At Tillable, our mission is to simplify owning and managing farmland. When working with landowners that have the vision to sell farmland, often there is a “playbook” that will lead to the most successful outcome. Here are 6 essential items to consider while preparing to execute a successful farm sale.
- Identifying What you Own
Trusts, LLCs, Corporations, and Partnerships are familiar entities that often own the land. Existing leases and title issues can impact your ability to sell your property, so having those addressed or worked through ahead of time is a good plan.
- Understanding Multiple Decision-Makers and Goals
If there are multiple decision-makers, it’s key to ensure that everyone is a seller at an identified price. Is there a specific price point you need to reach or a timeline you’d like to stay within?
- Define the Property and Collect Data
Farm leases, renewable fuel leases, easements, buildings, mineral rights, drainage, and water rights must be considered for the sale. Legal descriptions and surveys are essential when defining a property. Knowing the farm’s acreage, location, and improvements can smooth your selling process. Information such as previous yield data, fertility history, soil types, tile maps, and water usage records are essential tools that encourage buyers to spend more on the property.
- Understanding Comparable Land Values
Knowing what land is selling for near your farm can help you set goals for your farm sale. An experienced sales partner can help you use all the information you have, alongside their knowledge, to make those land value assessments. In fact, Tillable gives you free access to recent farm sale data that you can view yourself. Here is a recent blog post that shows you how to see that data.
- Determine if you want a Listing or an Auction
Sellers typically choose between a traditional real estate listing or an auction. An experienced land sales professional can consult you through that decision, as each property and seller(s) likely has a unique fit.
- Choose a Land Sales Professional
Tillable is a comprehensive farm real estate company that will tailor a marketing plan to your farm to draw the broadest range of potential buyers. The more information available about the farm, the more confident the offers. A skilled and experienced professional will coach you through evaluating offers.
Today, attracting the best buyers takes more than just one approach. A smooth transaction is likely with some prep work and a solid land professional in your corner.
Are you curious about selling your land? Set up your free market analysis today.
- Recommended asking price
- Recent farm sales in your area
- How your farm compares to other farms based on price, soil quality, and more