Selling land can be a profitable endeavor when taking the correct approach. If you’re just starting, you may find it challenging to find or attract a potential buyer, primarily if you don’t research the ways how to do it properly. Many first-time sellers often have this kind of problem because they’re using the wrong approach.

When it comes to marketing land, there are a lot of strategies that you can utilize to sell your property successfully. And there are also mistakes that you need to avoid to succeed in selling your land for a fair price. In this blog post, we will be focusing on the common blunders that sellers make when selling their property.

Hiring an Agent Who’s Primary Focus is Home Sales

You’re wrong if you think that selling a condo or house requires the same approach as selling land. Many real estate agents specialize in selling homes or condos, and many times landowners hire these agents to help them sell their land properties.

What they don’t know is that there are land marketing specialists that are more familiar with marketing land properties than agents whose specialization is home sales.

Moreover, it’s not a good idea to hire multiple agents as it only confuses your potential buyers. Often, it also happens that buyers use one of your agents against the other to try to win a lower price than what you’re offering.

Real estate agents who are not experts in selling land can be focused on discounting the price for a quick sale. In doing so, they tend to compromise the interest of the seller and fail to take into account the price that the seller wants. So, make sure that you hire an agent who has the experience and expertise in selling land properties.

Overpricing

Putting a price beyond the market value of your land property is sure to put off potential buyers. It’s crucial that you understand that the present market conditions have a strong influence on the price of the land you’re selling. It can either drag down or build up the market value of your property.

Certainly, you want to obtain the highest price possible from your land sale, but you have to realize that you won’t always get what you want in this venture. Buyers will look for a more competitive price for a land property, and if your land is overpriced, it’s more likely that they won’t view it or reject it right away.

If you want to pursue your target selling price for a land property and the market conditions are not currently in your favor, it’s better to take your time and wait until the market sways on your side or your land appreciates.

Misinterpreting Refinance Appraisals as Market Value

One reason land sellers put a high price on the property they’re selling is that they confuse refinance appraisals with market value. You have to know that some lending companies appraise the value of your land to be higher than its actual market value to encourage refinancing.

It’s advised that you should request your realtor for the latest data about property sales in your area. Based on this information, you’ll have a truthful value of the land you’re selling.

Getting Stuck in a Contract with the Realtor

There are as many bad realtors as there are excellent realtors. So, when entering into a contract with your realtor, you shouldn’t forget to have a “performance guarantee” clause. In this way, you can get out of the agreement if you think your realtor isn’t doing his/her job to the best of your interest.

Misrepresenting the Property in the Listing

You can enumerate all the positive things about the land you’re selling, but you must not misrepresent it. Some land sellers often make the blunder of not telling the truth about zoning, road access, boundaries, and water availability, among other things.

If you misrepresent the property and the potential buyer finds out the truth, it may only cause disappointment. As such, there’s a chance that you’ll lose a prospective buyer. So, avoid the mistake of embellishing the facts or misrepresenting the land you’re selling.

Presenting the Land Poorly

How can you attract potential buyers if your land has too many weeds, tall grass, and litters? It’s more likely that buyers won’t get interested in your property because of its ugly appearance.

So, make sure that you groom up the land before presenting it to the public. You should also hire a good graphic artist to design your ‘Land for Sale’ sign. Always think about what appeals to your prospective buyers.

Advertising in Only One Place

Besides a ‘Land for Sale’ sign, you should also find other outlets to advertise your property. Consider having an ad in the newspaper and on the internet. Nowadays, you can find many listing websites to sell your land. Take advantage of every marketing channel to ensure that your land is exposed to a lot of potential buyers.

Takeaway

Now you know the common mistakes when selling land. It’s time that you avoid them at all costs to get a successful land sale. You can re-read this blog article if ever there’s something that slips your mind.