Nobody lists a property for sale expecting that it’s going to sit stagnant on the market. But high hopes at the beginning of a listing period can quickly falter when the showings dry up. It might start to seem like you’ll never be able to sell your land, but more often than not a property that is slow to sell is a sign that you need to be doing something different—not that there are no buyers out there.
Instead of getting discouraged, look for opportunities to remedy one or more of the factors that could be preventing your sale from happening. Below, we’ll go over three reasons your land isn’t selling, and more importantly, what you can do about them.
Reason #1: You overpriced it
Setting the right price is key. If your land isn’t garnering much interest, there’s a high possibility that you’ve mis-evaluated your land’s true value and that you’re alienating a pool of buyers by asking for too much. All sellers want to make the most profit that they can, but if you overprice your property you’re going to end up spending less time counting cash and more time waiting around for a buyer to pop up.
Fix it: Go back to the drawing board and try to come up with a more fitting price. Don’t just go off of what your realtor says—look at the data yourself, comparing the market value of nearby plots and accounting for any improvements or unique amenities your land offers. Seek to strike a balance between your ideal listing price and the price that is most likely to secure a deal.
Reason #2: You chose the wrong realtor
It’s important to have an agent working on your behalf when you go to sell, but not all agents come with the same backgrounds and expertise. Selling land is a unique endeavor, and one that not all realtors are well suited for. If your land isn’t selling, it’s possible that your agent is in over their head and doesn’t havethe skill set required to make a sale happen fast.
Fix it: There’s no shame in switching realtors. If you’ve had your land listed for awhile with no luck, count your losses and hire someone who can breathe new life into your endeavor. Use referrals and reviews to find someone who has proven experience selling in the land market and who can advise you on market trends and best practices.
Reason #3: You’re missing the mark on advertising
Selling is half having a good property and half having a good marketing plan. Even an attractive, well-priced parcel of land isn’t going to sell if nobody knows about it. So if you’re sitting on the market, it could be because you’re not advertising widely enough or to the right pool of buyers.
Fix it: Re-evaluate your marketing strategy and come up with a different plan for getting the word out. Start by defining your buyers as well as you can, and work backwards from there, figuring out where they’re doing their searching and how to get your listing in front of them. If you can get on the right radars, you should be able to sell faster.
Your perfect buyer is out there. Optimize the factors above and you might see your difficulties disappear.
