Land for sale in Pinellas, County, Florida requires a marketing strategy that is vastly different than selling traditional real estate. The pool of buyers for vacant land is smaller. Their needs differ from that of residential buyers, and they may require nontraditional financing to close the deal. Due to all of these factors, it takes longer to sell vacant land. You can, however, minimize the time the property sits on the market with a solid plan of action. By identifying a suitable buyer and taking on some of the prep work, you can quickly and easily see success with your vacant land for sale in Pinellas, County, Florida.
Know Your Buyer
Selling land is different than selling a home as the buyers for each has different requirements. You’ll need to identify your potential buyer’s profile for your Pinellas, County, land because your marketing strategy for each will vary. Home buyers looking to build their dream home want to see a blank canvas. As such, their requirements will focus on things such as lot size, privacy and proximity to local amenities. Farmers, on the other hand, are more concerned about soil quality and access to water. More often than not, land buyers are builders looking for a parcel of land for their next project. They tend to focus more on zoning laws, drainage and soil erosion, road access and access to public utilities. So how exactly do you go about identifying potential buyers? The first step is to evaluate adjacent land. Is it residential, commercial or residential? If you aren’t sure, conduct research at the Pinellas county land records office to determine the zoning information for the property. This information will help you identify the best pool of buyers for your land.
Prepare The Land
When placing land for sale Pinellas, County sellers will need to put their best foot forward and make the land shine for your potential buyer. Remove trash and debris that may have accumulated. Depending on the zoning requirements, spend time evaluating if you should remove trees from the property. If the Pinellas County Land is zoned residential, then your buyers are likely looking to build a home. As such, determine which trees you should leave to provide the most privacy. If the land has water frontage, consider removing some of the trees to give the best view. Also, cut the grass and remove all brush. It is also helpful to mark the boundary and set back lines for the property. Doing so gives potential buyers a chance to visualize the property to determine if it meets their needs. You should also grade the land to give it a polished look. If the property is far from the nearest access road, consider providing access to that road. You might even consider connecting public utilities such as electricity and water. Doing so makes the property more desirable to a buyer as it saves them time and money so that they can get started on their project right away.
Determine Price
Many factors go into pricing land. Zoning and size of the lot come into play when determining asking price for Pinellas County land. Also, any improvements such as road access and connections to public utilities may demand a higher asking price. Comparable properties and recent sales data will give you a rough estimate of what you can expect to receive. For example, if the similar properties all have farm acreage, you stand a good chance of demanding a higher price if your land has the terrain to support farming. Also, water frontage such as a lake, stream or pond is much more desirable than bare land. As such, buyers are often likely to pay a premium to get it. Perhaps the most accurate way to determine a fair asking price is with the opinion of an appraiser. An appraiser evaluates all aspects of the property and determines a fair market value for the home.
Determine Marketing Strategy & Prepare Marketing Materials
Once you’ve identified your potential buyer and set a price, it’s time to market the property. Prepare a prospectus that gives buyers all the details of the property. The file should include photos of the property, lot size, information on zoning, any improvements made to the property as well as the asking price. You can either print this information and display it in professional portfolio covers. More than likely though, you will make this information available online as a part of your marketing plan. Next, based on your potential buyer’s profile, determine where to target your marketing efforts. You could market online at land listing sites, advertise in the paper, make direct phone calls or network with real estate agents and builders in the area.
Negotiate & Close The Deal
Often, Pinellas County land does not sell for the asking price. Buyers and sellers must negotiate to settle on an appropriate amount. Know upfront the minimum amount you are willing to accept and be prepared to negotiate until you reach an agreement. You can increase your chances of getting full asking price by offering owner financing. Due to the complexity of the transaction, lenders have strict credit and financial guidelines for land sales. As such, it is often difficult for buyers to obtain financing. With owner financing, you take the place of the bank and hold the note for the buyer. In this arrangement, you collect a sizable down payment upfront and then collect payment from the buyer each month. The good thing about owner financing is that you get to set the terms. You set the amount of the down payment, the repayment schedule, the interest rate and the amount of late fees.
Marketing vacant land for sale in Pinellas, County, Florida, is much more challenging than marketing traditional real estate. With a smaller pool of buyers and stringent lending requirements, those with land for sale in Pinellas, County, Florida need to develop a solid strategy to have the best chances of success.