Beth:
Hi, I’m Beth with TB Properties Buys Land. In the past couple videos, we have discussed the cost of selling your rural vacant land. In the first video, we discussed the cost of getting it ready in order to list. In the second video, we discussed marketing costs, whether you work with a realtor or sell it on your own. Next, we want to get to closing costs and what those might entail. This is all in consideration of what money you might need to set aside in order to sell your property. But before we move into closing costs, I think it would behoove us to introduce one more discussion regarding cost consideration when it comes to marketing your property, should you choose not to use a realtor but instead decide to sell your property on your own as a for sale by owner. This is often a cost that we fail to consider.
And what is that cost, might you ask? The cost is your time. Let’s just say that you choose to list your property. Maybe you utilized some of those land subscription sites that we mentioned. Perhaps you also put it on the MLS, maybe you even listed it on Facebook Marketplace. Who are these people going to call when they have questions about your property? They’re going to be calling you, since you don’t have a realtor that you’re working with. Keep in mind that you’re going to have people who call you if you list your number. You’re going to have emails and messages that are going to come to come to you, demanding answers, and you’re going to have people who want to meet you at the property. Have you factored in the time that will be required to take these phone calls and respond to these emails, maybe even drive out to the property and show people around? If you’re trying to save that 10% realtor cost and sell this on your own, these are things that you have to take into consideration.
Do you have a full-time job? Do you have children? On the weekends, are you coaching their soccer or basketball or softball or volleyball, or taking them to their games and / or activities? Do you have time to put into the marketing and physically take people to the property? Have you factored in some of these flaky people who might respond to you, expect you to meet them out there at the property and then they don’t show up? Are you ready with GPS coordinates so that people know how to get out there? Do you have good directions for people to get to your property? For some of these more remote properties, sometimes you have to be extremely explicit with instructions telling people exactly where to turn, especially if there are unmarked roads in the area.
Try to think about the people that are going to be responding to your ad. Some may never have purchased vacant land before, and there is nothing wrong with that, but they may need a little additional handholding when it comes to the viewing of the property and the purchasing part. If you are choosing to market your property on your own and do it for sale by owner, think about what your timeline looks like and what your time capacity is. Is now the right time to sell your property? Do you have the time to work with these people and market it, answer their questions, meet them out at the property and that sort of thing? Again, if this is not your thing, or if this is not something that you have the time to do, or maybe you’re just not interested in working with the kind of people reaching out to you, or perhaps you’ve already tried it and you don’t want to do this anymore, again, there is another way. You can still sell your property as a for sale by owner but in a much easier and faster way. You can sell your property on your own safely through a title company and get cash for your property by working with a real estate investor such as TB Properties Buys Land.
Feel free to reach out to us. We’re going to ask you a couple questions about your property. We will get you a simple one-page contract that goes to title after we sign it. We pay the title company in cash so you’re able to close quickly, oftentimes as fast as three to four weeks, and you can be confident that you’re going to get paid. You won’t have to worry about being scammed because you’re closing through a title company and there is that transparency with working with them. But feel free to reach out. We look forward to hearing from you. In the next episode we’ll talk about closing costs. This series has been put together to help you determine what it is going to cost you to sell your property. It was designed to help you line all those out and be prepared. I hope it helps. Thanks again.