Whether you are looking to buy or sell land, no doubt you need to choose a good realtor to work with. There could be so many realtors marketing their services to you, but like any other service provider, you need to pick the one that understands your target location extremely well. Of course you should consider all service providers at your disposal in your local area, but ensure you make a wise decision since your choice will ultimately help you save or lose money, depending on your choice.
For starters, you should know that a good realtor is one who has the ability to negotiate land offers on your behalf and will guide you on making or accepting the right offer, depending on whether you are selling or buying property. When selling land, a list price that is very high could start you off on a bad note since you will put off many potential buyers that would be having great investment opportunities for your land. On the flip side of the coin, if the list price is extremely low, you may end up losing money and wasting valuable time since some people could offer extremely low prices that you may not be prepared to accept.
Generally, the price you plan to accept or offer on your piece of land should be based on the potentiality of the land in question. An experienced, qualified and informed agent can give you an accurate analysis of the land in question, and the likely list of investors it is likely to attract. Note that land is very different from an already built property. Some investors could be eyeing your piece of land so they can build a residential property, or commercial property for sale. Others may look to build industrial property. Note, however, that all these are depended on the size of land, its location, as well as the local building codes and regulations.
It is a good idea to talk to several agents before settling down on the one you think will best represent your interests. Settle for an agent who is also knowledgeable on land development issues. You want to work with someone who will give you sound advice on what you can do with idle land. More often than not, depending on the market conditions, you could be better off stuck with your idle land than selling it at a throw-away price. At other times, if your land is held up in a legal battle, or its location may not be very attractive to investors in the future, you might want to get rid of it as soon as possible.
You want a realtor who will advice you accordingly and guide you on the best way forward. A good realtor should also be in a position to provide you with an exhaustive list of comparables in your local area. These are simply records showing the trends at which the sale of idle land in your area has been following over a given period of time, normally a 5-year period.
