SELLING LAND
To start, remember that potential buyers and the REALTOR© you select know nothing about your land. It is important for you, the Seller, to collect documents that will assist your REALTOR© in selling your property. Also, the Seller needs to show the REALTOR the boundaries of the property. Below is a punch list to guide you in the selling process:
Finding the Right REALTOR©
Trust and experience are the two major ingredients Sellers look for in a REALTOR.
After 16 years of selling land in Central Virginia, I can tell you that advertising or promoting trust is nearly an impossible task. Trust is something only satisfied customers and professional associates can give you. You can't buy it or go to school to get a trust degree. Good reputations are something REALTORS© earn by delivering high quality service and expertise to Sellers year after year.
On the other hand, requesting information about qualifications and experience is possible. Simply ask a prospective REALTOR© : What is your background in selling land? What types of land have you sold -- residential, commercial, industrial?
Your land may need to be rezoned or subdivided. If so, you'll want to ask what experience a Realtor has had working with the local municipality or with surveying companies. One of a REALTOR's© major responsibilities is getting the highest and best use out of your property. If you want to sell your land "as is," you may get a lower price compared to land that has been enhanced through subdividing or rezoning. Find a REALTOR© who knows about these things and will work with you throughout the process.
Build Your Sale with Documents
1) Plat - This is probably the most important document you can have. Because a surveyor created it, it may not be a document that is filed at the courthouse.
2) Deed(s) - probably the second most important document. This gives you a metes
and bounds description of the property and tells what easements are present. If the property you are selling was created from multiple purchases, you will need those deeds. If you sold part of the original property, you will need to provide those documents as well.
3) Tax Map - This is a handy document because it shows your property along with all adjoining and nearby owners. This document can be purchased at the courthouse. You will need the tax map reference or parcel I.D. number printed on your real estate tax bill. This number will be needed if the property is placed in our Multiple Listing Service (MLS). The cost runs $3 - $10 per page.
4) Topo Map - If you have a large tract, or one that can be used for commercial or industrial development, a topographic map will assist the Buyer with knowledge of the terrain. The cost per page is about $15.
5) Aerial Photo(s) - Most people do not have them, but aerial photographs can be very beneficial. Commercial and large residential developers use them to see what the area looks like. For a Realtor they can be used in marketing brochures. The cost can vary greatly from $150 to $450. If you are not in a rush, you can generally get a better price when a photographer shoots photos for several clients at once.
Marketing
The role of the Seller is to know how the property is to be marketed. It should be the Seller and not the REALTOR© who determines if the listing is going into a Multiple Listing Service (MLS). It should also be the responsibility of the Seller to know what he or she is getting in return for the commission paid.
Multiple Listing Service - Sellers may not be aware that they do not have to place land or a commercial listing in a MLS. Some REALTOR's© prefer not to because they feel many agents are not educated enough in showing this type of real estate. This may be true if the land is being promoted for a shopping center or an industrial park. But many other types of land listings can and should be considered. You need to speak with the listing agent and determine if being in a MLS is beneficial. In 90% of cases, I feel that land should be listed.
Selling Is More Than A Sign - I keep telling my clients this. For most agents, signs are still the number one way of marketing a property. For others, it's the newspaper ad. Today, the Internet is becoming the fastest and cheapest way to market land on a national level. The National Association of REALTORS© is involved in two major Internet sites, Realtor.com for residential listings and LoopNet.com for commercial and agricultural listings. LoopNet currently has over $550 billion in listings.
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