Land is a unique animal in the real estate industry. It is the last area to heat up in a busy market and the first thing to cool off when the market takes a downturn.
So how do you effectively market land? Let's start with a technique called roof topping. Roof topping comes from the commercial side of the business. It means if you were to go to the roof of any commercial building you are trying to sell and you were to look out over the horizon somebody in that horizon is highly likely to be the buyer for your building. The same is true for land. By targeting people that own land now around the property you will may quickly zero in on your ideal buyer as these landowners will either be a buyer themselves or may know a buyer.
Next talk to the immediate neighbors and ask "if they would like to take control of the property before someone else builds on it?" This simple question can be very motivating for a adjacent land owner.
Next attempt to find financing for the property. Start by talking to local community banks that may offer land financing but don't be afraid to explore owner financing. With land owners you might say, "We can probably open up our buyer pool quite a bit if you would consider carrying a contract, where you get a stream of income of every month instead of just having the property sit vacant. Would you like to sell it and receive a stream of income?"
Something else to consider is would your seller be willing to subordinate the loan. Subordination means the land owner is willing take a 2nd position note behind a loan that a home builder may receive to construct a home on the property from a local bank or investor. This can open up your buyer pool as well.
Next target builders and developers, join or get a membership in the local home builders association and begin marketing your land to these potential buyers directly with mailings and even phone calls.
Before you make those call take a hard look at pricing. Price is the ultimate marketing tool.
In addition have a package ready for potential buyers. Research the utilities, are they stubbed up to the property? What would the cost to bring in power? Are utilities already on the property? Is there a well? Is there city water? Is there city sewer or is there septic approval? What does the zoning allow?
Another opportunity is to put land owners together with local builders. Some builders and landowners may agree to co-market a floor plan and allow you to list the proposed floor plan, this gives buyers a specific new home price point and gives you a residential listing rather than just a land listing. A true win/win for everyone.
Next market land properties just like you would a home. This means great photography and videography, a great description, and fantastic ad copy.
By being creative land can be an exciting and rewarding part of the real estate market. You may find very low competition and in a busy market a huge opportunity!
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