Selling land differs from selling a house in that it is both more difficult and more time consuming. Pricing is more difficult, because the target market is different, marketing must be different, and the process takes longer. If you wish to sell your land, you should be aware of these distinctions and why you should choose an experienced agent. Simply said, market dynamics are different, and a fresh approach is required. So have a look at these five methods a real estate agent can assist you in selling your property in Massachusetts or Connecticut.
1. Pricing Challenges
The first way an agent can help you sell your land in Massachusetts or Connecticut involves pricing. Just as with selling a house, “Pricing your lot or land too high is one of the most common mistakes that sellers make… and regret. The incorrect pricing will deter purchasers from even contacting you about your property, as well as causing it to take longer to sell.”
The trouble with land price is that you can’t just do a simple comparative market research to figure out what it’s worth. “Developed lots in communities may have a clear”market” price based on similar lots that have recently sold. Raw property, on the other hand, may have fewer ‘similar’ transactions from which to base your pricing.”
Furthermore, the price you may seek (and receive) for a piece of undeveloped land is largely determined by the buyer’s anticipated use of the land. A buyer who expects to develop the land for house purposes, for example, will be ready to pay far more than a buyer who wants the site for recreational purposes.
A local agent who has sold land before can assist you with these pricing issues. Contact a Massachusetts or Connecticut representative at 413-455-0008 to learn more about land pricing.
2. Different Marketing and Sales Tactics
When selling land in Massachusetts or Connecticut, you’ll face not only pricing issues, but also the reality that the market is different, necessitating new marketing and sales strategies.
First, land buyers are different from home buyers. “These individuals have radically diverse viewpoints, aspirations, and requirements. The majority of homebuyers prefer move-in ready homes with granite countertops. Individuals and developers alike are looking for the ideal place and the ability to personalise it to meet their own requirements.”
And the market for land is less active. “The existing housing market is nearly always more active than the land market. There are simply fewer buyers looking for vacant property than there are for residences. While you start marketing a new home listing and a new lot listing when they’re both desired and well-priced, you can expect fewer inquiries about the new lot listing.”
This means that in order to sell your land, you’ll need to use marketing and sales methods that are tailored to your specific needs. And, once again, a Massachusetts or Connecticut agent might be a significant asset in this situation. Simply call 413-455-0008 to learn more about this.
3. The Time Commitment
You could, of course, price, market, and sell your land in Massachusetts or Connecticut all on your own. But do you have the time it will require?
“Is it possible for you to rush home from work every time someone inquires about your [land]? When your phone rings with a potential buyer, can you excuse yourself from a meeting? Do you have the energy at the end of a long day to take advantage of every potential opportunity to advertise your [land]? Are you a marketing [land] expert?”
The answer to all of these questions is a loud “No” for the vast majority of us. Because it is her full-time profession, your agent, on the other hand, will create time for all of these chores.
4. The Network Needs
Another important way an agent can help you sell your land in Massachusetts or Connecticut is through her extensive industry contacts.
Of course, you may have a large professional network, but will your contacts be interested in purchasing your property? Will they be the right audience for you? Most likely not.
An agent, on the other hand, will have a long list of names of potential buyers and contact information. An agent will “To bring the widest pool of potential purchasers to your home in Massachusetts or Connecticut, develop relationships with clients, other agents, or a real estate firm.” Keep in mind that a “A smaller pool of possible buyers equals less demand for your home, which means you’ll have to wait longer to sell it and may not get as much money as it’s worth.”
5. The Marketing Adjustments
As we previously stated, if you want to sell your land, you’ll need to use a variety of marketing methods. One of the most crucial is emphasising the appropriate attributes to achieve a sale. And, once again, a Massachusetts or Connecticut will be able to do so.
When it comes to selling land, you need to know what its best and highest usage is (at least potentially). Understanding this will enable you to pinpoint exactly which qualities to emphasise, allowing you to target the correct buyers. The optimum use of a residence is a given. With land, though, you must figure it out and market it accordingly.
It should be obvious, then, that selling land has a lot more problems than selling a house, some of which are rather significant. But if you’re looking for a seasoned Massachusetts or Connecticut, give us a call at 413-455-0008.