08 May 2018
In the real estate industry, the sale of land is referred to as “dirt”. And this is, in essence, what you are selling. Selling land can be particularly difficult. This is because in most cases, there are no accompanying plans for development. In order to make the land more sellable, effort needs to be invested into marketing. This is so that it becomes more valuable for any potential buyer. Furthermore, you will need to invest in surveys, advertising. As well as having answers to the most common answers that may be asked. In this post, we have outlined some useful hints and tips to help you sell your assets.
What process must I go through to?
- Provide a clear legal description and be clear on tax. You will need to outline annual taxes paid. Plus any other expenses paid. As part of this, zoning is useful to include. Plus any charges.
- Make sure the land is advertised at the correct price. It might be worth hiring the services of a land appraiser. Who will work out the value of the land. Ensure that you receive two separate valuations to choose a final price. If you are wanting to encourage multiple bids, it is worth advertising your land at a lower price than its market value.
- Have a land survey completed if necessary. By completing a land survey, a sale may be more easily achieved. Because any factors against the sale can be removed. E.g. understanding easements or establish boundaries. Make it easier for any potential buyer by including historical documents. E.g. property use reports or past surveys. This gives potential buyers a better idea of what can be achieved with the land.
- Make the land presentable. This can easily be achieved easily.
- Use appropriate marketing to advertise the land. It is normally versatile and can be used for a range of uses. For example, agriculture, residential, retail or commercial. Use of marketing materials, along with drawings and plans are useful for advertising.
- Create an advertising board. Place an advertising board at the location. This will encourage interest for potential passing customers. Make sure that all relevant information is included. As well as ideas are provided of how the assets could be used.
- Make it easy for the buyer by recommending a broker or lender. Let the buyer know the key facts about loans & how to gain them. Such as interest rate differences between land loans and home mortgages.
There is no question that selling assets can be particularly difficult. And in most cases, this is because there are no plans to accompany it. On behalf of the seller, effort must be made to successfully market it. And the seller can equip themselves even further by understanding usual questions along with hints and tips for the buyer. There are several tips that can be utilised when selling assets. These include:
- Being clear on tax and legalities
- Advertising at the correct price
- Completing a survey
- Presenting the assets appropriately
- Using marketing effectively
- Creating an advertising board
- Recommending a broker or lender
Do you need assistance in selling assets?
Contact Phoenix Design Management today by clicking here. We will respond to your query as soon as possible. ❮ Back to Blog