Real estate covers a lot of territory. Homes, acreage, land and lots all fall under the jurisdiction of a real estate agent.
At Leduc Remax, we have well-crafted strategies for both, and we want our clients to understand how and why the process for selling land and lots differs from standard home sales. Here are some reasons selling land requires a different approach.
A Different Buyer Mentality
Think about the things you look for when buying a home—area, schools, shopping, square footage, layout- the list goes on. Land buyers, developers or individuals shopping for land are looking for an ideal location ready to accommodate their needs. A real estate professional’s job is to connect the requirements of the land buyer with the land or lots on the market.
Tailored Sales Techniques
When potential buyers look at land, they operate with a different mindset than that of a homebuyer. Images are minimally helpful, and Open Houses for land are rare.
Some are searching for a lovely locale for a custom-built home. Developers look for rural land to erect apartments, condos, homes or large manufacturing facilities. Still others only need a parcel of urban or suburban land for homes or a business.
The process really begins when the real estate professional walks the property with the possible buyer. Some things these buyers investigate include:
- Developed vs. undeveloped land
- Location and market conditions
- Available utilities on the property
- Community amenities
Your real estate agent works with you before showing the property to buyers, making sure grass, weeds, garbage and any other unsightly factors are eliminated. They will have photos of the property taken for use in listings and all advertising.
Though it may be just a large expanse of land, think of it as staging a home to make a great first impression. Real estate agents have several methods for presenting a property in the best possible light:
- Photos and videos are designed to have maximum visual appeal
- Photos and videos reflect all the positive features of the property and may extend beyond the property to show its surroundings
- Up-to-date surveys at hand
- Property boundaries are clearly marked
The last important piece of the property puzzle is pricing. Your real estate agent should know the factors for assessing land to help you determine a fair price. This knowledge will help get your land or lot sold in a reasonable amount of time:
- Physical qualities of the property- size, location, topography, utilities, public transportation, noise levels, neighboring land use, convenience to shopping, gas and other amenities
- Societal circumstances- law and order, population, growth or decline of area
- Governmental criteria- planning, permits, building laws, zoning and taxes
- Economic factors- availability of land, emerging construction, income levels
For you, the seller, there is one more important truth you need to know about land and lot sales.
A Less-Active Market
Compared to homebuyers, far fewer individuals and developers are in the market for vacant land. Even though your real estate agent has done their homework, patience is definitely required.
For more information on selling land and lots in the Leduc area, contact the Leduc Remax office to land the best real estate respresentation in the business.