Over 400,000 people moved to Florida in 2022, as the sunshine’s state warm weather, beautiful beaches, and booming economy continues to attract people from all over the world. While the population continues to grow each year, shoppers are also contending with a shortage of available homes on the market. As a result, new construction is starting to pick up and land is selling for a premium.
If you own land in Central Florida, there couldn’t be a better time to unlock the value of your asset. However, the process for selling land is a lot different than selling a home. To guide you through the process, we drafted a quick list of steps to take if you plan on selling land this year.
1. Choose A Good Real Estate Agent
Land transactions are complicated, so you want a professional by your side every step of the way. Most real estate agents aren’t experienced when it comes to land transactions, so you might need to do some research in order to discover a qualified land agent or broker. An agent is important because they will help to market your listing, set the right price, negotiate terms, and guide you through the closing process. They’ll also help you navigate pitfalls and get the maximum return on your investment.
2. Identify Your Property’s Best Traits
Before you can set your asking price or decide on the best strategy for marketing your listing, you need to understand the value behind what you’re selling. To accomplish this, sit down and make a list of your property’s most valued characteristics. To help, here are some questions to think about:
- Is your land in an up-and-coming area that is experiencing high levels of growth and development?
- Are you selling the full bundle of rights (minerals, water, timber)?
- Is the land cleared and suitable for construction?
- Is the property landlocked or accessible by road?
- Are there any zoning restrictions?
Once you jot down the list of answers, work with your real estate agent to ensure the items are considered when setting your asking price.
3. Compare Your Property To Other Lots For Sale
One of the best ways to understand the value of your land is to look at similar property sales within a 5 to 10-mile radius of your own. Ask your agent to pull a comparable market analysis showing recent sales of similar properties. This will help to give you an idea of what the market is willing to pay, so you can use data when setting your asking price. You don’t want to set your price too low and leave money on the table, but you also don’t want to set it too high. Buyers tend to perceive lots that sit on the market to be problematic.
4. Choose Your Target Buyer
Perhaps your property would be great for residential development. Maybe it’s rural farmland that would serve as the perfect spot for an agricultural business opportunity. If the land isn’t cleared, maybe it’d make for a prime hunting destination. When selling land, determining who would be interested is an important consideration. Use your list of valuable traits to determine how the land can best be used. Once you understand your target buyer, you and your agent will be better prepared to draft your listing and develop the right marketing approach.
5. Find The Deed
Finding the deed for your property is important, so you can ensure you’re the sole owner of the property. If there are others who can claim ownership of the land, then you’ll need to settler the matter through probate. The good news is finding the deed is easy, just stop by the Volusia County Clerk of Court’s office. If the deed was created after 1990, you may be able to find it online.
6. Promote Your Listing
Once your agent lists the property, the listing itself will populate across real estate and land broker websites, which will naturally lead to visibility. However, there is a lot you can do to market your listing on your own. Turn to your social media accounts to promote your listing among friends, family, and co-workers, and ask your agent to do the same.
Selling land is easy when you have a good land broker in your corner. Contact Palmetto Realty today. Not only are we experts on Volusia County land transactions, but we also have all the skills and technology to market your listing and earn top dollar on your sale.