This post is republished courtesy of the REALTORS® Land Institute, which elevates the level of professionalism in the land industry by providing all land professionals the expertise and camaraderie that are the foundation for becoming the best in the business. You can find this and more resources for land professionals and buyers at rliland.com.
Selling land can be tough. Many buyers do not have the foresight, time, or financial means to properly develop a vacant tract. This can limit the market to a very specific segment.
If you are struggling to find a buyer, consider the advantages of selling your land online. Not only does this put your land before the eyes of a worldwide audience, but digital technology allows you to showcase the land in a more flattering light than you ever could in person.
Consider the following seven steps to most effectively sell your land online.
1. Use Drones to Give Virtual Tours
Online real estate listings are not complete without drone footage. For land sales, in particular, aerial images are paramount. You simply cannot capture all of the land’s unique features online without giving buyers a thorough look from a bird’s-eye view. As such, hiring a professional in drone photography should be at the top of your checklist prior to listing your land for sale.
2. Make Buyers Aware of Development Prospects
There are practically no buyers out there who are interested in buying land just to own land. Sure, the age-old concept of buying land as an investment likely compels most people to consider purchasing land, but very few will be content in sitting back and passively hoping that the land suddenly becomes coveted in their lifetime. They will want to actively develop the land to speed up their return on investment.
Therefore, you should clearly highlight all of the features that your land boasts for development. Its proximity to trendy locations, prospects for getting utilities to buildings, and community plans for local expansion should all be featured prominently in your online listing.
3. Work with a Land Broker
All land brokers are real estate agents, but not all real estate agents are land brokers. Land brokers are specialized real estate professionals who focus on the sale and transfer of land. They have a detailed understanding of building codes and zoning restrictions–among a host of other specializations–and can be extremely valuable to you in formulating a plan on how to most effectively market your land online. RLI’s Find a Land Consultant tool is an excellent resource for finding land brokers and Accredited Land Consultants who can effectively guide you through a land transaction.
4. Know Your Goals When Setting a Price
The classic sentiment is that overpricing a piece of land can stall the sale process, as an exorbitantly high asking price can deter buyers from even making an offer they think you will consider. So if moving your land fast is your goal, then make sure you have a competitive price.
However, do not shortchange yourself if capturing a tidy profit is important to you. The COVID-19 pandemic is causing millions of Americans to relocate, with those in expensive cities such as San Francisco and New York looking for more socially distanced spaces. Many in this demographic are scooping up properties sight-unseen to start a new life for themselves in the era of remote work, with your piece of land potentially fitting nicely into these plans.
5. Demark the Boundaries Clearly
Simply listing the size of the lot will not resonate with many buyers. They want to be able to see exactly what they are getting. Be sure to include specific lot line dimensions, with boundaries drawn into aerial photographs an excellent way to highlight the lay of your land.
6. The More Information, the Better
You can never be too descriptive when you sell land online. Videos, pictures, and detailed text should make it easy for online shoppers to find and comprehend what they are looking for. It is also important to remember that many buyers have their guards up against being duped online, so if there is anything about your land that may be problematic to some buyers, it is best to clearly convey that in your listing so that you do not waste time when a buyer gets cold feet later in the process.
7. Include Keywords in Your Listing
No matter how great your online listing is, it is all for naught if buyers cannot find it in the myriad properties that crowd their internet searches. Therefore, research keywords that buyers use when shopping for land online. Some popular keywords that many shoppers use in their searches include “private,” “lake,” “mountain,” and “close to town.”
Selling land presents some challenges, but these difficulties can be effectively managed by creating an online listing. Not only does selling online get your land in front of a larger market, but it allows you to highlight key features of the property that would not stand out by placing a “Land for Sale” sign along the side of the road. By following the seven steps in this article, you have all of the tools you need to make your online listing shine.