Sell Your Iowa Farmland | 5 Options
5 Options to Sell Your Farmland
You want to sell your farmland but, you’re completely overwhelmed with the options available to do so. Trying to figure out the best way to make the most of your hard-earned farmland can be overwhelming. We’ve laid out 5 different ways you can earn the most out of your property.
To sell your farmland using an auction, you (the seller) determines all of the terms and conditions. Landowners won’t have to work to appease the buyer’s demands of the land, and then have a possibility of them backing out. By using a live auction, the seller maintains control of the sale terms. This is a transparent way to invite all types of bidders to the table to bid on your farm.
It is beneficial to the seller in many ways:
- The seller sets the terms.
- Guaranteed sale date.
- It forces the buyers to be decisive.
- Live auctions create excitement.
- Aggressive marketing and advertising.
- Quick turnaround.
- Ultimate price discovery tool.
- No contingencies and no warranties.
(If you’re interested, we know an award-winning auctioneer!)
If you have a highly popular parcel, the sealed bid auction may be of best interest. If the seller knows of several people interested in buying, ask them to submit a bid. Then the bidders all submit a sealed bid so that no one knows what the others are bidding. Whoever bids the highest, wins the auction.
Sellers who would like to be a little more choosy about who the buyer is, may choose to do private treaty. For example, if you’re a farmland owner who owns tillable acres with some recreational acres, but is looking to sell off the recreational acres, you’re going to want a good neighbor next to you. Sellers will set a price for the farmland and their land broker negotiates with prospective buyers to achieve a sale as close to the original price as possible.
Online auctions have become more popular as the world’s online involvement has skyrocketed. Much like a live auction, many bidders have the opportunity to throw their bid out there… but from the comfort of their couch. This is particularly beneficial for sellers that are looking to attract out-of-town buyers. It also is a great visual way to auction your farmland by being able to view all the documents and data online that go along with the property being sold.
Whitaker Marketing Group will often implement an online auction alongside a live auction to get the best of the local bidders and the best from the bidders online.
Listings work wonderfully for farmland that has a low CSR or productivity ratings, or even if the seller isn’t comfortable with the auction process. Listings give the seller the opportunity and the time to find “the right buyer” for the land. When a property might only attract one special type of buyer, it’s best to list the land for sale at the stated price.
Do you need help in deciding which avenue is best for you? Call David at Whitaker Marketing Group.