How To Harness The Untapped Potential Of Land

Land is the last thing to heat up in any market. And it's the first thing to cool off.

Why is that?

Because everybody takes the low hanging fruit. If you think of the real estate market like a tree, land is at the top of the tree. Everybody takes the low-hanging fruit before they get to land.

But now that everything is sold out in most markets, people are wondering what they can do. And that's when they decide to build. 

That's why land is starting to heat up. Also, developers are starting to buy land so they can subdivide it and build more homes. Which is another reason why why land is starting to heat up.

As an agent, you can actually go after land as a prospecting method. It's an effective method because very few agents are going after land right now.

But as you drive around in your neighborhoods, you'll see a piece of land in a subdivision that's not developed. Or you'll see a piece of a lot that's an infill lot that doesn't have a house on it in the end of a cul-de-sac.

Both of these are opportunities. 

Everywhere you look, you're going to see land when you start to attune yourself to it as a potential opportunity to market — to take a listing and, believe it or not, make a quick sale.

So what can you say to land owners when we're reaching out to these folks? You could do this in letter form or with a postcard. Better yet, you can make a phone call. Do some research, find out who the property owner is, using the RedX or PropertyRadar to find out the phone numbers attached to these properties.

When you're calling them or putting it in a letter format, you can use one of two scripts.

The first one you can use is this:

"Hey, my name is Jim Remley. I'm with ABC Real Estate. I did some research and notice that you own a vacant lot at [name the address]. Quick question: Would you consider an offer on this property?"

Bingo, that's it. There's nothing more to it. It's that simple. Throw two of your business cards in if you're sending a letter or a postcard. Or if you're making the call, just engage in conversation.

The second one is a little bit of a twist, but this is assuming that you have some buyers in your office looking for land (and almost all of us do now).

So what you might say is:

"Hey, my name is Jim Remley I'm with ABC Real Estate. I did some research and noticed you own a vacant lot at [the address]. Hey, my office represents a handful of builders who are actively looking for new lots and land. Would you consider selling the property for the right price?"

That's the script, right? Simple script, easy script, and a script that will actually engage people in conversation.

Now I'm going to flip this over on its head for a second.

Imagine that I go to builders in my market and I say to the builder:

"Listen, how would you like a list of properties that are coming soon that actually haven't hit the market yet? They're not in MLS. What if I could give you access to a few of those? Would you have some interest?"

Almost every builder is going to say yes! And now you're creating a list of builders you're working with, right? And of course, we want to work with builders in general anyway. But now you're creating a list of builders.

And you can use this list to go after landowners and start getting these properties that are in a coming soon status or not quite on the market status, where you can put together instance sales.

This is a massive opportunity, and you're going to really be able to create some momentum with this opportunity.

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