If you have vacant land that you’re trying to sell, you need to know how is ready to buy it. Here are questions land sellers should ask vacant land buyers.
All investments have their expiration dates. When its time to let go of your land, make sure you understand what vacant land buyers need in order to get the best deal.
Understanding things like fair land prices and uses for land help give you an edge in how you communicate with the buyer. Take a look at these 7 questions all sellers should ask vacant land buyers.
1. Do You Need Financing?
Cash is king in real estate. Avoiding the hassle of going through lenders gives buyers far more negotiating power.
You can work with the buyer to decide on a purchase date much easier with a cash sale.
It typically takes a vacant land buyer 30 days to secure financing from a traditional bank in order to buy vacant land.
It shouldn’t be a deal-breaker, but it lets you know how to plan in case you have past due fees on your land that might result in foreclosure. If you have multiple offers on your land, it means having the option to choose the buyer with the strongest financing option.
2. How Soon Can You Close?
Knowing how soon a buyer can close the deal is important. Some buyers are simply doing research to see what they can get and aren’t necessarily serious about making an immediate transaction.
Some sellers try to speed up the process by letting the buyers know there are other people interested in the property. The ethics of this sales approach isn’t a fit for everyone, but it’s very helpful if you’re getting a lot of interest in your vacant land.
The benefit of having other offers lets you put a deadline on when you need the buyer’s best offer. It weeds out the serious buyers from the window shoppers.
3. How Will You Use the Land?
Ask how vacant land buyers plan to use the land they’re buying. Knowing the answer gives you an opportunity to upsell the property or negotiate.
For example, if your property is being used for ATV or motorbike racing, you might offer information on a nearby storage facility that works well for recreational vehicles. You might also opt to throw in a low-cost shed to encourage the buyer to move forward.
Remember to be a resource to your buyer by finding out more about their needs so you can help them fix problems. Smooth out their road to making a purchase to speed up the transaction.
4. What Are Your Deal-breakers?
Sometimes buyers are on the fence for reasons you can fix. But you won’t know this unless you ask plenty of questions during the process.
Find out their deal-breakers and decide whether you are willing to negotiate on these items.
Depending on how urgently you need to sell, you might consider fixing any situation that might be a deal-breaker.
The ultimate decision should be based on cost and timing. Sometimes waiting for a buyer that’s the right fit makes the transaction far less of a headache than trying to force a deal.
But knowing what the buyer needs in order to close puts you in a solid negotiating position.
5. Would You Like to Visit the Property?
Not every interested buyer will live near your vacant land. But if they are within an hour’s drive, it might be a strong selling point to show the property.
You’ll have to be sure you know and understand how the person wants to use it. There’s no point in showing dirt to a buyer without putting the space into context.
Showings are usually helpful if you’ve got features on your land that are exceptional like breathtaking views or beautiful sand dunes for riding motorbikes. Features like these don’t always photograph well and would be best to see first hand.
6. What Other Properties Have You Considered?
Don’t be shy about asking about your competition. A buyer’s other prospects help you understand their price range and where they are considering purchasing land.
You can sell your property much easier when you have another property to compare it to. Perhaps your location has sewer and water, but the other options do not.
Or your property is next to protected land, but the buyer’s other options are in a questionable area. Don’t assume your buyer is an expert.
Be a consultant through the process by offering any research you’ve done to help them make a decision. Sometimes this could mean steering them away from your land.
But if a good referral comes from you being a resource instead of a pushy salesperson, it’s worth the effort.
7. What Brought You to this Location?
You know why you bought your vacant land, but what makes it attractive to other people? Be sure to ask your buyer why they are interested in your property.
Build a rapport by sharing your story or memories on the land. Raw land doesn’t always have a personality on its own but having a personal story attached can make your deal stand out from others.
Talk about previous owners if you have that information. It shows buyers there’s a long list of people who also thought the property was special enough to buy it.
Give any historical information you have about the area to show your fondness for the property. Share positive information to motivate the buyer into making an offer.
Negotiating with Vacant Land Buyers
Vacant land buyers come at all experience levels. Some already own land while others need their hands held through the process.
Your ability to negotiate should be based on creating a win-win situation between you and the buyer no matter their experience level. Ask for a fair price that helps you financially, but gives buyers the best deal possible.
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