Selling a house in Lincoln, Nebraska presents plenty of challenges but at least there is a lot of common knowledge that comes with that process. If you’re trying to sell vacant land or lots in Lincoln, you’re talking about something else altogether. While you’re selling much less than what buyers would have to consider with a house, selling land brings with it a whole host of different challenges. You need to have a unique strategy that speaks to the kind of buyers interested in vacant properties. While many people think the market would be similar, it’s actually very different.
6-Tips For Selling Your Vacant Land
Understand Vacant Land Buyers
The first and most important thing you can do when selling vacant land is to understand who lot and land buyers are and what drives them. When you’re selling a house, you’re usually looking for buyers who want a place to live right now or want a place that’s almost ready. Land buyers are more interested in locations that make sense for their big ideas and opportunities that allow them to customize the land to their needs.
If you’re going to offer land for sale to these kinds of buyers, it’s important to remember that they are buying an idea. And while the market for homes is ongoing and offers lots of choices, the market for land can often be minimal and competitive in a different way. There are just fewer available buyers for vacant land than there are for homes. As such, you’re going to need some patience. Your pool is much smaller so it’s less likely you’ll find the perfect fit right away.
Know Who Vacant Land Buyers Are
In order to make a vacant land sale on the market in Lincoln, you need to have a clear idea of who your potential buyers might be. The profile for your buyer will depend on a few factors. What specific type of lot are you selling? Does the land have any kind of previous development on it? What are the market conditions? Where is the lot located? Once you answer these questions, you’ll be able to fine-tune your presentation to match the potential person who is interested.
As for who they are, you’ll need to drill down on them as well. Based on the kind of property you have, you might be looking to attract a buyer who wants to build a house there or you might be looking to attract a developer or builder. You might even be looking to attract a combination of the two, or something totally different. Your land may present certain unique features or challenges that make it more interesting to a specific type of person.
Once you identify your potential buyer, figure out what they want to know so you can message them effectively. Answer the question of what they are likely to build here once they buy and you’ll have a good idea. Be ready to talk about local schools, shopping centers, and other nearby amenities. If you want to attract developers, you better know what the local zoning requirements are and what local government entities and services are like. Do your research so that you sound like you’re a knowledgeable seller. You don’t want to give potential buyers a sense that you don’t know what you’re doing. They’ll either walk all over you or look elsewhere.
Prep The Vacant Land For Sale
Just like how homes need good curb appeal, your land needs to make a good first impression. If buyers drive past the land and see trash everywhere, that’s a bad look. Make sure you do a big clean of any trash or scrap lying around. Don’t let the grass or weeds grow everywhere, give them a good cut. Consider hiring a professional photographer to come in and give the land the best look possible. They’ll understand how to use light and angles to showcase the land in the best way possible. It’ll cost you but it should be worth it.
Another way to prep the land is to get a survey done in advance of listing. Then, mark the property boundaries accordingly. If you’re going to present home lots on the land, show setbacks on the survey. Buyers will appreciate having this information and it makes it easier for them to visualize the property for a potential sale.
Price The Vacant Land Accordingly
Just like with houses, how you price your vacant land in Lincoln can be the difference between selling quickly and not being able to sell for a long time. Pricing incorrectly is one of the biggest mistakes vacant lot owners can make. Pricing the land too high will scare off potential buyers while pricing the land too low will just make everyone wonder what’s wrong with it.
It’s easy to find comparable price points when selling houses. Vacant land, however, often has less comparable sales to draw a conclusion from. It’s unlikely there are many lots just like yours that have sold recently nearby. You also have to consider how the buyer may plan to sell the developed land and how their purchase price needs to account for future profits.
Ultimately, consider what you need when planning how to price the land. If you need to sell quickly, you should find out what feels like a reasonable price and perhaps go slightly lower. If you’ve got more time, you can go slightly higher. Either way, you need to understand the local market and it’s important to speak with local experts on the matter. Look for people who have sold land or worked closely on vacant lot transactions for guidance.
Showcase Your Vacant Land Properly
Marketing a vacant lot can be a confusing proposition because there isn’t too much to showcase aside from potential. You can’t just put an “open house” sign up and then show people around.
Lean on online listings to give you the ability to tell a story about your vacant land in Lincoln. Use the photos to paint a picture and then talk about the potential possible in the blurb. Don’t be afraid to get creative with the angles and specifics. You can also include photos of the surrounding area, local downtown, and other amenities nearby. Include maps and surveys that provide context for how big the property is.
Also, make sure you are available to walk the land with any potential buyer. You can show them the property lines and other features as well as talk them through what you’ve learned about the land. Highlight positives and minimize any negative aspects.
Sell The Vacant Land As-Is To a Cash Buyer
As you’ve seen, there are a lot of hoops to jump through to sell vacant land in Lincoln. You have to do a lot to prep the land, market the land, and find a potential buyer willing to meet you at your price. And you can do everything correctly and still not find a buyer, which can be frustrating.
Another option is to skip all the hassle and sell the vacant land directly to a cash buyer like Element Homebuyers. Don’t be fooled by the name, they will buy vacant land and lots from you as well, and without any commissions or extra fees.
All you need to do is reach out to let them know about the property. They’ll assess the land and make you a fair cash offer with no obligation. If you accept the offer, they’ll pay you cash and take over ownership. The best part is that you don’t need to even bother cleaning up, prepping the land, or doing anything other than presenting the land as-is.