Selling a house in a changing real estate market can be risky and challenging. But selling a plot is a whole different ball game, especially without the help of a real estate agent. Selling plots without an agent can save you a lot of money in real estate commissions. However, it could be risky too if you are selling for the first time. A lot of precautions need to be taken before looking for potential buyers. Here are some tips to selling plot without help of an agent.
1) Have the plot ready
First impressions are always crucial in real estate. You would never leave out your dirty laundry for buyers to see when selling your home. Similarly, you must mark up and clean your plot before it is marketed and sold. Remove trash, cut the grass or weeds, and take photos of your property when it is looking its best. Some even plant wildflowers to make their empty plot look attractive. You can also consider a survey to mark your property boundaries. Buyers will be encouraged to buy due to the useful information provided. You can use attractive pictures of the site, its natural features and view from your property. Also, maps can be used to show where the plot is located and its boundaries.
2) Choose your price carefully
Pricing is one of the major factors in attracting buyers. Too high pricing is a big mistake which sellers often make and regret. Wrong price makes it longer for the plot to sell by scaring away buyers. You must be realistic in setting the price which should not be higher than the market price. Developed plots may have clear market price based on recent sales. Buyers’ intended use of the property can greatly affect the price to be set. For example, if a buyer intends to build a high end property, then the price per acre would be higher than a single home.
3) Use Online Listings targeted to plot buyers
Online listings are a vital part of the marketing plan. You will target people who are looking for plots online. It attracts potential buyers like builders, investors and developers along with homeowners. Your understanding of the market comes into consideration when you are preparing your listing. Design your message in the listing to give information to potential buyers.
4) Understand who your buyer will be and what they need to know
Your buyer profile may depend on what type of plot you are selling, whether developed or not, its location and market conditions. Is your likely buyer a builder looking for land for a project, or an individual looking for a plot for new home? After identifying potential buyers, try to think from their point of view. This will help you convey your message effectively. Keep information about shopping centers, schools and other amenities nearby. You can carry out research if you don’t know much about these. Then you will be able to give realistic answers to the buyers’ questions.
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