The land selling process can be difficult, confusing, and stressful as it is inundated with an endless list of tasks, financial decisions, and paperwork. Apart from the specialized knowledge about how to sell land by owner, you also need to invest in resources, time, and energy. All this complexity can lead to major mistakes that can cost you a lot of money. Generally, if you’re not attracting buyers for your land listing, you could be making a few mistakes unknowingly. In this post, we will discuss six common mistakes you should avoid when selling land.
- Not Having Enough Market Knowledge
To be a pro land seller, you need to understand the ins and outs of the market and selling process. Gather the latest information about the local real estate scene and implement it in your land selling process. Understand the current market conditions and choose an appropriate time to sell your land. Check what other sellers are saying and doing in your area to know whether they’re having a hard time selling their land. If you don’t understand the market, you will lose selling opportunities either by overpricing your land or selling at the wrong time.
- Having Bad or No Photos or Videos of the Land
People want to see what you’re selling before sacrificing their time to see or buy it. Poor quality pictures lower the quality of your land as they can easily take away the aesthetic appeal of your land. People will think or feel you’re asking too much and will not bother to visit the place physically to view the land. Those who give you an offer will be tempted to reduce the price significantly, which can tempt you to agree. If you don’t own a good camera, hire a professional landscape photographer to take images from different angles of the land. This ensures they capture all the scenery around the land that may attract viewers and convert them to buyers.
- Overpricing the Land
One big mistake that people make unknowingly is overpricing the land they’re selling. Before giving your land a price tag, you may want to go through a market evaluation and check the value of a similar piece of land in your area. Overpricing is a huge turn-off, and people end up not enquiring more about the land.
- Selling at the Wrong Time
Every state or country has the best time for buying or selling something. For instance, winter jackets are best sold during the fall and winter seasons. Apart from climatic conditions, you also need to check the market conditions that favor land selling. The real estate market is quite unpredictable. Land prices keep fluctuating. Be vigilant and check for opportunities that can allow you to make the most out of your land sale.
- Hiring the Wrong Agent
Another common mistake people make is hiring an agent who sells houses. An agent who sells homes uses different strategies to reach buyers. Similarly, customers looking to buy homes differ from those looking to purchase land as they have different needs. If you’re unable to sell the land on your own, make sure you get an agent who understands everything about land selling and can give you accurate information and advice. You need someone with solid marketing ideas and extensive experience selling land in your area and other regions. Avoid unresponsive agents as this could mean they have other bigger commitments than selling your land.
- Not Offering Payment Options
Having limited payment options can drag down your land-selling process. While you have the right to decide how you want to get paid, make sure you diversify your payment options. No one wants to open an account with a bank they dislike just to make a payment. If you’re only accepting cash payments, you’re limiting buyers who prefer cashless transfers for security reasons.
