Selling land is usually a more complicated process than selling improved property. When you sell a property with a building, its use and value is established by the building on it. Before buying unimproved land, most buyers want to investigate what they can do with it to determine what it's worth. At the same time, the buyer pool for land is usually smaller than the buyer pool for improved property. With this in mind, selling land quickly requires unique strategies.
Hire an appraiser to determine the value of your land if you don't have the market knowledge to do it yourself. Without knowing what your land is worth, it will be hard for you to assess the strength of the offers that you receive. The appraisal will also determine the highest and best use of the land, and you can use that information to target your marketing activities.
Put a large "For Sale" sign on a visible part of your land and include your telephone number. While signs don't always lead to fast sales, they're well worth trying. In addition, a sign frequently generates calls when it first goes up.
Contact the owners of surrounding parcels of land to determine if they want to buy it. Sometimes, a land owner will want to increase the size of her holdings. If your land has access to a road, water or another valuable feature, it can be particularly valuable to a neighbor whose land doesn't have that attribute. Your neighbors are also familiar with your land, the area and its prospects, so they should be able to decide more quickly than someone who comes into the area cold.
Present your land to likely users. For instance, if your parcel is located where houses are being developed, home builders would be likely buyers. On the other hand, if your land is covered with timber in an area that is being logged, logging companies may be the best buyers.
Offer owner financing. Land is usually hard to finance and if you're willing to take back a mortgage for the buyer, you'll expand the number of people who can buy your land. On the other hand, you're also taking the risk that the buyer won't make his payments and will default. To protect yourself, work with an attorney to draft strong legal documents that follow your state's laws and get as much money up front as is reasonably possible.
Sell your land to a speculative investor. Many areas have investors that will buy just about anything as long as it is cheap enough. These investors can close quickly, but will frequently offer you a very low price for your land. That's how they're able to move so fast -- they're getting a great deal. Investors usually won't require you to finance the land for them.
A real estate agent can help you sell your land quickly, especially if you let him know that your objective is a fast sale as opposed to a higher price.
Talk to the planning, zoning or building department in your land's community. Someone there may know an investor or user that is looking to buy land.
- Habitat for Humanity of Greater Portland: Why Donate to Habitat for Humanity of Greater Portland?
- Greater Baton Rouge Business Report: Cook: D.R. Horton Buys Land for New Development
- Homestead.org: How to Sell Your Land Yourself and Move on with Your Life
- Lincoln Institute of Land Policy. "Assessing the Theory and Practice of Land Value Taxation," Page 2. Accessed June 17, 2020.
- W.J. McCluskey, Owiti A. K'Akumu, and Washington Olima, "Land Value Taxation -- Chapter One: Theoretical Basis of Land Value Taxation," Page 3. Ashgate Publishing, 2005. Accessed June 17, 2020.
- Lincoln Institute of Land Policy. "Land Value Tax Holds Promise for Cash-Strapped Cities and Towns." Accessed Feb. 5, 2020.
- Angus Stevenson and Maurice Waite. "Concise Oxford English Dictionary," Page 18. OUP Oxford, 2011. Accessed June 17, 2020.
- Wisconsin Department of Revenue. "2020 Property Assessment Process Guide for Municipal Officers," Page 33-34. Accessed June 17, 2020.
- Tax Foundation. "Reviewing the Deadweight Loss Effects of High Tax Rates." Accessed Feb. 5, 2020.
- A real estate agent can help you sell your land quickly, especially if you let him know that your objective is a fast sale as opposed to a higher price.
- Talk to the planning, zoning or building department in your land's community. Someone there may know an investor or user that is looking to buy land.
Steve Lander has been a writer since 1996, with experience in the fields of financial services, real estate and technology. His work has appeared in trade publications such as the "Minnesota Real Estate Journal" and "Minnesota Multi-Housing Association Advocate." Lander holds a Bachelor of Arts in political science from Columbia University.