We often get the question, how do you do it? Well, typically we've been in touch with a land owner for several months, provided ongoing informational pieces and kept in contact regarding what's happening in their given development area. We truly believe every land owner will sell at some point so by providing timely, accurate and valuable information, a land owner will choose to work with us when it's in their best interest to sell. Once a land owner decides they want to discuss a potential sale, it typically goes something like below:
Knowledge
Although not technically part of the sales process, our diligent research is used as the backbone to everything we do. We're always compiling and digesting information that is both publicly available and also that is learnt from developers, city planners, etc. Things like minimizing a creek setback because of a little known update in an area plan can pay massive dividends to a land owner which is why no stone is left unturned throughout our entire marketing process.
Deep Dive
After confirming a marketing or listing agreement with a land owner, we conduct a deep dive into the property's specifics. This includes things such as confirming tax report information, walking the property to get a feel of the topography, reviewing land use plan specifics, utility information, etc. If needed, we'll also schedule any interior or aerial photography and prepare all necessary marketing documents. We'll also compile information about surrounding sales similar to yours in order to provide sound reasoning for our listing price once marketing has begun.
Consultation
Once we believe we have a good grasp of the property's highest and best use, we'll confirm our findings with the appropriate contacts. Whether that be an architect to confirm possible layouts, an environmentalist to confirm a watercourse classification or a city planner confirming the width of a future road, we like to fact check everything learned and provide documentation to interested parties in order to get the highest value and limit due diligence/subjects included in a sale contract.
Market Exposure
Whether it be on MLS or marketed exclusively (no signs, no MLS), we can effectively generate the interest and curiosity needed to reach our price expectations. We combine the tried and tested methods such as calling the developer who's purchased surrounding properties with some lesser known or used tactics such as direct online targeting, reaching prospective buyers who've already shown interest in similar properties and piquing their interest when they're simply browsing the internet. We leverage the use of technology and implement the latest analytics software to report our progress directly to clients. We take great pride in our creativity and have found that more often than not, it's the unconventional approach that creates the most interest.
Interest and Offer Review
The best time to sell a property is within the first 3 weeks of being marketed, this provides adequate time for parties to review details while also capitalizing on momentum and inquiries coming in. After several days being marketed, we typically have a good idea of the interested parties and can filter the serious inquiries from those simply looking for information. We then meet with the land owner and discuss the interest that has been shown, comments made about the property as well as discuss/ review any offers presented and decide which ones to pursue further. Armed with information from the previous points above, we can then negotiate favourable and acceptable terms by answering any questions or concerns that arise. For example, a buyer says he is only willing to pay X because there is a creek on the property that needs to be protected. However, due to our initial deep dive, we know it's not a creek but simply a drainage ditch and as per section ABC of the community plan, it requires no setback. Not only that, here's a letter from XYZ Environmentalists confirming our findings. See how this works? Research, preparedness and overall knowledge of development land is key to attaining your desired price.
Sold
After some negotiating, a price and terms are agreed to and an offer is signed by both parties. We encourage all clients to consult with their preferred real estate lawyer during this phase in order to ensure all terms of the contract are binding, enforceable and that the land owner is fully protected in the rare instance where a term in the contract could be tested. Once we've received final approval and all subjects are removed, we arrange for monies to be exchanged and we have another happy land owner in the books!