Beth:
Hi, I am Beth with TB Properties Buys Land. Today we’re going to discuss some easy ways to sell your own vacant land property by yourself. The most common way of selling property is going through a realtor. When it comes to selling land, it’s not a whole lot different than it is from selling a house; however, because the sale price tends to be much lower, think hundreds of thousands of dollars for a home versus 10, 20, $50,000 for a piece of land, depending on how valuable it is, the commission amount is much lower. To compensate for that, a realtor selling land will ask a higher commission, typically it is 10%, which is 5% on the buyer’s end and 5% on the seller’s end. Plan to lose 10% of the sales price to your realtor. If you wish to bypass the cost of a realtor and sell the property on your own, you absolutely can do so.
There are multiple ways that you can list your property online. You can post your property for sale on sites exclusively dedicated to selling land. Some of those might cost you $100 to $200 bucks a month to list. There are some MLS type listings where you can flat list those. The MLS flat list services may limit how many sites those actually get out to so definitely do your research. Facebook Marketplace is another place to send your listing to. Be prepared for a lot of crazies to reach out to you though. If you’re going to list your property yourself and not use a realtor, make sure you’ve got the time to be able to get back with the interested parties. You’re going to have people calling or emailing or sending you messages on Facebook, and they want prompt responses. Be prepared for some of the questions they’re going to ask you.
Most buyers want to be 100% clear on what it is they are exactly buying. Can you blame them? That translates to clear boundary lines. It’s going to be important that you get your property surveyed. How much does a survey cost? Survey costs vary widely. If your property has been recently surveyed and it is a smaller property, it could be as little as $2,000- $3,000. Even a smaller property with a complicated background could cost as much as $10,000. It greatly depends on your property’s history and the size. If you want your corners flagged for prospective buyers, you’re going to need a survey. Be aware that you’re going to have people going out there who maybe have never been to vacant land properties before. They’re going to want you to get out there with them and hold their hand, show them where the corners are. More often than not, they’re going to be confused just trying to find your property. Make sure your property has been cleaned up so that you’ve got a nice clear area in the front for people to walk. Make sure there are some cleaned up trails or paths throughout the property. Make sure you’ve got a nice clear sign out front so people know they’re in the right place. Make sure you’ve got GPS coordinates so people know how to get out there.
Have multiple ways for people to be able to get to your property in terms of directions and GPS and land ID type notes. That’s going to be really important. It will hopefully minimize some of the crazy questions, the difficult questions that you’re going to get asked, but you’re going to get a lot of crazy questions. It can be really time-consuming at times. I’ll probably put together another video on other things to do to clean up your property and get prepared for listing it because this one’s already getting a little bit long. You have alternatives if you don’t have the time it’s going to take to sell your property on your own, or you don’t want to deal with all the questions or being able to get out there and walk people to your property, or you don’t want to deal with a realtor and the 10% cost, or you don’t want to wait for the time for it to sell on the market.
Listing on the market could be as fast as a month plus a closing time or it could take three, six months or longer. Some land listings are sitting there for over a year. If you’re looking for a faster sale, something more sure, you can reach out to an investment company like TB Properties Buys Land. We purchase vacant land properties across the United States. We generally look for 10 plus acres, and we pay cash. We always close through a title company just like you would if you’re buying or selling a house for safety. Feel free to reach out to us. We can get you a quote and you can make a decision on what you want to do moving forward. These are just a few things to consider when it comes to listing your property for sale on your own and get it moving so that you can get cash in your pocket and the property off your hands. Thanks again for listening.