The Copeland Covered Bridge, Edinburg, NY
There are plenty of tips for getting a building to sell more quickly. Offer open houses, tours, get the best pictures and show the property in move-in condition. But what about selling vacant property?
There aren’t nearly as many buyers who are interested in vacant land, and the process can be a much longer one in today’s market.
With that in mind, here are a few key pointers to remember when selling vacant land.
1. Remain Patient
Selling vacant land can take far longer than selling a house or a commercial building. Sellers need to remember that even as some buildings can stay on the market for years at this point in our economy, vacant land can be even trickier to find the right buyers. Therefore…
2. Understand the Potential Buyer.
Get inside the mind of who you think is most likely to be interested in the property, and make sure to know all of the questions they are likely to ask before you meet with them. Have all of the answers outlined. For example, if the land is in a growing suburb, have information about school districts for home builders. If the land is in an area for further development, have information about the local government, zoning information, and utilities. When you think you know who your buyer might be,
3. Have the Land Ready to Show.
Yes, it is true that vacant land does not offer the opportunity for open houses or tours, but make sure the property is well maintained, has clear signage showing that it is available for purchase, and consider the value of showing the property boundaries clearly for the potential buyer. Give as much data about the investment for them to consider as possible, and be ready to also consider
4. Pricing and Financing Bartering.
Pricing vacant land reasonably can be a challenge, as there are not nearly as many comparisons available as there would be for a structure. While you might have time to wait for a buyer to be able to meet your requested price, finding a buyer in a shorter period could come down to needing to price the lot differently or to offer financing options for the buyer. Finding loan opportunities for vacant land can be a challenge to many potential buyers, so having the flexibility to offer an owner-financing option could bring new buyers to the table.