Selling land is all about getting the best price for it, right? Many landowners may sell their land to private parties who may not be able to give competitive rates. However, if a developer is eyeing your land because it meets your project needs you are in luck. Developers are willing to pay much more than a competitive price for the land they are interested in but it’s not as easy as it sounds. Here are some tips for you to sell your land to a developer.
1. Land Suitability: This is the first step and there is no way you can sell your land if it does not mean anything to a developer. It is crucial to determine whether your land is suitable for development or not. So, before you get carried away with prospects of financial gain. How would you evaluate whether your land is suitable for a developer or not? Read step 2.
2. Working with a professional: Many of us try to bypass the conventional real-estate agent approach. Trust us, this isn’t helpful at all. A real estate agent is your best bet to sell your land to a developer at a good bargain. Why? It’s simple; they are professionals and know how all this works. Moreover, they have connections in the market so if you do not have any developers interested in your land, a real estate agent might help you find one, which means more money.
3. Land Zones can Friend Zone: Developers are looking for land that is already zoned for their purposes. They do not want to take the hassle of zoning the land to suit their needs. Instead, they would pay a higher price to someone whose land is appropriately zoned for their needs than to get the wrongly-zoned land from you for cheaper. If you are not sure what your land is or is not zoned for, you might want to consult your local building and planning department.
4. Expand, Expand, and Expand: Developers usually look for large pieces of rightly zoned land. They would rather purchase this land from one party than approach several parties that own small pieces of land. If you do have a small piece of land that a developer might be interested in, try partnering up with other landowners who have sellable lands in the same area so that the collective private landowners can function as one entity to bargain with the developer.