Selling a piece of land can be overwhelming. It requires more savvy marketing and strategy than selling a home, which benefits from an appealing building and beautiful landscaping. For this reason, some people opt to sell the land on their own, while others go through real estate companies. So, which is the best option, you ask? This article discusses hiring a real estate agent and how to sell land by owner. In the end, you will have a clear picture of how to maneuver both options.
How to Sell Land by Owner
If you plan to sell your land on your own, here are top-notch tips to consider before listing the property for sale. They will make the process a breeze and successful. Let’s delve right in.
Prepare the Paperwork
Before listing or engaging potential buyers, ensure you have the requisite documents. For instance, you should have legal records or paperwork detailing the annual taxes paid for the property. Preparing the paperwork helps avoid unnecessary delays when closing the deal. The potential buyer might walk away, meaning you’ll go through the process of finding a new buyer all over again.
Get a Land Valuation
When selling a property, one of the most perplexing decisions is deciding the actual value. You don’t want to sell cheaply or too high to scare away potential buyers. Luckily, hire an appraiser to get a reliable estimate of your land’s value. A qualified appraiser understands the various metrics to help arrive at an accurate value. For instance, they consider nearby land prices to set a fair price for your property.
Understand the Land Market
What is your target market? Understanding the typical land purchaser while marketing your land is critical. To be precise, seek to understand their preferences. This will help you with conducting the necessary research and target potential buyers. In addition, you’ll have ready answers to their questions, enabling you to gain their trust. Ultimately, you’ll likely close the deal from the first potential inquiries.
Make the Land Appealing
The first impression is the key to appealing to your potential buyers. Clear all the bushes and dead trees on your land. If feasible, decorate the land with plants and wildflowers to make it look more attractive.
Decide on whether or not you will provide owner financing, which enables the buyer to pay you in smaller, monthly installments (plus interest) rather than obtaining a sizable loan from the bank. Many people prefer owner financing to avoid the stressful mortgage application procedure.
Selling Your Land Using a Real Estate Agent
Alternatively, you can sell your land through a real estate agent. The experts come with a wealth of experience. They offer informed advice on the complex land-selling processes you’re probably unfamiliar with and guarantee a successful transaction.
An ideal agency should guarantee you the following outcomes when selling your home.
- Get you the greatest rate.
- Enlighten you about every offer they receive through the transaction process.
- Inform you about any potential buyers who might be interested in the agent’s related services.
- Inform you of any personal interests they may have in the property. For instance, if they or a relative are interested in purchasing the property, they might not urge other bidders to do so.
A real estate agent will charge you to sell the land. Mostly, their charges are in the form of commissions. This means you pay a certain percentage of the total value of your land. Before hiring an estate agent, they must provide you with a written estimate of their fees to avoid overcharging after closing the sale. Better still, understand how to sell land by the owner and go independently. The goal is to close the deal, isn’t it?