Created on Thursday, December 03, 2015
Updated on Monday, February 26, 2018
by Land Century
Let's take a look at the best ways to sell your land.
Can You Sell Land Through Your Local Agent?
Your local real estate agent will be more than happy to help you sell your land. In fact, many of these agents will actually buy land from clients and sell it on their own, or use it as an investment product.
When youre selling land through a local agent, youll have the opportunity to:
- Advertise on some of the most popular real estate portals.
- Sell your land quickly.
- Have a hands-off approach when selling your land.
The one drawback of selling your land through a local agent is that youll have to pay a commission. But this commission is negligible considering the fact that your property will be advertised immensely, and all of the legal intricacies of selling your property will be handled by your agent.
How to Advertise Land Online
Several online portals will allow you to sell your land on their site. This is essentially advertising your land online. A few tips to do this are:
- Take several pictures of the property.
- Ensure that you list all of the dimensions of the property.
- Note any special features of the property, such as a lake or a structure present.
- Make note of utilities availability and road access.
Advertising online requires that you research the portal that your advertising through and that youre as descriptive as possible. Youll also need to be the contact person so that you can answer any questions about the land. You may even have to show the land to potential buyers.
Note that you will have to pay a monthly premium for advertising in most cases. I would also like to mention that selling your land through classifieds using your local paper may be a smart option for you. This allows you to have a local outlet to sell your land, and youll find many locals that are just willing to buy land.
Sell Your Land to Friends
Selling your land to your friends, or friends of friends is a smart idea. This will allow you to have an immediate network where you can potentially sell future land, or help somebody that you know acquire property. A few of the ways that you can promote to friends are:
If youre dead set on selling land to someone that you know, you can even set up a Facebook ad campaign wherein you advertise only to local people, or friends. This is money well spent when you want your land to remain in the hands of somebody local.
A few quick notes when selling land to friends are:
- Ensure that all legal documents are present.
- Remain strict with payments, and require a full payment when possible.
A major issue that we see when people try to sell property to their friends is that theyll cut breaks for their friends. Perhaps their friend doesnt have the money, so theyll allow for later payment while transferring the property to their friend. Always ensure that you are engaging in a business deal that is within your best interests. If your friend does not have the money to buy the land, have a contract written up with payment details and guidelines. Never trust someone blindly - this is a business deal and should be treated as one despite your friendship.
Land or Real Estate Auctions
You may find auctions are optimal if you have a massive lot of land. These are properties that are prime properties, and many of them fetch hundreds of thousands to millions of dollars. Through an auction, you do not have the guarantee that the land will sell. But there is one benefit that I must discuss - the buyer pays the commission.
One thing that many landowners dont know about land auctions is that the buyer, in the majority of cases, will be paying the commission at an auction. These commissions can be as much as 5%, which would otherwise be provided by the seller and not the buyer under a normal real estate transaction.
Cash for Land Deals and Websites
Cash for land deals and websites are one of my favorite options to sell land. Why? These sites cater to land specifically, so youll be targeting an audience that wants to buy land. When selling land for cash, youll have the benefit of:
- Selling land quickly
- Removing yourself of any land liabilities
- The enjoyment of fewer hassles when selling land
- Immediate cash infusion
In truth, having cash given to you for your land immediately is the optimal solution. You dont have the headache of worrying about payments not being sent, and you dont have the responsibility of paying taxes or maintaining the land any longer.
When advertising on these websites, youll also find that land is sold very quickly because these are niche websites where the visitors are comprised of people that are looking specifically for land not general real estate.
Talk to Your Neighbors
One of the most overlooked opportunities when selling land is discussing the option to buy your land with your neighbors. Many people are looking to expand their property holdings, and your neighbors may have been eyeing your property for years.
A farmer may want to expand his or her land, and your 3-acre lot is perfect for grazing. If you have land that is in a residential area, your neighbor may want the opportunity to have a bigger property and will buy your land for premium since it is adjacent to their land. And these are people you probably know and trust, which makes the entire sales process more pleasant.
Even putting a for sale by owner sign on your property will have many potential buyers coming to your property wanting to buy.