There are few easier ways to sell land than using the internet. Just about every land buyer wants a chance to compare deals before making a decision.
So, how do you successfully sell land for a profit? The key to selling land is to understand how the market differs from traditional real estate sales.
Check out this guide to selling land for top dollar.
Where to Sell Land?
The easiest place to sell land is online. You’ll find the largest number of potential buyers online compared to any other sales method.
But this doesn’t excuse you from putting out yard signs on your land. In fact, it’s a must for any landowner.
These signs provide markers so that potential buyers can drive by the property on their own. Set up ads on land buying sites and in your local online classifieds.
You might be surprised to learn, however, that many investors shop for land all over the country. Don’t limit your marketing strategy to outreach in your hometown.
The greatest benefit of the internet is being able to connect with people everywhere with just a few keystrokes.
How Do I Post an Ad for Land?
Create an attractive ad that sparks interest in your property. Unlike real estate sales, you don’t have the advantage of staging your property so that it looks more attractive.
In fact, depending on the size of the land parcel you may have never done any maintenance or landscaping on it at all. What you’re selling with your land is an opportunity.
This means the copy is king. The copy is the wording you use in your ad.
Use other land ads to see what successful sellers are saying to buyers. Are they focused on the price? Are they offering bonuses with the sale?
You need to have a grasp on how to communicate with potential buyers to get a conversation going. Just listing the facts of the deal can easily cause your listing to get lost in the thousands of real estate ads posted online
Make sure you enlist the help of a professional photographer if you don’t know how to take great photos. Even though you don’t have a physical property to show, a beautiful photo is more likely to attract visitors than grainy photos of overgrown shrubs.
If you’re selling specific features on your land like a creek, or mountain views, make sure these are photographed so visitors don’t have to guess. The photos in a land ad replace what would be an in-person showing when looking at real estate properties.
Video can also be helpful if you have premium features on your land that can’t be described with words or static images.
Think Like a Buyer
Review your land ad before posting it to make sure you’re putting your best foot forward. Think like a buyer when you read the copy.
What would make someone want to buy this particular piece of raw land? Why did you buy it?
Sell the story that made you buy the land plus any new amenities to the area. Think about whether the cost is entry level for a first-time buyer.
If so, describe the property in a way that appeals to first-timers. Or, will it give developers an option to sell real estate in a hot school district?
These are all good things to know before sending your listing off for the world to see. Describing your land in detail and showing you understand the business and personal opportunities can make or break a deal.
Thinking like a buyer can also put you in the mindset of estimating how much you’d be willing to spend on an asset like yours.
Knowing how to calculate land value is one way to make sure your sales price is reasonable. Look at recent sales of land in the same area.
Make sure you’re comparing land that has the same features and lot size. Some buyers make emotional purchases on land, but often there are basic needs they’ll have that the property has to meet.
For example, if a buyer is hoping to build their dream home, you can’t expect them to pay top dollar if your property doesn’t already have septic and electric services ready to go.
People don’t buy land as often as they buy homes. Don’t even consider the average Days on Market (DOM) as a gauge for how long it’ll take you to sell your property.
Days on Market is a real estate term that refers to the average time it takes to sell a home. Land sellers can take months, maybe years to sell certain properties.
The pool of potential buyers is tiny in comparison to the number of people looking to buy homes. Because it’s not an essential purchase, some buyers take months before reaching out to learn more about the land they’re interested in.
With a wide variety of deals online, they can take their time when shopping while they decide whether or not to move forward. Don’t be discouraged by the slow sales cycle.
Patience wins in the end as long as you keep your listings active and keep an open mind.
When to Sell Land
Unlike selling a home, there is no right time of year to sell land. The best time to sell your land is now.
Since you’re likely in for a long ride, take the time to create a quality listing then start spreading the word about your property.
Enlist the help of friends and family to increase your chances of getting a referral on your deal. For more information and tips, visit our blog for updates.