Thanks to technology and the constantly changing real estate market, property sellers now have a variety of possibilities. You can experiment with cutting-edge options like land investors and trade-in programs that promise to save money, time, or hassle—or all three.
Every strategy for selling your house has benefits and drawbacks. The best option for you will rely on numerous factors, including your real estate expertise and the price you hope to receive for your property. Read on to discover your choices.
Real Estate Investors
Real estate investors or professional land buying companies guarantee simple selling. They offer to take your property off your hands and give you cash in exchange. You can enter information about the land for sale on the investor’s site and get an offer almost instantly. If you opt to accept it, you can set a closing date and collect your cash.
The whole process is done online without meeting an agent in person. You won’t need a lot of visual content when you go down this route, as the investors will research the property virtually. However, remember that you might be required to provide many details regarding the property. Additionally, the sale goes through very fast, usually within a week. The best thing is that you’ll be saving on agent fees or commissions, closing costs, and listing fees.
For Sale By Owner
FSBO, or for sale by owner, is a fairly common way of selling land properties. You’ll need to advertise your property on land listing websites and then schedule showings with potential land buyers and their agents. Additionally, you’ll have to manage the negotiations, paperwork, and other aspects of the sale on your own or with the assistance of a real estate agent.
The most significant benefit of this type of land sale is that you retain complete control over the pricing and get to decide how you market your property and when to schedule showings. With this method, you’ll also save on agent fees or commissions. However, keep in mind that FSBO takes a lot of legwork on your part and might take longer to sell the property. You won’t have access to listing services or marketing tools which might make it hard to advertise like a pro. Finally, if you don’t have industry knowledge or this is your first time selling a property, you’ll likely need to hire a real estate attorney, which would mean paying them for their fees.
Auction the Property
An auction naturally fosters urgency. The buyer must take action at a specific time, or they run the risk of losing out on the chance to purchase the property. Setting an auction date brings all prospective bidders together at once, fostering competition and providing the best opportunity to obtain the highest price.
Purchasers typically receive a price range during the marketing campaign. However, this might change depending on the level of interest in your property and the input you get from potential buyers. The benefit of selling your house at auction is that there is no upper price cap. There is only a set minimum price, known as the reserve price, at which you are willing to sell. The idea behind an auction is that your house will sell for its current genuine market worth. Moreover, the seller knows when a sale and settlement will occur. This gives you the advantage of anticipating your next move.
Trade the Property In
Working with a company that will allow you to trade your property in return for your next one is possible if you already own a piece of land, but you want to sell it and buy a new one. The dedicated trade-in companies will acquire your current property, sell it on your behalf, and then use the proceeds to assist you in financing your new home. The benefit of this strategy is that it lets you avoid two mortgages and makes buying and selling simultaneously easier. On the other hand, you can only trade property with confident builders and in specific markets. As a result, you might not earn as much profit as on the open market.
There are many simple ways to sell your vacant land properties today. Take your time and evaluate the pros and cons of each option. You might also research your local market conditions, request quotes from several land investors, and see if there’s a land auction happening soon. Finally, before deciding on the best course of action, consider the amount of time and knowledge you can contribute.