So far, 2021 has delivered the highest commodity prices seen in years. And with high commodity prices come high farm values. Between those high prices and uncertainty around changes to the tax code, many landowners are considering selling this year to capture high demand but not everyone is prepared to sell just yet.
Not sure about selling your farm this year but still want the best possible sale price if you decide to sell in the future? Here are four things you can do TODAY to ensure your farm sells quickly and for the highest price possible in the future.
- Keep records of inputs used on the farm. The most critical data will be the amount and type of fertilizer applied each year, and your farmer should be able to provide this to you yearly. Read more here.
- Keep track of the FSA programs and certified acres receiving any government farm program payments. Most potential buyers will ask for this information as it influences the yearly revenue the buyer can expect from the land. Read more here.
- Document the type of crop planted on the farm each year and what your yields are at harvest. Crop documentation is essential for potential buyers because if the actual yield numbers are not keeping up with the expected yields, it can indicate that the farm has not been cared for adequately. If this is the case, the farmer should immediately address this. Read more here.
- Any improvement projects that have taken place on the farm. Examples include drainage tile, grain storage, tree and fence removal, as some of the most beneficial improvements for farmland value. Read more here.
Schedule a free, no-obligation market analysis of your farm. A Tillable broker will help you understand your farm’s current market value and how you can tap into our network of 18,000 farmers and 6,000 individual investors.
Your free market analysis Includes:
- A recommended asking price
- Recent farm sale prices in your area
- How your farm compares to other farms based on price, soil quality, and more
We offer support and service in a couple of different ways depending on your goals:
- Tillable Free/DIY – Access to insights and record-keeping tools to manage your farm yourself with your farmer.
- Tillable Farmland Management – Our team of experts manages your farm WITH you. We work with your current farmer or help find a new one if needed.
- Tillable Brokerage – Work with a licensed Tillable broker to sell your land. Gain access to 20,000 Farmers, Investors, and Landowners in the US.