When listing land for sale, many properties may be eligible to be subdivided into smaller parcels. For example, your seller may have a 500-acre property for sale that can be subdivided into smaller 100-acre lots, which may expand your pool of potential buyers. As the listing agent, you may want to market the full 500-acre property as well as the smaller parcels without having to enter a listing for each option.
Now, you can! REcolorado created a new Property Subtype, Subdividable, within the Land Property Type. This new Property Subtype allows brokers to enter and market a piece of land that can be subdivided into smaller parcels.
Subdividable Listings Contain Available Parcels
A Subdividable land listing serves as a parent listing to make information about parcels available in one place. As you enter a Subdividable Land listing in the REcolorado Matrix MLS system, you’ll notice a few key differences:
- Enter a Price Range
Instead of entering a specific price for the Land listing, you can enter a price range reflecting the lowest priced parcel to the highest priced parcel.
To continue the example above, the List Price Lowest Value may reflect the price of a single 100-acre lot, while the highest price reflects the full 500-acre property.
- Lot Size Acres Range
Additionally, because a property can be sold in a variety of parcel sizes, you can enter a range under Lot Size Acres to reflect the options available.
Lot Size Acres Low could reflect the smallest parcel size, while Lot Size Acres reflects the largest size. Continuing the example above, these values would be 100-acres and 500-acres.
- New Parcel tab
Subdividable listings include a new “Parcel” tab where you can enter information specific to each individual parcel. Here, you can name or number the parcel and provide details applicable to that piece of land, including:
- Parcel Lot Size Acres
- Water Included
- List Price
- And more
Lifecycle of a Subdividable Listing: Marking Individual Parcels as Pending and Sold
A Subdividable listing represents all possible listings, acting as a “parent” listing for the parcels within that are for sale. Because of this, a Subdividable Land listing doesn’t follow the traditional Active > Pending > Closed listing lifecycle.
When you, as the listing agent, have a buyer interested in a specific parcel, you should then enter that parcel as a new Land listing. Enter details specific to that parcel, including a set price and acreage size, under the appropriate Property Subtype of Improved or Unimproved. This listing can now follow the traditional listing lifecycle.
Next, return to the original Subdividable listing to edit as needed. Remove the details related to the parcel, which is now its own Land listing. Update the acreage and price range so they do not include that parcel.
Once all parcels have been sold, change the status of the Subdividable listing to Expired. It has served its purpose and is no longer needed.
Searching for Subdividable Listings
Use price and acreage ranges to search for a Land listing that fits your buyer client’s needs. To see Subdividable Listings included in your search results, use the Price Range and Lot Size Acres Range fields highlighted below. Make sure Subdividable is included under Property Subtype.
Pro Tip: Enter criteria in these fields as you would the standard Price or Lot Size Acres field, including wildcards and special characters as needed.
If you have questions about listing a Subdividable Listing, interpreting Land search results, or others, REcolorado Customer Care is here to help! You can reach us six days a week at support@REcolorado.com or 303.850.9576, option 1.