Do you own land in a growth corridor or that may be suitable for residential development? If so, are you thinking about selling? It doesn’t matter how much land you have – whether it’s one hectare to a hundred – you want to ensure you are getting the best deal when selling.
The development process can be complicated and lengthy, and you will need assistance to help you navigate through it, ideally from the professionals who have experience in rezoning, planning and dealing with consultants all across the different disciplines. When selling land for development, you may need a lawyer and accountant to provide you with the right advice. It can be a disaster if you don’t have any relevant property knowledge or the right industry contract. Ensure that you don’t sign anything until you have independent and clear advice from professional retail property agents.
Be friendly with your local council
The starting point should be your local council. They will be able to tell you if there has been a precinct architectural plan previously drawn up and they can advise you on the process needed for any existing masterplan. The council will either be your saviour or blocker at this point.
Consolidating the properties
If you have small holdings, then you need to work together with the landowners to develop a plan for the land area. You can use that as your basis for dealing with more prominent investors, instead of trying to sell the land and dealing with the complexities of doing all that yourself.
As there are high costs that come with planning and rezoning, you should consider reliable investors. Property owners are not often equipped with the finance needed. Most become fearful of the joint ventures, but the processes don’t need to be risky and can be very positive with the right partners.
Rezoning is a long process, and it comes with no guarantees. Councils can reject re-zoning due to the land being fragmented and will need to be consolidated. It can take anywhere from one year to five or six. Many landowners don’t have the time so it can be scary and a very upsetting process; which is why most will sell fast and cheap just to get out of there. If you can manage the process, the rewards can be huge.
When a seller is marketing a property, they need to sell the neighbourhood. Potential buyers will want to know about the surrounding areas also. Most will only show interest if the location is close to amenities. It also needs to promise a specific type of lifestyle that will interest the buyer once they are living in the area. As the seller, you need to be studying the neighbourhood communities and showing off their values in your marketing plan.
Selling land will take more time than what it does to build a home fully, so you need to ensure that your marketing will continue for a long time.
It is essential to pay attention to the marketing tips to ensure that you get the benefits out of the best land deals. Do your research and seek professional help when you need it, instead of thinking you can do it alone.