How do I go about selling a lot of land? Put on my realtor hat?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
Post Reply
Topic Author
hopefulbogle
Posts: 21
Joined: Tue Nov 28, 2017 10:42 am

How do I go about selling a lot of land? Put on my realtor hat?

Post by hopefulbogle »

If I am going to use a realtor, what questions should I be asking to evaluate realtors other than commission fee etc?

If I don't use a realtor, what are the steps I need to take from A to Z? Land survey? appraisal? listing? lawyers?

I don't know where to begin.

Thank you for your collective wisdom.
stan1
Posts: 14235
Joined: Mon Oct 08, 2007 4:35 pm

Re: How do I go about selling a lot of land? Put on my realtor hat?

Post by stan1 »

There's is no cookie cutter answer to a question like this.

First question I'd honestly ask myself: will someone want to buy this land?

It's not a given that someone will want it. Starting with that you might head in different directions.
realclemsongrad
Posts: 304
Joined: Sat May 16, 2020 4:37 pm

Re: How do I go about selling a lot of land? Put on my realtor hat?

Post by realclemsongrad »

In Texas the market for land has been good and I see sharp increase in prices and I am not sure if all this is justified. I suspect this might be a great time to unload.

I would look to sell on sites such as loopnet. I am not sure which part of the country you are in, but I have seen friends sell and buy through this.

Hope that helps.
Jack FFR1846
Posts: 18461
Joined: Tue Dec 31, 2013 6:05 am
Location: 26 miles, 385 yards west of Copley Square

Re: How do I go about selling a lot of land? Put on my realtor hat?

Post by Jack FFR1846 »

Land commission is typically 10% to the agency.
Bogle: Smart Beta is stupid
Broken Man 1999
Posts: 8620
Joined: Wed Apr 08, 2015 11:31 am
Location: West coast of Florida, near Champa Bay !

Re: How do I go about selling a lot of land? Put on my realtor hat?

Post by Broken Man 1999 »

How much is a "lot" of land?

Any issues concerning ingress/egress?

Any issues with adjoining property that might make your land less desirable, something like a slaughterhouse, dump, etc.?

How is it zoned? Is the zoning set in stone (some folks/areas don't want development, so they fight changes in zoning tooth and nail), or would rezoning be an easier effort? The more flexibility with zoning, the more attractive the property, as more diverse the uses, the more buyers can consider the property for their use.

Why do you think your land would be a good purchase, that is, look at your land thru the eyes of a buyer. Anything really unique?

Anything present that would add extra usage costs, like EPA issues, wetlands/marshes/streams/rivers/lakes/ponds, things that could prevent a prospective buyer from any full use?

Has it been appraised by a professional, that is, someone who makes their living, not a real estate agent?

Have you researched comps?

Broken Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven then I shall not go." - Mark Twain
Hockey10
Posts: 1108
Joined: Wed Aug 24, 2016 12:20 pm
Location: Philadelphia suburbs

Re: How do I go about selling a lot of land? Put on my realtor hat?

Post by Hockey10 »

I once sold a vacant lot by first getting an appraisal from a local appraiser, then by knocking on the door of the next door neighbor. I got lucky - he had just bought the vacant lot on the other side of his property. With the appraisal in hand, it only took about 2 minutes of negotiations to agree upon a price. I then hired a local real estate attorney to handle the settlement.
User avatar
deanbrew
Posts: 1494
Joined: Wed Jul 21, 2010 12:05 pm
Location: The Keystone State

Re: How do I go about selling a lot of land? Put on my realtor hat?

Post by deanbrew »

While commission is important, it is down the list when it comes to selling land. Your average realtor knows relatively little about vacant land. You want to find an agent that regularly lists vacant land.

Without knowing anything about the land you own, the main question is "what is the highest and best use"? H&BU drives value, marketing and everything else.
"The course of history shows that as the government grows, liberty decreases." Thomas Jefferson
Topic Author
hopefulbogle
Posts: 21
Joined: Tue Nov 28, 2017 10:42 am

Re: How do I go about selling a lot of land? Put on my realtor hat?

Post by hopefulbogle »

I apologize for the play on words. It is land lot, not a lot of land. :)

It is in a mostly developed upscale neighborhood with several additional unsold lots. I'm sure it will sell, but pricing I will have to research. My question is what are the steps I need to take to sell it myself as opposed to paying 6% commission to a realtor.

Broken Man 1999 wrote: Fri Apr 09, 2021 1:56 pm How much is a "lot" of land?

Any issues concerning ingress/egress?

Any issues with adjoining property that might make your land less desirable, something like a slaughterhouse, dump, etc.?

How is it zoned? Is the zoning set in stone (some folks/areas don't want development, so they fight changes in zoning tooth and nail), or would rezoning be an easier effort? The more flexibility with zoning, the more attractive the property, as more diverse the uses, the more buyers can consider the property for their use.

Why do you think your land would be a good purchase, that is, look at your land thru the eyes of a buyer. Anything really unique?

Anything present that would add extra usage costs, like EPA issues, wetlands/marshes/streams/rivers/lakes/ponds, things that could prevent a prospective buyer from any full use?

Has it been appraised by a professional, that is, someone who makes their living, not a real estate agent?

Have you researched comps?

Broken Man 1999
Post Reply