New to selling farmland in Southern Middle Tennessee? These are some key steps and considerations to keep in mind when selling farmland or horse properties in the area.
How to Sell Farmland in Middle Tennessee
Selling farmland isn’t like selling a house. It shares some similarities—like finding the right agent, marketing, and negotiating offers—but there are also a lot more considerations that go into profitably selling farmland. Here’s your step-by-step guide to selling farmland in Middle Tennessee.
Get Prepared
Just like selling more traditional property, selling a farm starts with the basics.
The right Realtor can ensure that you get a good return on your investment and the entire transaction goes quickly and smoothly.
Find a Realtor
It’s important to understand the tax implications that come with selling large tracts of land and properties so you aren’t hit with any surprises.
Meet with a CPA
What are your goals for this sale? Are you looking to trade it in for other property? Sell it and lease the land back? Sell for financial gains only?
Establish Your Goals
Based on your goals, you’ll likely be marketing to a specific pool of buyers, whether these are farmers, investors, or luxury buyers.
Identify Target Buyers
Make sure you know everything there is to know about your property, from property taxes to land and air uses to ages of wells or irrigation.
Gather Information
Determine a Competitive Price
Your real estate agent will be a huge asset in determining a competitive and profitable price for your land. Here are some factors that price is dependent on:
Value of Land
The value of your land is based on things like location, rainfall and precipitation, soil quality, drainage, and overall usability of the land.
Recent Sales
Your price will be affected by what land around you is selling, but it’s important to know how yours differs from nearby tracts of land.
Professional Appraisal
It is recommended you use an Accredited Rural Appraiser to survey the land to determine an accurate appraisal value.
Start Your Sale
Once you’ve figured out all the details, it’s time to list your home for sale. This is where the proficiency of your agent will really come into play. Here are some ways your agent will help you sell your land:
Expertise & Advice
An experienced agent will know how to price and market your property and will bring a selling strategy to target the right buyers
Showing the Property
A buyer will want to tour the land before they buy it, and an agent will have no problem taking clients around by ATV or SUV.
Contract Negotiation
A good agent can advise you on what’s a good offer, what you should accept, and how you can reach an agreement with a buyer.
Choose an Agent Experienced in Farm Real Estate
One of the most important things you can do when selling farmland is to work with an agent who knows their stuff! Choosing an agent experienced in farm real estate can be the difference between successfully selling your land for a profit and a complete financial disaster. Contact me today if you want to learn more about how I can help you realize your goals of selling farmland.
