What to Do When Your Land Isn’t Selling
by Laura Mueller
Real estate is a tricky market, and even the best of us might find ourselves sitting on a property investment that just can’t seem to snag a buyer. And while it might be tempting to get frustrated (or to assume that your land is just never going to sell), a better approach is to look for ways that you can optimize your listing and your approach in order to make a sale more likely to happen.
So how do you do it? Here are three things to do when your land isn’t selling.
1. Research the Market
If you’ve been working with an experienced real estate agent on your listing, then you should hopefully have a good idea of what market factors are possibly working against you. It’s possible that there’s just low demand across your area, or that lots of a certain size are selling while smaller or larger ones aren’t.
Of course, figuring out what’s going on in the market isn’t going to spur your sale—but it can help you strategize. Depending on unique market trends—both at present and historically—you may find that you’re better off pulling your listing for now and going live again later on. Alternatively, you may see that there’s plenty of land buying activity, which would suggest that there’s something else you need to work on if you want to find that perfect buyer.
2. Re-Evaluate Your Listing
Your land listing is a prospective buyer’s first window into your property. It’s also one of the most significant factors when it comes to determining whether someone requests a showing or not. If there are gaps in your listing, either in terms of information or imagery, then you could be unwittingly turning away otherwise interested buyers right off the bat.
A good thing to do at this stage is to enhance your listing and make it more robust. That could mean adding some drone video shots, bulking up your property description, and/or bringing out a professional photographer to take more effective still imagery.
For assistance in this area, it helps to get an objective set of eyes on your listing from someone who isn’t yourself or your agent. Ask a trusted friend or advisor (ideally one with some experience in the land market) to look over your listing and point out any inadequacies or flaws.
3. Expand Your Network
Finding a buyer often just comes down to effective marketing. Is it possible that you’re being too narrow with your marketing efforts, or that you’re neglecting to utilize all of your channels for promotion?
Along with your real estate agent, go back to the drawing board and come up with a broader marketing approach that can help you get more eyes on your property. Make sure that you’re taking advantage of all possible marketing platforms, including aggregate listing sites, social media, and print media. The more you can expand your pool of potential buyers, the better chance you have of finding the right one.
Don’t get discouraged if your land isn’t selling. Instead, get creative. As with all business endeavors, sometimes a simple change in approach is all that you need to get over the hurdles standing in your way.