New real estate technologies have made it super simple and easy to sell your home. But what about your land? How do you sell land without a realtor? We are here to answer that question for you.
Working with a realtor is a tried and true method of selling your home. It can get very complicated if you don’t have any experience. So, leaning on the expertise of a realtor to get your home sold makes a lot of sense.
However, you will find that selling vacant land isn’t close to being as complicated as selling a home. One of the first things that make selling land a breeze, is that there is no structure. You don’t have to worry about inspections, repairs, decluttering, etc.
Not having to worry about the normal home selling checklist, makes selling land without a realtor much easier.
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Can You Sell Land Without a Realtor?
Can you sell land without a realtor? Of course, you can. Just like selling your home by owner you can do the same with selling land. There are many websites that make the process easy. Here is a short list:
For Sale By Owner: This is a great company that’s been bringing buyers and sellers together since 1997. They provide a simple cost-effective way of selling or buying properties online. All while saving customers thousands of dollars in the process.
Zillow: Almost everyone is familiar with Zillow, they are known for providing a platform for home sellers and buyers. But did you know Zillow also buys and sells homes? You can list your land for sale by owner on the site and get exposure to thousands of potential buyers without using a realtor.
LandWatch: LandWatch is an online leader in rural properties and land for sale, including hunting land, timberland, farms, and development sites to name a few. If you are selling land by owner, it’s a great site to list your property on.
Land.com: Land.com is a network of websites that touts that they are the most visited land listing marketplace on the internet. Their network includes Lands of America, Land And Farm, LandWatch, and LAND MAGAZINES. Their websites connect more than 12+ million buyers and sellers. If you are trying to sell your land without a realtor, this might be a one-stop shop.
Educate yourself on how to sell your land Without a Realtor
Below is a list of items you need to consider understanding when putting your land on the market. It is important to educate yourself and the answers to typical questions a buyer would have.
- What are the zoning laws in your local area
- Can you build on the property
- What type of septic system is in place if any
- Has the site passed a perc test
- Do you have a clear title for the property
- Is the land zoned for a specific size of the property
- Are there building restrictions due to wetlands, water frontage, steep slopes, historical or cultural sites, or other local, state, or federal regulations?
- Does the lot lie in a floodplain?
- Are there any endangered or protected species on the property?
- Is there adequate road frontage to build?
- Is the land easily accessible for construction equipment
- Are there any problems with the soil, whether un-compacted fill, expansive clay, or a ledge that may require blasting?
Land Selling Checklist
Before you list your land for sale, there are a few things you want to check off before you get started. Remember you want to maximize your exposure and do things right to so you can get the highest offer. With that said, here are a few things to keep in mind before you get going.
- Know your potential buyer: Home buyers and land buyers aren’t the same, and you should approach them differently. A home buyer is looking for a move-in ready home at a set price range. They are trying to do as little as possible before they move in. They are often not attempting to take on a major project. However, land buyers are looking for a major project. Often times they are buying lots to develop or to farm.
- Make sure your land is ready for sale: The first impression in real estate matters even if you are selling land. If you were selling your home you wouldn’t leave trash and unwanted stuff lying around. The same thing applies to selling land. Cut the grass, remove trash and take marketing photos of your property when it is looking its best. Some sellers even plant wildflowers to make their vacant land look beautiful. It’s like staging a home, but you’re just working with raw land instead.
- Price correctly: Make sure you do your homework and market research to get the right price. You are selling your land without a realtor, so this job falls on you to do. Look at comparable lands for sale (sold) in your area and come up with a price that you think your land could fetch. Try not to overprice, if you do you run the risk of it sitting on the market for a very long time. Also if you find that you are getting way too many offers especially in a cold market. Chances are your price is too low and you should consider raising it a bit.
- Offer owner financing: This might not work for everyone, but some buyers are enticed by the fact they don’t have to purchase through traditional means like a loan from a bank. There are many buyers that have trouble getting financing. Offering to sell your land with owner financing will increase your buyer pool.
- Advertise your land: We gave you some great options above to list your land to get maximum exposure. You will need to market it aggressively to find the right buyer. You may also consider marketing on classified websites to make it easy for potential buyers to find out about you. Make sure that your posts include detailed descriptions of the property and plenty of photos that show off the land’s best features.
- Tell friends, family, and neighbors: Spread the word about the sale of your land to everyone you know. Word of mouth spreads very fast, and you might be surprised who is willing to take you up on your offer. Also, check in with anyone who owns land or property next to yours. They might be interested in buying.
- Hire a real estate attorney to prepare documents: Since you are selling your land without a realtor, you can use a real estate attorney to draw up the contract needed. Hiring an attorney to help you through the closing process is a wise choice for any real estate transaction. It will cost you some money, but it is well worth it to make sure you are doing things legally. A real estate attorney will be available to answer legal questions, review all documents involved in the sale, and protect your interests throughout the closing process.
- Negotiate with the buyer: Negotiate with the buyer to get a price that works for both parties. You want to walk away from the closing table with the feeling that everybody won.
- Accept and close: Accept the offer and close on the land sale. Try not to hold out on getting the highest offer. Often times your first offer can be your best one.
Benefits of Buying and Selling Land
Limited resource
The number one undisputable reason to buy land is it’s a limited resource. We are not making any more and if you are able to buy a lot or a few acres. It can remain in your family for generations. Creating a legacy for your family to enjoy.
Limited maintenance
For most land that is purchased, keeping it cut is one of the more tedious tasks you will need to do. Besides that, you won’t have much in the way of maintaining it. Just let nature do its thing.
No depreciation
The fact that land has no depreciation value is another reason that makes it a great purchase. Land can’t have a depreciation value because simply it can’t be destroyed, moved, or affected negatively under any circumstances, natural or unnatural.
Versatility
Land can be used for many different options. Including residential, commercial buildings, farming, and livestock. Many landowners who buy their land in rural or suburban areas have the option of renting it out for many years for farming purposes. You can even use your raw land to develop it for commercial use, creating income revenue for the future.
Ease of purchase
Because there are no buildings to inspect, buying land can be much simpler and faster than buying an actual property. This makes land ownership very desirable. Most land purchases are made through a private seller process, and some offer owner financing options so that you can afford to invest in land with almost any budget.
Land is a tangible resource
It’s something you can touch feel and walk on. It most likely won’t vanish into thin air like shares of stock. This makes buying land a very attractive investment option. It will be something tangible and physical that is yours, regardless of what the global economic situation is. Currency and monetary values may change, but ownership does not.
Conclusion
If you are asking yourself how do you sell land without a realtor? this is the right article for you. Technology has made it much easier to find and sell land. You will be surprised at how easy the process can be.