Great article. This is actually the first time I am learning about all of this. I bought my first property (that I currently live in) in 2012 and I am interested in investing in more property and generating passive income. My question is, once the property is purchased how do you ensure that it sells? I’m assuming that the only way to generate income from vacant land is for someone to build property on your land. If there is no interest in that land it could possibly turn into a loss.
I agree with Ellen Chung, finding the right type of buyer to target is very important. Also, you should consider the amount of time you have to sell the land. If you are short on time due to back taxes owed or other financial obligations, your best bet may be to talk to a vacant land investor. You will not get the full market price for your property, but the typically can pay cash and close quickly.
Consulting with a licensed property assessor to fully understand the value of the land you want to sell is important. Get one from an assessor and another from a Real Estate agent and then compare the two estimates. If you want to sell land fast then you should choose the lower of the two estimates and then create your marketing strategy based on that estimate.
A really rough guideline that alot of spot-lot developers use is that the land should be somewhere between 10 and 15% of the sales price of the home. So, if the homes on ten acres were selling for $1 million, the developers were likely paying $100-150k for the lots. The home on your lot would likely sell for substantially less given the smaller lot size, so expect less for the land sale.
You’re in luck! Danny Buys Houses will buy your land for cash fast. Just contact us at (210) 610-2511. We specialize in house and land buying, and the best part is we close quickly! If you need to sell your land fast, you’ve come to the right people. We are also available to answer any questions you might have about buying and selling land, the process, and what your options are. Don’t hesitate to call us, even if you aren’t looking to sell. We love to help!
We have been working with Land Century for almost a year now and have had a great experience! Land Century gets us more leads than any of our other marketing efforts. The people that contact us through their site are real and are interested in the land we are listing. Land Century has been easy to deal with and has always performed with integrity. We look forward to working with Land Century for many years to come!! Thanks Land Century!!
I’m so happy that you mentioned to send out letters to your neighbors that say you are planning on selling your place. My sister had the worse time trying to sell her place. She put ads online and in the newspaper, talked to real estate agents, and tried other methods. It wasn’t until she sent letters out to her neighbors that she got a response. All in all, don’t give up! You’ll find someone to buy your place one way or another!
Its the perfect time to sell your land and develop. With the housing market on the up and the need for housing never more apparent, its greatly welcomed to find articles like this helpling the layman find his way through what can be considered a complicated process. http://www.richardhicksdevelopment.co.uk can advise on this process, help gain permissions and hold the land owners hand if needed. Happy to help if anyone needs further advice following this helpful article.
After identifying your likely buyers, try to think like them so you can focus your message to convey what they need to know about your property. Have information ready about schools, shopping and other nearby amenities. For developable land you can be prepared with zoning information and insight from local authorities about the location and capacity of water and sewer service. Each property is different, so customize your information for your situation and your targeted buyers.