How To Sell Land
Learning how to sell land is important when you decide to sell your piece of property. Selling land can be tricky if you don't know exactly what you're doing. Follow these steps to get your land listed and sold.
Things you'll need:
- Realtor (optional)
- Proper documentation
- To do it yourself or not. You need to figure out if you want to sell your land yourself or if you want to hire a realtor to do the dirty work for you. Both have drawbacks, but what works for you is what is most important. You have to consider that when you sell the land yourself you will have to be the one entertaining potential buyers. You will have to show the land and negotiate directly with buyers. If you hire a realtor, you pretty much get to sit back and let the work be done for you. Granted, you will have to pay the realtor's fee, but you can let the realtor take care of everything. Weighing the pros and cons of each choice will help you decide what route you want to take.
- Have everything together. You're going to need proof you own the land, such as the deed and title. Make sure you have all important documents together before you list the land for sale. You need to make sure you have the correct acreage so it doesn't get listed incorrectly. You also need to make sure there are no liens on the property before listing it for sale.
Price it right. Depending on whether or not you are looking to liquidate your land quickly, you need to price it accordingly. If you hire a realtor, you realtor can pull up a list of comparables out of the database. You don't want to underprice or overprice your land, so be sure you know what the fair market value is.
- Advertise. If you're hiring a realtor, you shouldn't have any trouble getting plenty of advertising. If you are going to do it yourself, be sure you list the property online to get it seen. Also, put up a brightly colored for sale sign directly on the property, regardless if it's in a high-traffic area.
- Negotiate. Never take the first offer you get. Most buyers expect you to negotiate, so always go higher than you think the buyer is willing to go. You never know what a buyer is thinking and you may be pleasantly surprised.
- If you are thinking of hiring a realtor, it's never a bad idea to shop around. Realtors are usually a dime a dozen, so take the time to find the one that is the right fit for you.
Posted on: Aug. 24, 2010