Making Sale of Land Easy For You!
Sale of land can be a difficult proposition mainly because most of the high street agents do not deal with the buying and selling of land. The internet has proved to be helpful though as you can easily find buyers for your land through various websites. Once you have made the decision to sell the land, there are two main questions that arise:
- How do I evaluate my land?
- Where do I find a buyer for the land?
It is important to keep in mind that the sale of land is no rocket science though you may be bogged down by some estate agents! It may seem a lot like a game of chess and you never know the end until the last minute. Sale of land can be almost a game with all the competition and suspense of a sci-fi movie!
First things first: as soon as you decide to sell your land, you must look for an agent or a solicitor to deal with all the legalities that can be mind-boggling. It is not advisable to attempt dealing with contract laws during the sale of your land on your own. But there are some areas of the legal arena that you can enter with some sound knowledge. Not only with this save you some legal fees; it will save a lot of time as well. If you stop being entirely dependent on a solicitor and handle some of the legalities on your own, you can actually save up to 4 weeks in reaching the time when you can exchange contracts.
It needs a lot of motivation to look for a buyer for your land. Learning a few tricks will only be advantageous. Other than thousands of pounds in legal fees, you can also:
- Gain an insight into how the property market works.
- Learn how to handle solicitor enquiries
- Learn effective selling and get the highest offers
- Increase the appearance of your property with the least expense hence increasing its value
- Master constructive communication.
Let us begin with answering the most obvious questions to make things simpler for you.
How do I evaluate my land?
Before you get an estate agent to evaluate your property, you must establish its worth on your own. It may not sound good but agent's valuations are mostly inaccurate. This could be due to a number of reasons like poor research on the agent's part, inexperience, not enough local knowledge or even a deliberate over-valuation! You can counter this by undertaking a comprehensive price research on your own. Although in some countries the selling prices of every property is public information; in the UK this information is not usually easily available.
Firstly, register yourself as a buyer with some agents to get property rates for lands similar to yours. If this is not your cup of tea, then you must look through the local property paper's old issues. The more properties you can find in these papers, the more accurate your valuation will be! You can follow these steps to deduce the value:
- Look through the asking price of 5 or 6 properties for sale on the same road that are up for sale.
- Any properties that are going cheaper or more expensive than others can be safely ignored.
- Now figure out the average price of the rest of the properties
- Subtract 5 % from this figure to compensate for the difference between the asking and selling prices during any sale of land
Where do I find a buyer for the land?
Once you have put your land up for sale in the market, the agent can follow one or more of the following to get as many people as possible:
- Via phone - the agents are always in possession of ‘hot applicants' on their register who are ready to view the land and mostly purchase immediately. The agent usually phones these people for a viewing before sending out the details.
- Through the internet - agents usually immediately add your land details on to their website and upload it to most of the major portals for property.
- Via the post - the agent's general marketing usually must have attracted quite some applicants. Other than sending the particulars of your land, the agent should phone each applicant to receive feedback and get a viewing.
If you have a multi-office agent, the particulars of your sale of land will be circulated to all the neighboring branches as well. However, be careful of inter-branch rivalry that may not allow you to get a sale. To make sure, ask the agent about the commission sharing in case another branch gets your land sold. Another way can be to call the neighboring branches posing as a buyer for a similar property as your land and see if they mention your land!
A "For Sale" board is a very good marketing tool as well. Almost one fourth of all sale of land is achieved through a "For Sale" board!
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