Land is Beautiful! But….
Land is not a liquid investment
When you need to pull your cash out of a piece of property, you find that selling vacant land is not easy. It seems to get even harder when you have to sell the land fast.
It is not easy to get your cash out of the land. How do you sell it fast?
How To Sell Land Fast – 4 Tips
Tip 1: Adjust Your Price
Adjusting the price you ask for your land is by far the most effective tool to sell land quickly. You can increase the desirability of your property by simply reducing your price. think about how people will stand in lines and act crazy on black Friday (my home state of Kansas is one of the worst sigh…)
#1 Price correctly – Make sure you know what land is currently selling for in the area of your parcel. Don’t base your asking price on what you paid for the property, or what you feel it should be worth. #1 rule for all real estate >> property is only worth what someone is willing to pay for it. so, here is your pro tip… check to see what other properties have sold for. Look for properties very near yours (same subdivision, or county if a larger parcel). Try to look at properties in the last 12 months (6 months is more ideal… but there are often not as many land comparable sales to go on). Bonus Pro Tip… do this before you list the property. If you over price your property when you list it, it can hurt your ability to sell. The longer a property sits on the market, the harder it is to sell it.
#2: Reduce the Price When You Need To – Consider discounting your property to help it sell faster. Not only do you need to know what properties have sold for, you need to know how much other similar properties are being sold for. Then… price your parcel under theirs.
How much should you reduce the price? <<
Great question and not so easy to answer. Price is an art. You don’t want to leave money on the table, but you still want to motivate sellers. here are some things to consider:
- If all properties are exactly the same… being the cheapest is huge
- The faster you need to sell, the more you should consider discounting your asking price. Think about how stores get rid of product that they want to clear off the shelf. They will have a sale, and the will let everyone know about it (see more about this in the next few points). As you pull down the price lever… desirability will increase.
- How Desirable is the property? You may not have to discount the price as much if it is desirable… maybe just discount it enough for it to stand out among the other sellers. If your property is remote or properties are not selling near by, then you may have to cut the price significantly to make it a desirable property because of the price.
Price alone is not enough… Make sure you do the following 3 tips, or a super low price could look like you may be trying to sell a toxic waste dump. You need to work all 4 levers:
Tip 2: Take Great Pictures
A picture is worth a thousand words, and bad pictures will kill your listing
A few things to consider:
- Shoot video if you can… it is nice to have a video to help get the feel for what a property is like
- Take pictures on a clear sunny day
- Shoot in the morning or late afternoon for nice lighting
- Try to capture the feeling of the property and not just the features. These are your ‘wow’ pictures. Use the feeling images as your main image… then…
- Include photos to show the features:)
- Delete blurry or hard to see images. If you are squinting at them, then your buyer will ignore them.
- Include pictures from the area if there are key attractions such as a close by park
- Take a lot of photos and use the best. With digital photography… it is a shame to not take tons of pictures. Better than having to go back out because you did not like the pictures you got. It takes a lot of practice to be a great photographer, but if you take enough pictures, you increase the chance you will will get a few that are attractive.
Tip 3: Sell The Features
The way you write up your listing will be the next key tool. Be different and imagine what the buyer would like about your property. Write a story that paints the picture of your property so that they can feel being there before they go look at it. What attracted you to the property? This can be hard if you inherited the place. Do what you can and use your other tools to increase desirability.
Don’t just list the facts. Listing facts is the easy way… or the lazy, I don’t want to sell my property very bad way. Yes, include the information. it is important. But you have to paint the picture first.
Tip 4: Post it Everywhere
Land is notorious for being hard to sell because there are not as many buyers. Land buyers are also very picky. They will buy only the kind of land that they want. So, you need to find that perfect buyer for the kind of property you have. You will want to list this property (after doing tips 1, 2 3) in every location you can find. Listing with an agent is great because you can get it out on MLS… but there is a speed thing that we’ve talked about in other posts. Get it out there so you get more eyeballs looking at it.
Land is Beautiful! But…. Land is not a liquid investment.
I hope these 4 tips on how to sell land fast were helpful. We love land and we love to help people with land. If you just want to sell your land and these steps are not something you want to do, we would be glad to review your property to see if it meets our buying criteria. Complete the 2-step form and we will get back to you as quick as we can.