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7 Tips Before Selling a Farm

April 30, 2020 By fret12

We Asked the Experts

by Mason Spurgeon, Certified General Real Estate Appraiser

Farms, to many people, are the largest asset they own.  So when it comes time to sell, you want to make sure it is done right to maximize your return.

Selling a farm can be an overwhelming task for many landowners, especially if the property was inherited.  Before selling your farm, there are several things to be done.  We asked experts to give us tips on what a seller should do before selling their farm, and these are the best 7 tips.

 

1)      Get the Price RIGHT!

In order to make a quick sale on your property, price your farm no more than 5 to 10% over market price. This will give a potential buyer the sense of urgency to act, and a buyer will come to the table fast because they know the property will sell fast. – Kevin Small, United County Land Pros

2)      Make the Place Presentable – Tidy Up

The biggest tip I can give a landowner when preparing their land for sale, outside of pricing it correctly, is to get the property as “market ready” as possible. What I mean is to have it look its best before it goes to market. Mowing up the roads and trails and grown-up areas that would normally be mowed, fixing up gates that are laying over, or not hanging straight, and cleaning up old junk that may be laying around—make the property have the best “curb appeal” possible! This really helps farms sell when they “show well.”  Think of it as if you were the buyer: when it looks good, it’s more appealing to a potential buyer. – Jeff Propst, Whitetail Properties Real Estate, LLC

“You never have a second chance to make a first impression.” It seems fairly obvious, but there are many times the seller can make a few changes to improve the sale of their farm. It is as simple as mowing areas, hauling off scrap metal, burning brush piles, and making the farm look organized. Lastly, on tillable farms, anything you can do to increase the percent of tillable acres helps the sale of the property. Regrading waterways and terraces, drain tiles, and removing trees or fence rows—these all help in the sale of the farm. – Jose’ B. Cruz, United Country Land and Lake Properties

3)      Consider Dividing the Property

(Think about its Highest and Best Use)

Consider selling multiple tracts to drive a higher price in total. Just know it may extend the total time it takes to sell it all. – Wes Tuley, Ragar Realty

 

4)      Get a Survey

(Know Exactly What You are Selling)

When selling or buying a farm, it’s a very good idea to have the property surveyed.  Not only can it make any potential buyers more comfortable by visually seeing the property lines, it can also promote a good relationship with neighbors when all parties know their boundaries. – Kurt Hollenberg, United Country Missouri Land & Home

I would recommend that any seller obtain a survey of their land.  In my experience, many landowners have passed down their land to their children.  This is great, but sometimes the actual property lines get lost in the transfer of ownership.  This will eliminate the possibility of any disputes with adjoining landowners. – Amanda Allen, Missouri Central Real Estate Co. LLC

5)      Decide: Auction or Listing?

When selling land, not all farms benefit from the same marketing approach. Now more than ever, certain types of land could be better suited for varying types of marketing strategy. While moderately sized Class A soil-rich farms could likely do well across all platforms, that isn’t the case for other classifications of land. Oftentimes, recreational or larger hunting tracts can be risky or highly volatile under a public auction format. One must also closely analyze the size of their land and geographical location. If a farm is large and conducive to parceling into multiple tracts, then that must be considered. Conversely, breaking the farm up into too many sections can have a negative impact on value, so this practice isn’t always as easy as it sounds. One must think over many options and utilize a trusted professional to navigate situations like these. – Luke Worrell, Worrell Land Services, LLC

6)      Use Technology

Work Smarter… Not harder… Let Drone technology do all the work to sell your land/farm property. Drones can uniquely Tell Your Story about the land/farm property you want to sell. Practice Makes Perfect: This tip is crucial for anyone who has never operated a drone before. You should not attempt to rush this process, as doing so could lead to wasted time, money, and even pose safety concerns. Give yourself time to practice operating the drone and trying out different locations/positions. – Karen Funkenbusch, Missouri Beginning Farming

 

7)      Call a Professional

If you are considering selling land, work with a local agent that you trust, who knows the industry and the area.  Selling land is an in-depth process: you need to be able to price it with the market, provide aerial maps, soil maps, FSA information, crop history, cash rent agreements, boundary lines, etc. Having an experienced agent who knows the area, the market, and where to find this information and make it available to potential buyers, will make the selling process so much easier.  Also make sure they are able to effectively market your property – having your listing in the right websites and publications will ensure a timely sale. – Jennifer Wood, Fretwell & Associates Real Estate

I believe that the most important thing for a seller to do when selling their property is use a land broker who is familiar with the general region and current market conditions of the specific property. The guidance that a knowledgeable land broker can give to a seller is invaluable to making sure the seller maximizes sale price. This is done through the expertise and market insight of the broker when it comes to price and marketing of any individual property. – Brad Belser, Illinois Farm and Rec Land

Conclusion

If you are going to sell your farm, do your homework.  Gather all the information you have about your property and have it ready for the listing agent, buyer, or the appraisers.  It will make everything easier and faster for all the parties involved, if you know exactly what you are selling.

