In this era of apps and websites, selling anything has become an easy task, just a click away. When it comes to selling your property, most people rely on realtors or real estate agents. Real estate agents usually start by evaluating the value of the property and listing it for sale. With the help of their connections, realtors make the process of selling property a smooth one.
In an era when DIY is on everyone’s mind, you may be asking yourself “Do I really need a realtor?” A real estate agent normally works for a percentage of the final sales price of your property. You can save the money by selling your property without a real estate agent, but they save you a lot of time and energy.
The selling of property includes evaluating the value, paperwork, marketing, closing of deals, etc. Can a person with limited experience and background sell a property? The answer is yes. It may require a lot of effort and grunt work, but at the same time, it’s a great way to save money. In this article, we are providing a step-by-step guide on how to sell land without a realtor.
Find Out the Worth of Your Land
The first and the most important step to make a profit on your land is to determine its correct value. Figuring out the correct value is a lot of work; you can do it by doing proper research, observing the market, and learning the value of land similar to yours in the same geographic region.
Another way to find out the perfect value of your home is to consult a professional like an appraiser. An appraiser’s job is to evaluate the market value of your land using all of the rules and regulations of the respective state. Whatever the option you choose, you must put a correct price tag on your property. A wrong evaluation of the price will be a hurdle for selling your land, and the longer your land will be on the market, the worse its reputation is going to be.
List Your Property on the Correct Platform
After evaluating the value of your land, it’s time to list it on different platforms. If you have been selling your property through a realtor, then listing it on the local MLS could attract a substantial number of prospective buyers. You can also utilize other platforms as well. Social media websites, buying and selling sites/apps, and newspapers are some of the examples of selling platforms. Remember the saying ‘out of sight, out of mind.’ Make sure that your vacant land never goes out of sight until you find a perfect offer.
Choosing the Best Offer
There is a fair chance that you might not get an offer the same as the value of your property, so you will need to rely on your negotiating skills. When selling your vacant land without a realtor negotiating an offer can become a tiring and challenging task. It becomes more frustrating when you’re dealing with a real estate agent from the buyer’s side who is a professional.
Negotiation depends upon the interest, the more the buyer is interested in your land, the more he will be flexible and vice versa. Your situation as a seller depends upon how many offers you have on the table. In case of fewer offers, the other person has leverage on you. It is crucial to know your bottom dollar amount. What is the absolute minimum you will take for the property? Making a deal as soon as you get a good offer is important and will save your time and energy. Otherwise, your property will be on the market for a long time and will likely not sell at the listed price.
Compiling All the Legal and Non-Legal Records
Selling vacant land without a realtor is quite a complicated task, especially if it requires all the documentation which you have to do by yourself. It can be possible with little research and effort. This is an important step as you must compile all the legal documents of your land.
It includes your financial records, insurances, and other associative documents related to your land ownership. You will need the title to the property in hand. Make a complete file of all the documents. If any buyer wants to look at them, you can easily show all the records as evidence. Legal documents may include the title to the land, a Quit Claim Deed, loan documentation, tax records and an appraisal. The county clerk’s office should have a copy of the plat showing your boundary lines, and any special zoning restrictions.
Selling a lot without a realtor has many benefits. The seller can save a large proportion of their profit as hiring an agent can be costly. You learn about all the processes and understand how much time and effort it requires. You can also act as a guide when your family and friends need help in this regard.