed. This is to ensure everyone involved is of sound mind upon signing the contract. It will help you avoid all sorts of legal trouble along the line.
Your lawyer will then ensure that the transfer of deeds and titles goes on without a hitch. They’ll also be with you as things come to a close. They’ll let you know about the documents you’ll be signing so you’re not misinformed of anything before settling the sale.
Don’t Forget Online Marketing
While advertisements are often handled by your real estate agent, it’s also a good idea to promote your land yourself. It’s easy to do this nowadays thanks to social media platforms. You’ll be able to list your land for sale on different platforms like Facebook Marketplace and such.
You’ll be able to find people interested in buying your land easier. All you need to do is make sure that you run potential buyers through to your agent before settling anything.
Learn How to Sell Land Today
Learning how to sell land in New York will prove useful for you if you wish to attract a lot of potential buyers. Doing so will only help you as it means you’ll have a lot of offers to choose from. Use the guide above and learn how to sell land today!
Do you need help in selling your land? Contact us here and get in touch with us today! We’ll help you price your land, find the right buyers, and advertise your land to sell!