Selling a farm can be quite the process. Whether your farm has been in the family for generations or you’re a first-generation farm owner, selling agricultural property can be a stressful and complicated ordeal. The depth of your attachment to the farm and its heritage does not help you overcome one of the biggest challenges: securing a buyer. Keep reading for a few tips to get the best results when selling your farm.
Find the right price.
Call up an appraiser that is experienced with agricultural real estate to determine the value of your property. A specialty in agriculture will come in handy as water and irrigation, soil conditions, climate and crop yields, easements and zoning restrictions, and consumer trends in agriculture all impact the property’s value. Once you have your appraisal, working with a real estate professional can help you set the asking price. The appraisal value will be one of the major factors to determine your selling price.
Understand the taxes.
Since a farm is a business entity, the farm is subject to a variety of taxes beyond those of a standard residential property. Once you have your sales price, consult an experienced tax professional to get an idea of the tax implications of your sale. Preparing for taxation ahead of time could determine whether or not you come out on top.
Presentation is key.
There’s no better indicator of a sale than a first impression. Like any real estate listing, farm and ranch properties benefit from having high quality photographs featuring the natural beauty of the farm. Start by getting the buyer’s attention with an attractive listing that highlights the success of your farm as well as the possibilities the land has to offer.
After you’ve got some interested buyers, prepare to blow them away when they come to visit. Upon arrival, the prospective buyer will have formed 80% of their overall opinion about your property within the first minute of their visit. That means you want to be prepared. Cross your t’s and dot your i’s by tying up loose ends. Mend any broken gates or fences, pick up any loose twine hanging around, and clear all walkways to set yourself up for success.
Prove your farm’s success.
Buyers will read your farm’s listing and maybe even walk around your property still lacking the information they need to make a confident and informed decision to buy your farm. One of the best selling points is good old-fashioned data. You can ease many of the potential buyer’s concerns by showing them verifiable stats on your farm’s production. Potential income generation is one of the most common objections a buyer can have, so take that off of the table by presenting them with evidence of your property’s previous success.
Our team at Missouri Home, Farm & Land Realty, LLC, knows the agricultural market and has experience selling farms and acreage. We can take care of your selling needs from the listing price to securing a buyer. Give Missouri Home, Farm & Land Realty, LLC a call at 417-777-3300 or click here to contact one of our qualified real estate agents on our website.