Just like any property, selling land or a vacant lot requires a better understanding of the market dynamics. There is a slight difference between existing homes and a vacant lot. In a way, it could be more challenging to find prospective buyers for vacant lots.
This guide will walk you through on how to tailor your strategies when selling your land.
Understanding Prospective Buyers
When selling vacant lots, you need to dig deeper into your target market. You should evaluate their needs and the type of property they need. Are they looking for land that has been developed? Are they planning to use it for residential or commercial? These factors will help you evaluate your buyers.
Once you have taken the key points from your buyers, try to assess their needs and the highlights of your property. Your next move is to determine the selling points that can attract prospective buyers. Have information ready about nearby schools, private hospitals, shopping malls, and other amenities.
For land development plans, make sure you have the zoning information. Get insights from the local authorities regarding the water capacity and sewer system.
Getting the Price Right
The value of land usually depends on size, location, and accessibility, but the pricing can be a bit trickier than existing homes or buildings. Developed lots in communities may have a clearer market value since you can have previous sales as a basis.
In case you are selling raw land, it is best to have an appraisal from property managers or real estate firms. You can also check other lands for sale in the Geelong region. Compare the prices they offer from property listings. This should give you a better idea of pricing the property.
It is also advisable to consult a reputable lawyer. These professionals can help you with the pricing and other legal procedures you need to do. They can even help you find more prospective buyers.
Take Advantage of Online Marketing
Another thing you should consider is to use digital marketing. Today, this has become a powerful tool to sell products and services. Explore your opportunities using different online platforms such as social media, local online listings, and search engine optimisation.
The easiest way to start your marketing campaign is via social media. Other than setting up a new page for your listings, you can simply join real estate and property management groups. This will help you get more qualified leads for your property to sell.
Provide high-quality photos of the land area. Highlight the best-selling points. For example, you can include that it is accessible to schools, hospitals, and other essential areas.
Make a Few Upgrades
Unlike houses, there is no need for significant renovations. However, this does not mean you’re not making some upgrades to make it look more presentable to buyers. One way to entice prospects is to enhance its privacy and security.
The most obvious way to do this is to install fences. Also, make sure the area is always clean.
To sell your property, you need to be creative and resourceful. Develop a marketing plan and start expanding your network.