4 Pitfalls of Selling Land, Explained in Football Terms
As the excitement builds for the upcoming Super Bowl, let’s look at how you can score a touchdown with your development land sale by avoiding these common pitfalls of selling land.
Just like in football, success when selling development land requires careful strategy and awareness of potential hurdles. Here are the top 4 pitfalls to watch out for when selling development land, specifically when it comes to selling as part of a land assembly, using football terminology.
Top 4 pitfalls to avoid when selling development land (or competing in the Super Bowl)
1: Timing can make all the difference
Timing is key in football and selling development land, especially when it comes to selling as part of a land assembly. There are different stages where your property can gain additional value, but if you wait too long potential buyers will move on or plan development around your property. This can result in lost opportunities and profit.
2: Failing to scout the competition
In football, teams need to know their competition to make the best plays. Understanding your competition’s strengths and weaknesses, as well as how you stack up, can give you a huge advantage. In land assembly, it’s important to know what other properties are available in the area, what they are listed for, and who the current landowners are. This will not only inform your sales strategy but, if you need to sell as an assembly, it will help you build a “winning team” of the best properties for the assembly. A licensed Realtor with land assembly expertise can help with this by coordinating with neighbours to assure the assembly is appealing to buyers, increasing the chances of a transaction that maximizes your property’s value and avoids leaving any money on the table.
3: Neglecting to protect your team
In football, players use different techniques to protect themselves from getting hurt. When assembling land, failing to protect yourself legally, by not having all the necessary documentation or agreements in place can lead to problems down the road. Hiring a real estate agent specializing in development land, as well as engaging other experts, is the best protection we can recommend.
4: Not understanding the rules of the game
In football, each game is played by a set of rules, and the same is true in the world of real estate. It’s important to understand the zoning laws and regulations in your area, as well as the industry standards as these can mean the difference between a touchdown and a penalty which can jeopardize your entire sale. To avoid this pitfall, consider working with a real estate agent who has expertise in development land and is knowledgeable about the local rules and regulations. Just like having a coach who knows the rules of the game, this can help you avoid costly mistakes and ensure a smooth and successful sale.
Just like winning the Super Bowl, assembling and selling development land requires a combination of timing, strategy, and teamwork. By avoiding these common pitfalls of selling land, you’ll be well on your way to winning big.
Want to learn more about how we can help you avoid pitfalls when selling development land? Contact us today.