Many people think that the market dynamics of land and undeveloped lots are the same as that of existing homes because they’re both properties. However, they couldn’t be more wrong because these are two separate entities in the world of real estate. This misunderstanding is the reason why real estate agents have a hard time selling vacant land.
When you understand the difference between these two markets, they’ll be able to sell land faster.
What is the Difference
1. Vacant land Buyers are not the same as Home Buyers
Well, to begin with, the people that buy homes are very different from those that buy vacant land. This means that you cannot use the same techniques to sell to both groups. If you want to sell undeveloped land, you have to target the right audience.
Understand the characteristics of potential buyers in different markets goes a long way. Many real estate agents waste energy and resources targeting uninterested audiences when they could be making major sales.
You need to work with a real estate agency that understands the desires, perspectives and needs of buyers. Whereas home buyers are looking for move-in-ready properties, lot and vacant land buyers are usually real estate developers looking to start projects.
This means, to capture the attention of a land buyer, one has to convince them that the property is in the right location. Real estate developers want to start projects at locales that offer them opportunities for customization.
2. Selling Land Requires a Specific Set of Techniques
The main reason why you’re encouraged to work with experts in the real estate sector is because, different sales require a specific set of skills. Imagine this, when a real estate agent is selling a home; they have a Facade that drives their agenda.
They can walk the client through the house and prove that it’s in good condition. Delivering as a selling pitch for a home is quite easy because the client can see it for themselves.
When it comes to selling lots and lands however, you have to dig deeper. Raw land is not as visually photogenic as move-in-ready homes. How then do you ensure that your buyer can visualize themselves developing in the land?
For undeveloped lots, the pitch is more about the possibilities and opportunities. You need to ensure you pique the interest of the buyer based on the project they’re looking to start.
3. Vacant land Market is Less Active
As aforementioned, the market for homes is nothing like the market for lots and lands. The latter is less active, and this is a major contributing factor to sales rates.
Whereas existing homes almost always have a vibrant market, the land market has very few buyers. This also means that the competition is quite stiff, and the commissions are low.
Lot listings get fewer contacts as compared to home listings because people hardly have time to start from scratch.
You need to be very patient when selling your vacant land. Sales might take longer to complete, but if you’re working with experts, you can sell your land for fast cash.
But don’t be discouraged. Lot and raw land markets continue to heat up across the country. And while the wide gap between the two may seem disheartening, people successfully sell raw lands every day. We’re here to help.
The Benefits of Working with experts
1. Fast Cash at Closing
Having a raw land that won’t sell can be a huge burden. Instead of struggling to sell without any expertise in the field, why not let the experts handle it?
Remember, do not just go to a real estate agent because not all of them know how to sell lots. If you want fast cash at closing, choose a real estate agency that ha cash readily available. This way, you can proceed with your investments.
2. Cash Buyers
You need to work with an agency that prioritizes solving your cash needs. We’ve already established that selling vacant land takes time. Experts have the techniques to sell and the cash to pay you upfront. Remember cash buying also means less paperwork.
3. They Pay all Closing Costs
If you’ve sold a property before, you know how high closing costs can get. Imagine working with an agency that ensures the selling process is as smooth as possible.
Closing costs are not only frustrating, but they also take you steps back because it’s money out of your pocket.
4. You’ll Enjoy a Stress Free Transaction
Selling a property is almost always associated with stress. This will not be the case if you work with experts. If you’re looking for a hassle-free solution to sell your land, be sure to contact the experts.
Selling vacant land is a pain is many people’s necks, and the real estate agents that they turn to are clueless as well. Working with experts ensures that you get that vacant land out of your hands in no time.