Selling land is quite a different ball game than selling a house or even an apartment building. The conditions for selling land are different, as well as the market, the budget and the approach you need to take to sell it. But, don't worry – we're happy to alleviate some of your troubles with our little guide on how to move this type of property easily and painlessly. Let's take a look at what those steps are.
But, before we dive into the methods of selling your land, let's talk about a rising issue here in Australia that actually prompts people to sell their land. With the nation and the population growing, a need arises for a more extensive infrastructure in the country to connect the said population. For that purpose, the government is sometimes forced to acquire private land and property to build roads, schools, hospitals or utilities. At this point, the government will deliver their prospect to the owners of land and offer compensation. The owner then must accept or decline the offer within a certain time frame (usually six months), or the offer will be considered automatically accepted. Speaking of government compulsory acquisitions, the most important part is that you don’t have to deal with in on your own. Hiring a lawyer and speaking with your bank are prudent courses of action to determine the value of your land and to make sure you don’t end up on the short end of the exchange. Other than that, it usually isn’t necessary to go through the dredges of marketing your property, just the intricacies (often the scarier part) of bureaucracy involved.
Selling Your Property
Now that we've got compulsory acquisition out of the way, let's go over the marketing tips and tricks for selling your property on your own terms. As we said, this is quite a bit different than selling a home, so pay attention to these steps.
1. What Do They Need to Know?
Information is key, and the more you have to offer, and the more you receive, the better. When selling your land, ask your potential buyer what do they need the land for, and then offer them all the information you have on your lot to paint a clear picture to your customer on what they can expect when they start building. This information may include the proximity to schools, shops, grocery stores, surrounding the land, quality of the land itself, as well as access to utilities. All this info will be vital in whether a party becomes an actual buyer, and will greatly influence the price of the land.
2. Prepare Your Property
How you prepare your land for selling is a major factor in whether you close the deal or not, as well as the price you can get on your land. An unkempt lot of land is not going to induce much interest, as well as fetch a lower price. If you need to, cut the grass, remove any trash and take photos of the land with prominent landmarks properly displayed to, again, paint an accurate picture for the future buyers.
3. Sell Through an Agency
If you’re looking to move the property quickly and painlessly, it’s often shrewd to sell the land through an agency. Speak with your agent, and follow their advice on how to market your property and how to draw out the maximum value. The downside of working through an agency is that they’ll take a cut of the profit, but is, by far, the best and the fastest way of selling any type of real estate.
4. Set a Fair but Flexible Price
Whether you’re working through an agency or selling on your own, invest yourself in extensive research on the possible pricing of your land. Like we said in tip 1, knowing all of the ins-and-outs of your land will help you establish a reasonable price that your future buyers might consider. However, having a fixed price will deter most customers, as most buyers will look to get a better price or score some concessions when buying.
5. Consider Your Neighbours
Finally, and perhaps, firstly, consider your neighbours. Australia has a lot of farmers who are looking to enlarge their own land, so going to them first is a good option. Again, if you need to sell quickly, your neighbours might be the best option and offer the best price.
And that’s pretty much it for our little guide on how to sell your land. These are the most popular suggestions, but feel free to expand your knowledge on property retail, as extensive research can save you a lot of trouble later on.