Ready To Sell An Empty Lot? Here Are 5 Tips To Make It Happen

A lot can be a sound investment, especially if you are planning on selling to a specialized commercial or residential buyer. It can also be difficult for first-time sellers to figure out what is necessary for the selling process. If you are planning on selling your lot, keep some of these tips in mind for a successful sale.

Ready To Sell An Empty Lot? Here Are 5 Tips To Make It Happen

Determine the Market Value

To find the market value of your lot, you will need to research recent sales of similar properties in your area. This information is typically available through public records or real estate databases. Once you have an idea of what your lot is worth, you can set a price that is reflective of its current market value.

Advertise the Property

To generate interest in your lot, you will need to advertise it aggressively. A good place to start is with a classified ad in your local newspaper or on online classifieds websites like Craigslist or Kijiji. You may also want to consider hiring a real estate agent who can list the property and help you find potential buyers.

Have a Realistic Price in Mind

It is important to remember that not everyone will be interested in buying an empty lot, so do not be surprised if you do not receive many offers, or if they are much lower than what you were hoping for. It is best to start out by pricing the property realistically and then adjust it accordingly based on feedback from potential buyers. Since most buyers will want to negotiate on the price, it is important to be prepared to bargain.

Speak to Legal Professionals

Working with a legal expert in the field of lot sales can be an excellent way to cover your bases. Between figuring out the paperwork for conveyancing and planning for taxes, the less that you need to focus on the surrounding noise, the more time you will have for negotiating and getting the best price for your lot.

Have a Closing Date in Mind

It is critical to set a closing date for your lot sale, preferably one that is within a few weeks of putting the property up for sale. This will give potential buyers enough time to make an offer and have the transaction closed in a timely manner.

Like with any such process, it can be difficult to completely anticipate the direction in which a market will move. Your greatest assets in any lot sale will be your patience and your flexibility. Keep the market in mind and do your best to accommodate sudden changes.