Overall, the experts recommend pricing and marketing the property correctly.  I could not agree more.  I have seen properties that were overpriced sit on the market for years, and properties that were not marketed properly sell for less than market value, only to resell shortly after for a higher price.

Whatever you decide to do with your property is your business, but consider enlisting some help from real estate professionals, i.e. real estate agents, auctioneers, or appraisers.

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*Thanks to Spurgeon Appraisals for sharing this article, and allowing us to share it! For more information on their company, visit their website.

 

 

Filed Under: Sellers

Why List With Us?

October 30, 2016 By fret12

Choosing a listing agent is one of the most important steps in selling your home.  This is the person that will be promoting, advertising, describing and showing your property, and selecting a qualified agent helps ensure a fast & smooth sale.

At Fretwell & Associates, we have effective marketing plans to best showcase your property to as many buyers as possible. How does that work?  It varies depending on the type of property, but some of our main focus points are:

  • Research: Before ever listing a property we do our research – this usually starts at the courthouse to get basic information on your property.  Once we have those details we will do a free CMA (comparative market analysis), which compares your property with others in the area that have either sold recently or are currently on the market.  This helps ensure that we get your property priced where it needs to be.
  • Advertising: This is the key.  We have a detailed advertising plan for each property that includes web presence on our website, Zillow, & Trulia, listing on the MARIS MLS (multi-list service) so that your listing will be on hundreds of real estate search engines such as Realtor, Homes, etc., social media posts on Facebook, Twitter, Instagram & YouTube, and print advertising in a collection of local newspapers, traders and special editions.  If we are listing a rural property or acreage, this will also be listed on the Land.com network, which includes the websites Lands of America, LandWatch and Land & Farm.  The combination of these advertising platforms usually leads to early showings and (hopefully) a fast offer.
  • Photos & Video: Each listing will have photos taken, most will also feature a walk-through video on Zillow, and with our new drone technology, we are now able to feature aerial photos and video tours.  When selling rural properties or acreage, being able to show aerial views of your property gives buyers (especially those that might be from out of the area) a unique insight to how the property lays.
  • Signage: We have a well-known logo and updated real estate signs that are recognized all over the region.

One of the biggest assets we provide to our sellers in Northeast Missouri is our knowledge of the market area.  All of our agents call Northeast Missouri home, and have been in the real estate industry for a combined total of over 60 years.  This history gives us unique insights into the industry and the current status of the market.  We work with new buyers & sellers every week, and having these contacts helps us promote your property even more.

If you have any questions about possibly listing your property, let one of our agents give you a free comparative market analysis of your property and answer any questions you might have.  Visit our Contact Us page for details.

Filed Under: Sellers

What is Your Property Worth?

September 2, 2016 By fret12

forsaleWe get asked this all the time – the value of your home depends on a host of factors. To get the true value of your home, you can always have it appraised, which runs around $425. However, before we list a property, we will do a CMA (comparative market analysis), at no charge to you. We will pull the county data on your property, and then compare the features of your property to similar properties in this area that have sold within the last 1-2 years. By taking into consideration what other similar properties are listing and selling for it helps us price your home with the market, to ensure a quick and thorough sale of your property. This way, when we have an offer on your property and the buyer does an appraisal, there will be no surprises.

The real estate market is always changing, and by working with real estate brokers & agents in the Northeast Missouri area who know the market and know what other properties are listing and selling for – it makes it easier to price and effectively market your property.

Call any of the brokers or agents at Fretwell & Associates Real Estate today, to get more information on the current real estate market and to ask about your free comparative market analysis.

Filed Under: Sellers

Contact Info

Fretwell & Associates, LLC
PO Box 39, 109 East Lafayette,
Monticello, MO 63457
Office: 573-767-5436
Fax: 573-767-5458


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