If you have a piece of 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 who acts on your behalf.
But before you put up that «Land for Sale by Owner» sign, there are plenty of things you need to know first. Real estate can be tricky, and without the proper knowledge, you may be unable equitably to sell your property. Below are the steps to follow so you can make sure that you are selling your land based on its real worth.
Study how the market in your area operates. Find out the latest real estate price range in your area and the area surrounding it. You can do this by observing other properties that are for sale. Be particularly attentive to properties that have been sold. You may consider approaching the former owner and asking him or her how much the property was sold for.
You can also visit your city hall and ask for the prevailing market values of land in your area. This will help you intelligently achieve an independent evaluation that is not determined by an agent. Seek the help of specialists and have them determine the good qualities or selling points of your land. Though such services may cost you some money, they will definitely save you from undervaluing your property.
Get the contract ready. Before you can proceed with the sale, you first have to seek professional help when it comes to the drafting of the contract of sale. A solicitor of conveyance can help you get through all the pertinent details in the contract.
Lay down an information-rich advertising package. Include all major points such as your land’s rate, location, accessibility, dimension, and other details that you deem necessary for the buyers to know.
Advertise the land. The most common way of marketing your land is by using a «land for sale by owner» signboard. But you can also spread the word through friends, relatives, announcements in newspapers, radio broadcasts, flyers, and via the Internet.
Finally, be ready for negotiation. Before finally selling, determine the rock bottom amount for which you will allow the purchase of your land. Buyers will obviously seek lower prices. Be prepared with your settlement terms.