The fact that you own a piece of land does not mean you need to rush into putting it up for sale. If you are a real estate professional, your wealth of experience might allow you to get away with this. However, if you do not operate within the real estate space, you need to make informed decisions and this can only happen if you are armed with information. Below are some important questions you need to ask:
Is Selling a House the Same as Selling Land?
Selling a house is not the same as selling land. Inexperienced landowners often make the mistake of assuming that selling a property and selling land is basically the same thing. They are different and the earlier you acknowledge this difference, the higher your likelihood of avoiding mistakes. We will explore more of these differences as we proceed.
Are House Buyers Different From Land Buyers?
Both a piece of land and a house both belong to the real estate space, the people who buy them are not entirely the same. For instance, the fact that you find someone who is eager to buy a house does not mean the same person would be willing to buy your land. If you hold such expectations, you will most likely be disappointed when you encounter this reality.
You need to understand that both house buyers and land buyers have different needs. Someone who is looking to buy land is most likely looking for an investment opportunity as well as an opportunity that gives him/her the freedom to customise the land acquired to a point where it suits his/her needs. Homebuyers, on the other hand, might just be looking for a property where they can relocate into as soon as possible.
What kind of Sales Technique Works For Selling Land?
You should never forget that land does not have the razzmatazz of a house put up for sale. All you have vacant land that is considered valuable.
Unlike a house that has bathrooms, a kitchen, a living room and all the facade that comes with a house, selling land calls for a different approach. In other words, a potential buyer finds it easier to visualise himself/herself in a house that has already been built compared to an empty piece of land.
How Active is the Land Market?
The land market in Nigeria is an active one; especially with the rising level of awareness that the real estate industry has received in recent times. The online space has played a very significant role in this.
However, as active as the land market is, it isn’t as active as the housing market. Existing homes are far more vibrant than land. If you doubt this, you can commence a marketing campaign for both an existing house and a piece of land at the same time – You will naturally have more potential buyers for the house compared to the land.
How Do You Determine Who Your Buyers Are?
The most efficient way to sell your land is by identifying who your buyers are. The profile of your potential buyer will depend on a number of factors. Such factors include the type of land you are selling, it’s location as well as whether it has been developed or not.
After Identifying Your Buyers, What Follows?
After you have identified your potential buyers, you need to help them see the value in the land. If you can convince them that what you are selling is a valuable asset, then they are more likely to buy.
You can’t just tell your potential buyers that you have land for sale and expect them to buy it. It doesn’t work that way. Rather, you should have information about the schools, developments, facilities and amenities that the neighbourhood where the land is located has to offer. The Neighbourhood Guides contain the kind of information you need to share with potential buyers.
How Do You Prepare Your Land For Sale?
Treat your land like land like fashion wears that you are putting up for sale. You would not display dirty wears and expect potential customers to be attracted to it. The same applies to your land.
First impressions matter a great deal in the real estate space. Keep your land clean, visible and attractive for potential buyers. Hire someone/people to cut down the grass and weed if you have to. The land has to look its best when you are showing it to prospects during the inspection stage. You can even go as far as planting flowers to add some colour to the plain land.
Marking the boundaries of the land is crucial. You will need to carry out a survey to achieve this. The essence of all these is to help the potential buyers see the see the value they stand to acquire by buying your land.
How Do You Determine the Price of the Land?
The pricing of your land goes a long way in determining how attractive it will be to potential buyers. If you price your land too high, you are likely to regret it because you will end up scaring potential buyers off with your high price.
The biggest problem with land that has been priced too high is that it makes it harder to sell it. Before you sell your land, you have to make a clear decision between selling for a high price and selling quicker.
Before you finalise on the pricing, you need to have a good understanding of the value of similar property in the real estate space. You can hire a real estate professional to help with this.
Can You Sell Your Land Online?
If you naturally think you should market your house of potential house buyers then you should also market your land to potential buyers. Online listings have become an integral part of any serious real estate marketing campaign.
To sell your land, you need to make use of all available channels and tools and this includes online platforms; especially a reliable real estate website. Such sites can have as many as 500 distinct units of land listed for sale. This is because landowners trust them to get their land sold.
Final Thoughts on Selling Land
Working with professionals in the real estate space works to your advantage when you have land to sell. Remember that they are experts who understand the market and will share their experience and insights with you. They will also help you set the right price and put a lot of effort into marketing your land to buyers.
If there are active buyers in the neighbourhood where your land is located, you can leverage this by talking to them to know if they are interested in your property.