In this article, we will give you the top mistakes that people tend to make when selling vacant land. If you avoid the mistakes listed below, you’re sure to turn a profit no matter how much land you’re selling.
Let’s jump right into it.
1. Not Having A Good Listing
There are times when potential buyers are scrolling through listings, and they come across one that appears promising, and then they read the listing pitch. The listing pitch tells them everything that they see in the photos without adding any extra flair to the listing.
This is something you want to avoid because posting a listing that doesn’t spark the buyer’s interest will have them scrolling past your for sale property quicker than you posted it. Take the time to put effort into your listing because it’s the first impression that buyers will get when it comes to your property.
2. Hire A Non-Professional
We recommend hiring a professional because they will have the knowledge and experience that you need to ensure that your vacant lot gets sold. They will help you decide what the value is of your land and what price you should ask for when putting it on the market.
They will also be the spokesperson and be directly in contact with people that want to purchase the land. They’ll take the potential buyer on tour an upsell all of the best parts that the land has to offer to the buyer.
3. Selling At The Wrong Time
The real estate business can be lucrative if you’re entering it at the right time. The downside to real estate is that it can be increasingly unpredictable, and this is why you must study the buying market before putting your land up for sale.
If you’re in an area where homes and lots tend to stay on the market for long periods before being sold, you may be in for a long haul. However, your real estate agent will help you identify the peak times and seasons when people are actively searching for land to purchase for themselves and their families.
4. Be Rigid On The Price
Once you’ve received an evaluation of your land value, it’s recommended that you set your price and be somewhat flexible. If your land is worth it, the right buyer will present you with the best offer. However, if you insist on pricing the land at a high point, you may find yourself in a negotiation where the buyer eventually backs out.
You want to ensure that the prices enable you to make money with a little room to negotiate.
5. Not Maintaining The Yard
For some buyers, the first thing that they will do before requesting a tour of the property is to simply drive by it themselves. If they drive past the property and the yard is overgrown and unkept, they will likely never request that tour.
Before finding land buyers with your listing, you need to ensure that the land is regularly maintained until it’s been purchased. This will give potential buyers a blank landscape to imagine all of the things they can do without thinking that their first chore will be to mow the lawn.
People like the idea of moving in when they want to without having to do a lot of work beforehand.
6. Lying On The Listing
As mentioned earlier, your real estate agent will likely focus on your land’s positive aspect to help you sell it quickly. And while this is okay, you never want to tell the buyer lies to get them to make the purchase.
If there is something detrimentally wrong with the land that you’re selling, it would be appreciated by the buyer if you gave them a clue about what their in for. This could mean warning them about the stream that’s nearby and could cause structural damage to the home they plan to build if it’s not built correctly.
Or it could be warning them that the land is uneven. Whatever the issue with the property, maybe ensure that you’ve been truthful with the buyers about it or risk running into problems later on if they choose to pursue legal action against you for not telling the truth.
7. Unqualified Buyers
On your listing, it should show that buyers need to be pre-qualified before requesting a tour. This is like providing you with a statement that says that they have the funds or loan in place to be able to purchase the land if all goes well. If your agent shows the property to unqualified buyers, you could risk never selling the land.
Qualified buyers provide you with a report of their credit score, potential down payment, and how much they can afford to pay in monthly installments. Not saying that an unqualified buyer can’t provide the same information, but trust us, prequalified buyers are the way to go.
8. Accepting Only One Form Of Payment
Everyone is entitled to accepting the form of payment that they are most comfortable with. However, if you only accept one type of payment, this may narrow down the available buyers you choose from because not everyone can afford to make a cash offer.
Instead, be open to various forms of payment because there are times when being open to other avenues will help you receive your money quicker than you could have expected. Various payments can help to lower the taxes taken out of the sale.