Selling land isn’t as simple as hanging a “For Sale” sign and waiting for the calls to come rolling in. There are many complexities involved in the process, including zoning laws, property taxes, and transferring ownership to new buyers. It’s important to understand these intricacies in order to maximize the sale of your land and ensure that the transaction is completed smoothly.
The most common reason to sell a piece of land is to earn an extra income or to cover expenses for maintaining the rest of a property. Other reasons include passing on an inheritance to a family member or using the land for a specific purpose like agriculture, hunting, or building a home. In most cases, land isn’t used for any major commercial endeavors so its marketability largely depends on what it’s best suited for.
When trying to sell a piece of land, it’s important to identify its highest and best use and then find the right buyer for it. If the land is in a developed neighborhood, it will likely be easier to sell as buyers can imagine themselves living there. Land that’s suited for commercial businesses, on the other hand, may require more creative marketing in order to reach potential buyers.
Another important factor in selling land is determining the price. Conducting a comparative market analysis is an excellent way to get an accurate idea of what the property is worth. Keep in mind that land sales are less common than residential real estate transactions, so it’s important to take your time and do the research necessary to determine a competitive asking price.
Once the price is set, it’s important to create and distribute marketing materials that are detailed and professional. A topographical survey, a water or soil report, renderings, and a site plan are all great ways to showcase the property’s potential for buyers. It’s also important to make the land accessible for buyers to see. It’s a great idea to hire someone with experience in real estate to help you sell your land and handle the entire selling process.
The final step in the process is ensuring that all legal requirements are met before you can sell your land. Zoning, environmental inspections, and permits are just a few of the things that will need to be addressed before a sale can be finalized. Once these conditions are met, the seller is ready to pass the land onto the new owners.
Lastly, it’s a good idea to think about whether or not you will be offering seller financing. If you’re willing to provide financing, it could potentially speed up the process and attract more buyers.
If you’re ready to sell your land, reach out to James Bigley Ranches for more information on the process and how to make it happen! We have a wealth of experience in land acquisition, management and sales and are well-equipped to assist you with your next transaction. Contact us today to learn more about our services and to speak with a representative.