When marketing your property, you need to know two things: 1) Who is your target market, and 2) How much is that target market willing to pay? Let’s talk a little more in detail about those two key pieces of information as well as how to sell your property even more quickly.
1) Who is your target market?
To determine your target market, you will need to look at the best feature of your property. Is it a large parcel in a rural location? Then your target market will likely consist of people looking to get away from it all on a homestead or survivalist bunker. Does your property have easy access to utilities and is in near schools and stores? Then your target market might be a family looking to build their dream house. Or does your property have a stream running through it, a pond, or lots of wildlife? Then it might be perfect for the recreational lover looking for a new fishing, hunting, or camping place. Even a large undeveloped lot can be used by farmers looking to graze their animals or folks looking for an isolated spot to ride their dirt bikes or ATVs.
Once you have determined your target market, you can narrow down your advertising options and move on to step 2.
2) How much is that target market willing to pay?
To determine the best price, you will need to find “comps” – comparable pieces of real estate that are being offered for sale or that have recently sold in the area. You need to be as specific as possible, because even a small difference between your property and a comparable one (a fence, access to utilities, size, etc.) can affect the final price. So try to find a property as similar to your as you can. That will give you an idea of what the market is willing to pay for what you have.
TIP: If you are looking for a quick sale, it’s not that hard – just lower your asking price or offer to sell with owner financing (land only). As long as you bought for significantly below market value, you will still come out ahead and can use the time you save to reinvest your money into other assets.
Let’s review: to market your property successfully you need to key pieces of information: who is your target market and how much is the market willing to pay? Once you have that data, you can move forward and start preparing your advertisement(s).