Placing your home on the housing market and getting it sold can be tricky to say the least. Selling a lot or other plot of land however can be even more of a challenge no matter how strong the market is. If you own land that you are interested in selling and you lack the necessary marketing skills to be successful, the knowledgeable experts at Central Texas Auction and Realty have some tips to help you sell your land along with helping you to determine the differences between selling a lot and selling your home.
Difference Between a Lot & Land
The terms “lot” and “land” are sometimes used interchangeably but there are distinct differences. Firstly, all lots can be considered land but not all pieces of land can be considered lots. A lot is a property ready for building a house. It usually has all the utilities readily available, including water, electricity, gas, sewer, telephone, etc. And if utilities are not on the site yet, they are not so far away. Land on the other hand is property without habitable structures. Raw land in particular is a piece of property that is not yet ready for building.
Why is the Land Market Different to Selling a Home?
The average layperson assumes that the market for selling lots and other land is the same as selling a residential home. The truth is that they are vastly different.
Land buyers and home buyers have different agendas: Both sets of buyers have very different perspectives when it comes to purchasing, for example most home buyers are looking for an existing property that is move-in-ready. Land and lot buyers on the other hand, are looking for the right location to build a custom home or depending on the zoning, a commercial business to their exact specifications.
Selling land requires a very different sales approach: When you consider selling a home, you are showcasing something tangible that your buyers can see and feel and fall in love with to help you make the sale. Selling land however requires a lot of imagination to help pave the way for the buyer.
The market for buying lots or land is not as active as selling a preexisting home: The reality is that there will always be more buyers looking for a preexisting home than buyers in the market to purchase land. Selling a lot typically takes longer than selling a home; you just have to be patient.
How to Successfully Sell Your Vacant Lot or Other Land
– Remember land sells every day. The golden rule to selling a lot or other land is: don’t become discouraged. While comparing the sale of homes with just land may not inspire quite the level of excitement you were hoping for, the truth is that land is successfully sold across the nation every day.
– Ensure land is ready for viewing. Keep in mind that the basic premise for selling a home is the same when selling a lot or other land and just like a home, you need to tailor the sale of the land that you are selling by making sure your land is ready for viewing. First impressions go a long way in real estate so you should ensure that your lot is shown to its best advantage by ensuring that any trash is removed, the grass is mowed and the bushes are trimmed. Many landowners opt to plant wildflowers to make the land look as appealing as possible. Think of it staging your home for sale, only you are working the land rather than a finished product.
– Market land directly to buyers. Make the most of your resources by marketing your land directly to your buyers. Consider using Central Texas Auction Services to get your land the most exposure and target people who are interested in purchasing a land lot. Working with the highly skilled real estate experts at Central Texas Auction and Realty will ensure that you understand the current buyer market while arranging to auction your land at a price that meets or exceeds the existing market value.