For the last 15 years, Mike Marshall has been working in the land development side of real estate, specifically within land use entitlements. Entitlements are the first step in the development process, before the engineering and building permit phases. Essentially, entitlements are a set of approvals granted for a certain piece of property. Aspects that are included in entitlements are things like zoning, land use, architecture, and environmental review. Mike and his team work to change the entitlements of a property to make a piece of land more valuable. This is extremely attractive to developers who would much rather buy land that’s already been through the process instead of spending the time and resources to do it themselves.
When it comes to vacant land and entitlements, Mike says land on the urban fringe of an area is the sweet spot. Buying land and taking the time to add entitlements significantly increases its value without ever having set foot on it. Mike shares his tips on how to build out a strategy and marketing plan for land after it’s been through entitlement. It’s a great way for folks involved in other real estate markets to diversify their portfolios. Check out Mike’s website and Facebook group below.
Watch and Learn:
Listen and learn:
- Examples of entitlements and what the process looks like.
- How Mike and his company use entitlements to increase vacant land value.
- Strategy and marketing tips for entitled land.
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