Selling land has, time and time again, proven to be a difficult endeavor. This is especially true for first-time sellers! The principles and best practices of selling a parcel of land are very different from that of selling a house, considering that the market demands and consumer behaviors are unique.
But it’s not impossible to successfully sell land — as long as you are equipped with the right knowledge regarding the process and best steps to take. Otherwise, you run the risk of your property sitting in the market for too long, depreciating in value and decreasing the chances of it being sold over time.
To help you sell your land with ease and make the most out of your efforts, here are 6 common mistakes you should avoid.
1. Not taking stunning and high-quality photos and videos
With the advent of technology, your potential buyers are now utilizing the Internet to look for land to purchase. So their only basis is what they see in your listing, i.e. your land description and photos. First impressions matter, so the media that you attach to your listing should be captivating and attractive. Otherwise, potential buyers won’t bother to take a second look at your property.
Make sure that you’re showcasing your parcel of land in the best light! While admittedly a challenge compared to selling a house that has furniture and amenities, there are several things about the vacant lot you can flaunt. Display the elegant surroundings, the lush greenery, the ocean or lake view, etc. These are things that can set your land apart from others in the market.
Also, taking photos on your mobile phone might not be enough to help your listing stand out in an overcrowded marketplace. Consider hiring a professional photographer or investing in professional drone videos, 3D virtual tours, etc. to boost your listing’s competitive edge.
2. Absence or lack of information or wrong details
Online land listing sites offer convenience to sellers like you and potential buyers as well. With that, people going through land listings want everything to be available and easily accessible. If your listing doesn’t have the information people need to make their decision, the chances of them going through the hassle of inquiring about the property are slim.
As much as possible, you want to provide them with everything they need to make their decision about buying your property the moment they come across your listing. Be diligent in adding pertinent information to supplement your photos and make sure that your descriptions are free of typos, grammatical errors, or misleading details.
3. Leaving the property unmaintained
While essentially, your land is vacant and empty, it doesn’t mean that you should just neglect it. Even the smallest maintenance efforts can go a long way in making your parcel of land look more attractive to potential buyers. So take the small but proactive steps of cleaning up the property, getting rid of debris or garbage, and mowing the grass.
Also, make sure that you don’t leave out any maintenance or utility details in your listing description. If applicable, add information about electricity, septic, and water supplies or utility companies that service and manage the land.
While it’s tempting to set a high price for your parcel of land to ensure that you get the most out of your sale, overpricing will get you nowhere. Potential buyers, regardless of their social class, are always going to be after fair pricing. After all, they want to make sure the property will be worth their investment as well!
Your pricing should be based on the current market value of similar land in the area and not what you or your family think it should be. Be diligent in looking for comparables and crunching the numbers to come up with a fair price for your parcel of land.
5. Having the “list it then leave it” attitude
Sure, the presence of online listing sites may make it a world easier to post your listing and sell your land. But ensuring a successful sale is not just about posting your property online. One of the biggest mistakes land sellers make is having the “list it then leave it” attitude, where they think the work is done once they’ve published their property listing.
That shouldn’t be the case. After posting your listing, you want to take the necessary steps to ensure that it doesn’t go stale. New listings are more likely to get high traffic, so if your property has been sitting there for 2 weeks without any inquiries or offers, there’s a chance you missed something important.
Go back to your listing every now and then and make improvements to it. Check if you have nailed every single aspect of a good listing, which includes:
- Having high-quality photos
- Adding complete and correct information
- Showcasing the property in its best light
- Avoiding an excessive asking price, etc.
6. Hiring the wrong real estate agent
Real estate agents have their own sets of strengths and weaknesses. While someone may be an expert in selling homes, they may not fare well when it comes to selling vacant land. So you have to make the right decisions when it comes to hiring an agent.
It is recommended, though, that you engage direct buyers instead of taking in a middle man. This not only increases your chances of making a sale quickly but also helps you avoid the added costs of commissions.
Slate Land Buyers is interested in buying your vacant land directly from you. Tell us about your property and we’ll make you an all-cash offer within 72 hours. Get started today!