Development land on the outskirts of town is sometimes not worth as much

The email below is from me to a seller client of mine regarding the listing and marketing of their land for sale in a somewhat rural area of Central PA.  Though the land has quick access to highways, is close to an elementary school, has public utilities available, etc., it is in a somewhat rural area on the outskirts of the main population center where the builders and developers are currently focusing their projects.  These particular sellers wanted to go for the “see what we can get” price at the start, which I wouldn’t normally want to do with a home, but with land like this, time on market is going to be long anyway, so “testing the waters” doesn’t hurt very much, and our price was still a thought out price, not just some random number out of the sky; but now we have market feedback and have to discuss pricing and timing goals before going back on the market.

land-for-sale

EXAMPLE EMAIL:

NOTE: Speaking in person or on the phone is always preferred, but sometimes email or text is the best way to communicate or convey information, as well as keep track of what was said and when. …plus, some clients just prefer to communicate that way, so I accommodate them and communicate any way they want to.

All identities and addresses are kept confidential. – Except this one which includes my mom. 🙂

Start Email:
“Hello!
Hope all is well and you’re enjoyin’ the snow!  I try not to talk too much shop or bother people at _________ and I didn’t wanna call ya this early so thought I’d email ya.  Feel free to call or email back, whatever you prefer, I’m available to talk.
Our listing is coming up/expiring on __date__, so you’ll have to decide what you wanna do at that point.  We obviously haven’t had any interest at all and we put it in front of a ton of people (developers, builders, realtors, etc.) in the area, so I think our price is probably too aggressive (which we somewhat knew going into it).  So now that we have “tested the waters” and the market has given us some feedback (and by feedback, I mean no feedback or interest of any kind really, just a little out of the areas they want to buy and build in right now), so we’ll probably need to reduce the price if we put it back on the market.
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Again, development land properties like this can be on the market a long time before someone comes along and/or the area builders change where they’re looking to build, especially if we’re asking top dollar, so we’ll have to talk about/revisit your timing and price goals to formulate a plan for moving forward that will suit you and get you what you want.  And I think we should completely redo all the marketing and everything and possibly target a different segment of maybe multi-family builders and/or others (zoning doesn’t allow much, but it’s the same zoning as the low income housing, so I think a multi-family or at least townhomes could be possible).  I marketed it as multiple property types allowed, but I think marketing it more intentionally targeted towards multifamily projects could help.
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I think it’s worth going back on the market, just need to decide what the ultimate price goal really is and when you want to have that money.  Also, the company I just moved to (NextHome Capital Realty) is very heavily into development, so I’ll have even more resources now.  Going back on the market with a different company and fresh new marketing, and possibly a new price, can many times spur some new interest.
Give me a call or email me or whatever and let me know what ya think.  We can talk at ___________ in person too if ya want, I just don’t like to bring up work out of the blue at __________.  Lemme know and enjoy the snow!!  🙂

 

https://ClientSatisfactionFirst.com
Derek Bicksler
NextHome Capital Realty

 

End Email

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