Show That Lot. NOW.

By
Real Estate Broker/Owner with Lake Homes Realty

Lakefront Lot and GrasslandsIn real estate, lot listings can be seen as easy, low-effort money. Put up the sign, plug in the data on the MLS, and wait for a buyer.

If someone expresses interest, you don’t have to schedule a showing or unlock a door. You can just tell a prospective buyer to drive over by themselves and if interested, you’ll write up a contract, right? 

Wrong!

Here is why you should take the time, everytime, to go with buyers to look at lots:

1.  If the buyer does want to buy the property and you don’t have a buyer’s agent agreement, who will they call?  You? Or the number on the sign at the lot? Think about it.

2.   Buyers often struggle to imagine a home on a lot. You can add value to the property by helping explain how a home may sit on the property. Paint them a picture of life on this property and help them want to buy it.

3.  Typically, people looking at lots really want a home, they just haven’t found it yet. They are about to give up searching and build.

But we’ve had cases where the lot visit turned into a home sale. In one such instance, an agent showing a $25k lake lot instead sold the $1.2M home next door. The agent spent time with the buyers at the lot and helped them when they saw the neighboring home was for sale.

How much missed commission would it have cost this agent had they not joined the buyers to look at the lot?

4.   Time looking at any property, homes or lots, is time where you can better understand your client and their interests, needs, and desires. In other words, your chance to better serve your client.

5.   In market after market, across multiple state, I find a majority of the top agents typically sell everything. Low-end lots to multimillion dollar homes. Have the habits of these winners.

6.   People who buy lots usually build homes. People who own homes, including those they built, will eventually sell these homes.

When that times comes, you want to be remembered as a great agent, not just one that passed the work off to the buyer.

7.  As the old adage goes, if you don’t take care of your client, someone else will.

Lots may be seen by some as the scraps of real estate in many markets, but I see them as a gateway to opportunity, as a great place to improve service skills, and a test of agent’s service attitude.

Be great. Take care of all your clients, every time, even those who may only buy a lot (this time).

 

Posted by

Glenn S. Phillips is the CEO of Lake Homes Realty, the multi-state, full-service, lake-focused real estate brokerage powered by LakeHomes.com.

 Lake Homes Realty - LakeHomes.com

 

 

Comments (5)

Stefan Winter
Real Estate in IL & NV | Owner of Real Estate Web Tech | Daily Vlogger - Las Vegas, NV
Owner - Winter Group & Real Estate Web Tech

Most of the lots in my markets are in gate-guarded neighborhoods so I go along everytime. It is good practice to built a relationship by viewing the lot with clients eitherway, anytime they are off on their own is a chance you loose your commission.

Jul 16, 2015 07:54 AM
Sussie Sutton
David Tracy Real Estate - Houston, TX
David Tracy Real Estate for Buyers & Sellers

All great points! There is also historical knowledge you may have on the property... like is it in a MUD district where they can get water as oppose to having to dig a well. Where is the survey, does this property have road frontage or access easement? There is a lot more to consider ... like I said great post!

Jul 16, 2015 11:39 AM
Rhonda Burgess
Southern Living Realty Partners - Smyrna, TN
Moving to Nashville TN Real Estate Specialist

I always go along to "show" lots.  You gain valuable knowledge about your clients as well as the neighborhood. 

Jul 18, 2015 12:18 PM
Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

I love selling vacant land and listing it too. A lot of my business is vacant land and I always want to see and walk on every one of them. Many times the buyers are not familiar with the area and appreciate all the info you can provide about so many things.

Sep 08, 2016 06:56 PM
Glenn S. Phillips

The buyers so appreciate someone who both cares, and will show them the effort they deserve. And it is our job, even if many in our industry think otherwise (a story for another day). What we learn by "getting out" is amazing.  Thanks again!! G


 


 

Sep 08, 2016 07:30 PM
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

I agree, the first meeting is always longer for me. i take time to listen and understand how I can help them, what their needs, what is important and when they need it to be done. 

Aug 06, 2017 11:52 AM