Owning land as an investment can be a great experience for the owner as is rarely requires any ongoing effort from the owner. Unlike improved property where you have buildings and tenants to manage owning land requires much less ownership time and involvement. However, the caveat here is when it comes time to sell the land in the Chicago area many owners find it incredibly difficult. In todays post we will take a look at the process involved in selling your land to a developer.
First, it’s important to know what developers are looking for
A developer wants to be able to build on the property and sell it, so they’re probably looking for property that is close to infrastructure and services (like water, sewer, power, and roads). After all, they’ll need to connect these services to their development and they’ll want people to get to their development!
It’s okay if the land isn’t serviced but developers will probably want to know how far away the services are and whether those services are being actively worked on by the city.
Second, you may want to bypass the real estate agent
Most real estate agents work with home owners who are experienced in selling homes. Generally speaking, you will find that when you contact local agents in your area to sell your land they won’t know how to properly market the property since it is different then what the typically do. (Alternatively, you might consider getting in touch with us to buy your land from you – we’re not developers but we do buy land).
Third, be aware of zoning when wondering “How Do I Sell My Land To A Developer?”
Developers will be looking to build, which may include potentially subdividing and doing additional work on the land. They’ll want to know how your property is zoned so they can anticipate the work required to build. Of course zoning can often be changed but zoning changes will just add to their timeline and workflow so it’s helpful for developers to know up-front how the land is zoned.
Fourth, be aware of the path of new construction
This one is harder for land owners to know but if you’re wondering, “How do I sell my IL land to a developer?” this will be an important consideration that the developer is thinking about: If your land is not inside a city then a developer will probably want to know if the city is growing in the direction of your land. (Even if the city is not growing toward your land, that’s okay but developers will want to know). You don’t have to know this answer yourself but if you do, that will be helpful to developers.
Selling raw land can be challenging because it’s a very different kind of buyer. But if you’re wondering, how do i sell my land to a developer, then these 4 tips will help you.