As the owner of a farm, you may already understand the particular challenges involved in selling larger tracts of land. Not only is the buyer pool for farms much smaller than for other types of real estate, but the property can also be harder to reach.
Unless the farm borders on a busy state or interstate highway, traditional techniques such as signage and open houses that work when selling a home in Brentwood are unlikely to result in obtaining 100% of viable leads. But, with creative marketing strategies designed to precisely target likely buyers, farm owners can still enjoy an enhanced selling experience.
Notify Neighboring Farm Owners Immediately
Neighboring farmers and landowners, especially those who own large tracts of adjoining land, can be an excellent source of potential buyer leads. To take advantage of this, put together a list of names and addresses of all nearby farmers and landowners and ask your real estate professional to notify them immediately on the date your farm is officially listed for sale.
Make sure they receive a packet of information to help them decide quickly if they are interested in adding your land to their existing property by including details such as:
- the amount of your farm's acreage, including the breakdown of tillable land, pasture and wooded areas and natural features, such as rivers, streams, ponds, and springs
- recent soil and water testing information
- recent information on crop yields, livestock sales, and other data to show that your farm has been and continues to be productive
- information about livestock and perimeter fencing, including the age, type, and condition
- detailed information about the structures and improvements, including the home, barns, silos, livestock shelters, equipment shelters, feed storage buildings, drilled wells, and man-made ponds, lakes, or irrigation ditches
- information about any livestock, implements, equipment, or vehicles that are included in the sale of the property
- a detailed list of any livestock, implements, equipment, vehicles, or household items that will not be included in the sale
- aerial or other detailed maps of your farm to help illustrate the location of all improvements and help to accentuate any shared boundaries between your property and that of the potential buyer you are targeting
By providing this type of detailed information, neighboring landowners will see the potential value of purchasing your property.
Explore Your Property for Additional Selling Potential
Another way to create interest in the farm you are selling, while also helping to increase value, is to explore your property for additional selling potential.
- a farm with fertile ground that meets organic growing standards should include marketing that targets vegetable growers, CSAs, and organic farmers
- a farm that has a large barn with stalls and adjoining paddocks or round pens suitable for boarding or training horses should be marketed to appeal to equine enthusiasts
- a farm with picturesque views and a large, graceful farm home could be marketed toward buyers who want to combine farming with the operation of a bed and breakfast
- a farm with more than one house can be marketed toward prospective buyers who want a farm with housing for extended family members, farm labor, or for potential rental income
Advertise Through Farming Publications, Organizations and Forums
Make sure your farm is advertised through farming publications, organizations, and online farming-related forums to target as many potential buyers as possible. Such advertising also brings your farm to the attention of prospective buyers in other parts of the country and in other areas around Nashville. One of the benefits of working with an agent is that they will ensure your listing is advertised in a plethora of different, targeted places.
Also, keep any local farming groups and organizations informed about your farm's for sale status. Ask your real estate professional to provide them with brochures, business cards or flyers that include the agent's contact information and web address so your farm can be viewed online and shared through social media and email.
Talk to an Investor
Investors are driven more by financials than anything else, and in the right conditions, this can aid in a speedy sale. In other words, they aren't looking to add contiguous land to their current holdings and are unconcerned with things like views and homes situated on the property. There are several types of investors, from private to public and corporate. Consider local laws governing land ownership (i.e., some locations prohibit corporate ownership) and whether you would like to remain on the land. In most cases, investors are looking to lease the ground either to you or to neighboring farmers. It may be helpful to know if anyone nearby is interested in leasing new tracts to aid in securing an investor. One thing to keep in mind, however, is that a close eye on the bottom line typically means a tighter profit margin for those who sell to investors.
Seek Out an Agent with Experience Selling Farms or Plots of Land
Marketing, selling and closing the sale of a farm is likely to take time, expertise, and patience to complete successfully. A farm sales transaction may involve complicated negotiations that include crops, livestock, and longer than average closing timeframes. To make this process as simple as possible, interview potential real estate agents carefully, making sure to inquire about their previous experience in selling farm land, and check references before making your final selection.
With skillful marketing and an experienced agent as a guide, selling a farm can be both enjoyable and profitable.
The Ashton Real Estate Group of RE/MAX Advantage
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