Common Mistakes to Avoid When Selling Land

ByJohn Wilson

Recent research on the land real estate market showed that land sales significantly increased in 2021, and the same is expected from 2022. However, realtors can still experience difficulties in finding the right sellers. Why so?

As selling vacant land is different from selling residential properties, the process for a new seller in Detroit can be complex. If you have a land for sale try contacting experienced realtors and avoid the following mistakes so they can attract verified buyers for your listing.

Not Having Enough Knowledge

As trends go up and down in the real estate market, it is very important to upkeep with them. One way to do so is by contacting an experienced real estate agent. With years of experience in realty, an agent can educate you on market trends and the market’s current situation. This will help you put the right price and then negotiate it with the buyer. Without enough knowledge, you may end up signing a deal at a loss.

Broadcasting Bad Photos

Advertising your property in the market is very important to attract buyers. The best way to do this is by posting the best pictures of your land online. Presentation is the key to selling. So, use a good camera to get fine pictures and videos of your property. Also, keep attention to detail in the pictures.

Most sellers either don’t put any pictures or post poorly clicked pictures on the website. This will uninterest the buyers, and you may not find the right buyer for your property.

Selling at the Wrong Time

The real estate market has mainly two trends: the buyer’s market and the seller’s market. As the name suggests, the former benefits the buyers while the latter benefits sellers. So, if you’re a seller, avoid putting land for sale in Detroit in a buyer’s market as buyers will have a benefit on price negotiations. Talk to your agent about market trends and avoid selling when it is not the right time.

Not Hiring a Real Estate Agent

A common mistake most sellers make is not hiring a realtor or someone without enough experience (or market knowledge). When you put lots for sale in Detroit, it is important to know that an experienced realtor can help you in many ways. For instance, they’ll advertise your property to attract buyers. Additionally, a realtor can handle legal matters and verify buyers. Without a realtor, you will have to do all this by yourself. Not only is the process tiring but also time taking.

Poorly Maintained Land

Selling vacant land requires regular upkeep to attract buyers. Leaving your land unattended after putting the “for sale” sign is a mistake you should avoid. Having overgrown grass will not reflect well on your property.

  • Remove debris and garbage.

  • Mow the grass and weeds

  • Mark the land boundary

  • Show the features like electricity and water connections.

Putting the Wrong Price

If you find that no one is interested in your listing, it might be because you’ve put a higher price than the market price. The right property price depends on the market trends. Research thoroughly to know what the current market prices of your property are. You can also take assistance from a realtor for this.

Fewer Payment Options

The one thing that can turn off potential customers is not having many payment options. Only accepting full cash payments can turn off buyers. If you want to sell your land faster, you can offer “owner financing”. Owner financing means accepting a smaller amount as a down payment, and the buyer can pay the rest in installments. This requires extensive paperwork and verification of the buyer. A realtor can help you with the legalities. Furthermore, you can give them the option of online payments or accept checks as a mode of payment.

Last Words

If you’re putting homes, apartments, or lands for sale in Detroit, a realtor can help you significantly. These professionals can manage the property and its timely maintenance along with legalities. Moreover, they are well-versed with Detroit real estate to assist you in a profitable land-selling deal. Avoid the above mistakes to elevate your land selling process.