Selling a property can be a daunting task for many, and that is the main reason why some people ask for help from realtors. But the good thing is, property selling is a much different thing compared to selling a vacant land. Property selling requires you to inspect and appraise the property to better price it right— while selling a patch of land requires you to do less, often only requiring an inspection, so getting help from a realtor is much of an extra opinion rather than guidance as you can sell a vacant land on your own by knowing the rules. Follow these steps below to learn how to sell a vacant land without a realtor:
1. Get to Know the Buyer First
Building rapport with someone requires trust and closeness, and that sense of trust and closeness can only be felt if you dearly know the person. In this business, building rapport is crucial to maintaining a great chance of getting a win-win deal with your potential buyer. To build trust and closeness, you will need to get to know your buyer first. Start off by asking questions like:
- Why are you interested in acquiring this land? Planning on building a house or a commercial establishment?
- What piqued your interest the most in this vacant land?
- Do you have kids that are still studying that needs access to nearby schools and campuses?
- Do you want to be in near proximity to popular tourist attractions?
Asking the simple above mentioned questions can help you understand the needs of the buyers. Since vacant land buyers consider demographics, asking simple questions like the ones above will help you further understand their needs and just generally get to know them better.
2. Try to Avoid Working with Banks and Financial Institutions
From a buyer’s perspective, buying land with the assistance of a bank or a certain financial institution is full of hassle. Since banks typically require a certain standard and requirements to apply for a loan, the buying process becomes full of hassle for the buyer’s end. This inconvenience makes it difficult for both the seller and buyer to come to a win-win situation. These are a few of the many reasons why you should try to avoid working with banks and financial institutions:
- An owner-financed land gives you the freedom to grant a loan to a potential buyer.
- Down payments are negotiable, so this gives your seller the option to pay smaller down payments.
- Processing is much faster with an owner-financed land. Giving you a much easier and seamless process for you to sell vacant land.
3. Prepare the Land for Inspection
Preparing your land for inspection will save you time and will impress and attract your buyers all the more to acquire your vacant land. Here are some tips to help you prepare your land for an inspection:
- Augment your land’s aesthetics. Mow some grass, pick up some dead leaves, and just beautify everything that’s under your patch of land so it becomes attractive and memorable to a potential buyer.
- Keep your land records and information at hand. Photographs, demographics, and pretty much anything that gives information about the land is important. This will help the buyers get that sense of importance you imparted by sharing old records and photographs about the land.
4. Learn the Importance of Education
Selling land is a lifetime event. A person may only do it once or twice in his/her lifetime, so proper preparation and education must be done to ensure a seamless, hassle-free, and win-win selling process with your potential buyer. In lieu of this, here are 3 things to do before you list your vacant land for sale:
- Consult with your accountant. Consulting with your accountant will help you decide what steps to take in order to minimize problems within the deal and offer. Your accountant can also give you steps to take in order to minimize or avoid taxations directly linked to you.
- Secure and prepare important documents. Securing your files and important documents is one of the most crucial things to do when planning on selling a vacant land. Documents like a deed of access must be secured to avoid problems with the value of your land as a lack of deeded access can cut your land value to half.
- Make your land easily accessible. Potential buyers visiting a land property is natural. But nobody wants to buy land that is hard to go to. Clear up the pathways to your vacant land so you can present it to potential buyers much easier.
All in all, selling a vacant land without a realtor is a breeze if you follow the steps above. Aside from added benefits, you can maximize your earnings by skipping the middle-man or the realtor when selling a land property. Good luck with your vacant land selling journey!