selling your project
When undertaking any project of a speculative basis, it is imperative to align yourself with a Real Estate Agent prior to the purchase of the land, so you can utilise their resources/expertise during your due diligence process, and if successful with your purchase negotiations; to sell the “end product”.
When doing your comparable sales analysis on land, and/or similar type dwellings you propose having constructed, you must do your comparisons based on actual recent sales; (and not current asking prices). For this purpose, an Agent should be able to provide you with very specific comparable sales data, (as they can enter stringent search parameters).
Also importantly, once you have this information, you can incorporate this as part of any debt funding (supporting) documentation.
When selling your project, it’s imperative to “price” the property(s) realistically, if you advertise at an unrealistic asking price/ range, the property(s) generally take longer to sell. This results in additional “holding costs”, and other expenses, but the real issue becomes that of overexposure. When this eventuates, it is not uncommon to realise less than what would have been achieved, if the property(s) were marketed at a reasonable price/ range from the start.
This can be a disaster for any commercial venture.
Your choice of Agent is important, and one that you’re confident will act in your best interests at all times, be dedicated to achieving you the highest possible price in the shortest time, follow up all buyers; and regularly communicate with you.
It’s prudent to align yourself with someone experienced in “off-plan selling”, as these sales have obvious commercial upside for you, and can also benefit the purchaser.