Selling a property in Philadelphia can be a complicated process with several variables at play. Besides the sales process itself, there is also a marketing aspect with its own learning curve, as well as networking, advertising, and negotiating. This all may seem intimidating to a novice, which is why many automatically assume the only option for selling real estate is to get a realtor involved. While there’s nothing wrong with this, it’s essential to know that it’s not your only option.
Real estate agents can be an excellent asset and offer a streamlined solution to property transactions. In return, however, they take control of the process, making commissions in the range of 6% and fees withheld from you at closing. With some due diligence and a willingness to learn, anyone interested in selling vacant land can do so without a real estate agent — saving you time and money in the process. Here’s how:
Determine a Realistic Value of Your Property
Look to other listings and sales data for comparable properties in your area and observe what the going prices are per acre. There are a few ways to go about this, such as consulting local realtors about what land in the area is going for or reaching out to your county’s deeds registry for information regarding recent transactions. You can also look to the newspaper or relevant online publications for real estate transaction information, such as buyer and seller information, sales price, and acreage.
Consider All of Your Assets
Take into account amenities and other assets your property features that may make it worth more than just the base rate per acre, including existing septic systems, wells, utility hookups, metered power services, and more. Additionally, perhaps more apparent, assets to consider include structures, buildings, access roads, standing timber, etc.
All of these items can add a significant amount of value to a tract of land. Starting out, you might have a difficult time placing a dollar amount of all of these things. Consider consulting subject matter experts in each field for informed, professional opinions or full-on appraisals. Over time, you will develop confidence, and it will become easier to estimate these values.
Understand Your Target Buyer
After you have settled on an approximate value of your property, it’s time to put yourself in the shoes of a prospective buyer. What would they want the land for — recreation, long-term investment? What is their financial situation? Do you expect the buyer to be a local person or business, or would they hail from another area entirely?
For example, if you’re looking to sell a few hundred acres with mature timber and convenient access roads, a good option may be to seek out businesses like timber companies and lumber mills as potential buyers. On the other hand, if you have a couple-acre lot in a relatively small town, you might want to target individuals within more populous metropolitan areas looking to get away from the hustle and bustle. All in all, the better you understand your target demographic, the more effective your marketing efforts will be.
For more information about selling your Philadelphia property without a realtor, contact us today!