When buying or selling a commercial building, it’s a given that you need to hire a real estate professional to help facilitate the transaction. But what about when you are purchasing or selling a vacant parcel of land? After all, there is no interior to be staged for photos, no list of renovations to be completed, and no structures to be appraised.
So, is it really necessary to hire a broker to buy or sell land? Without a doubt, yes! Before you even consider listing your land for sale, reaching out to a qualified real estate broker with experience selling land should be your first step.
Although selling land may seem more straightforward than selling a building, the reality is that there are many unique challenges and considerations that come with this process. Below, we dive into a few reasons why a real estate broker is such a valuable asset when buying or selling land.
Brokers Know the Market
Knowledge is power, especially when it comes to making a smart investment by purchasing land, or earning a profit by selling your land. A qualified real estate broker has unparalleled access to market information, and a wealth of indispensable knowledge, tools, and techniques that will help you make a more informed decision.
Your broker can walk you through the good, the bad, and the ugly qualities of each parcel of land you see—everything from zoning and potential hazards (such as floodplains) to planned transportation improvement projects. Additionally, they can consult on matters relating to specialized commercial and industrial land requirements.
Simon Caplan, a Partner at Cushman & Wakefield | CRESCO Real Estate states, “When a client is working with a broker they gain insight to market information, a broker’s valuation of the property, and provide the negotiations on an acquisition or disposition”.
First Impressions Still Matter
Sure, there are no kitchen cabinets to be replaced or walls to be painted in preparation for your first showing. But a parcel of land that appears well cared for and maintained is still going to attract more interest—and command a higher value—than a lot that is overgrown and littered with trash or junk.
It can be difficult for buyers to visualize the true potential of a vacant plot of land; set yourself up for success by showing your land at its very best. Your real estate broker will be able to suggest improvements that can be made to increase the appeal and value of your land.
This alone can make the difference between a lot that sits on the market with little interest, and one that is snatched up quickly.
Negotiations Are Key
When it comes to buying or selling land, price is just one of many important factors included in the purchase agreement. An experienced broker will help you draft an agreement with favorable terms, including details such as inspections, improvements to the land, financing, and closing date.
Brokers can also help to coordinate additional resources that will be needed in the future, throughout the development process. When you work with a real estate broker, you’re not just gaining access to their expertise—you’re gaining access to their entire network of industry professionals.
Cushman & Wakefield | CRESCO Real Estate represents owners and developers of small, medium and large parcels of commercial and industrial land throughout Greater Cleveland.
To learn more about how CRESCO, Greater Cleveland’s leading commercial real estate company, can help you with your property needs, contact us at 216.520.1200, or fill out the form below. A CRESCO professional will contact you shortly.