If you have land to sell, why not sell it without the help of a broker? Both you and your buyer can save a lot of money by eliminating the real estate agent acting on your behalf.
But before you put up the “Land For Sale By Owner” sign, there are a lot of things you need to know first. Real estate can be complicated, and without the proper knowledge, you may not be able to sell your property fairly. Below are the steps to take so that you can ensure that you are selling your land based on its true value.
Study how the market works in your area. Find out the latest real estate price range in your area and the surrounding area. You can do this by looking at other properties that are for sale. Be particularly attentive to properties that have been sold. You may consider approaching the previous owner and asking how much the property sold for.
You can also visit your town hall and ask about the prevailing market values for land in your area. This will help you smartly achieve an independent assessment that is not determined by an agent. Seek the help of specialists and ask them to determine the good qualities or selling points of your land. Although such services may cost you some money, they will definitely prevent you from undervaluing your property.
Prepare the contract. Before you can proceed with the sale, you should first seek professional help when it comes to drafting the sales contract. A transportation lawyer can help you get all the relevant details of the contract.
Establish an information-rich advertising package. Include all the main points such as your land rate, location, accessibility, size, and other details you feel are necessary for buyers to know about.
Advertise the land. The most common way to market your land is by using a sign that says “land for sale by owner.” But you can also spread the word through friends, family, newspaper ads, radio broadcasts, flyers, and online.
Finally, prepare for the negotiation. Before you finally sell, determine the minimum amount for which you will allow the purchase of your land. Buyers will obviously look for lower prices. Be prepared with your settlement terms.
