A question that likely goes into people’s minds for land sales is “How long does it take?”
Let’s be straightforward at the outset: there’s no strict or absolute timetable for how long it takes to sell land. Neither is there an accurate range period for you to view and use for your planning or decision-making.
The reason for this is that the market dynamics for land are more complicated than, say, a simple sale of personal property, a food item, or selling homes. There are just several variables and many other factors to take into consideration. Land buyers are also less common compared to your average, everyday home buyers. But let’s say that there is someone who’s interested – a land buyer comes to you and says he or she is interested in your listing and is ready to sign a contract and pay. What then?
In this piece, we’ll talk about the process and the time factor of selling land properties. We’ll outline some unique challenges that make selling more difficult compared to selling other types of real estate. Finally, and most importantly, we’ll give you a checklist of the things you need to remember when selling land fast.
Estimate Time To Sell Land
To make things simple, here are some factors you can consider that can help you estimate a timetable for your sales plan:
- What is the current market for your vacant land?
- Do you have a strong network or fewer contacts in the area?
- Do you want the highest price possible or are you amenable to any kind of pricing?
- Where is your land located, in the countryside or in a crowded neighborhood?
- What type of land do you own– farm and cropland or a lot without structures and utilities?
- Are you willing to offer a flexible deal for potential buyers?
- Are you willing to work with real estate agents?
- Are you only interested in dealing with cash buyers for your vacant land?
- Are you looking for fast cash, or do you want to wait for the right buyer for a higher price?
- Can your marketing strategy afford a long timetable?
- Are you a seller that’s approachable and welcoming?
Your answer to these questions can help you make a rough estimate of how long it takes to sell lots or land fast. But remember that the ultimate time factor in all this is you. In an average market, if you move fast, work fast, or are very persuasive, you increase your chances of selling land faster.
Does Selling Vacant Land Take Longer?
Yes, it may take longer to sell vacant land than, say, existing homes for sale, or land with structures and utilities. There are a few reasons it can be so.
One reason is that there are fewer potential buyers for vacant land. Another reason is that the land market for vacant land requires a different approach than selling other types of property. Learning how to sell vacant land will help further understand these differences.
Selling Raw Land Privately
Selling land by owner means taking on all the work by yourself. As we mentioned earlier, the most important time factor is you. If you work fast, your selling process will be equally fast under average market conditions.
You can compound the speed of this process by learning more about selling land by owner. Another option is working with a cash land buyer – the best land investors can reduce the time it takes to sell land by months.
At America Land Buyers, we can close on your land in as quickly as 3 weeks. We invest in land across the United States, and have the cash on hand to make your land sale faster than working with retail land buyers. Give us a call to find out more about our land buying process and how much we can offer for your land, at (855) 464-7555.
Selling Land With a Real Estate Agent
Getting in touch with real estate agents will undoubtedly relieve you of a lot of stress. Having an experienced agent deal with the land buyers and the market is not only convenient but also less time-consuming for you, the seller.
Though this convenience might give you time back, there is still a great deal of waiting around for a buyer and a hefty commission to pay (8%-10%). Not to mention most real estate agents primarily focus on buying and selling houses, so a land sale typically comes second on the priority list. This can drag out the amount of time it takes to sell land on the market.
Compared to selling property by owner, however, having an agent means leaving the time factor to him or her. If your agent is experienced, has a lot of contacts, and can generate strong interest for your property through competent marketing, then the time to sell the property may be lower.
It’s important to keep in mind that no matter how much experience a real estate agent has, a good chunk of a sale is almost always because of the features, such as its price point, location, and the type of buyers that would want it (e.g. developers, farmers, investors, etc).
Our Land Selling Checklist
As promised, here is a checklist of the things you need to do and know in selling your land fast:
- Do your research
- Study the land market for your land
- Identify your target land buyer
- Create a marketing plan
- Make a detailed land listing on as many listing websites as you can
- Reach out to your network
- Consult with a real estate agent
- Include all information that potential land buyers may need
- Reach out and connect with other land sellers
- Highlight the best features (such as structures and utilities) of your property
- Make the first impressions for your potential buyer unforgettable
- Consult with a real estate attorney
- Prepare your land contracts
Remember that this land selling checklist is not absolute. You are free to change this as you see fit for your specific scenario. Working through this checklist initially will help with estimating the time to sell land.