Tips for Selling Farmland Property Quickly
Selling Farmland in Illinois
The decision to sell your farmland is not always an easy one. But, if the time comes and you need to sell the property, you need to plan and prepare several aspects of the sale.
In this article, we cover some things you should consider when selling farmland in Illinois. Since there are several layers that require expertise, partnering with a professional team of real estate brokers like Sterling Land Company can make the process easier.
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We aim to be your resource for all farm real estate selling and buying in Illinois.
When you are ready to begin selling farmland in Illinois, please call 815-718-2244. There, one of our knowledgeable representatives will be available. They can discuss your goals and needs in more detail and can answer your questions. You can also send us a message by filling out the form found on this page and we will contact you soon!
Tips for Selling Farmland
Determine Ownership
The status of ownership is a critical piece of information in a sale. It may be an obvious thing to say, but it can be an unknown issue to some. If you are the sole owner, there is no need to dig in too deep, simply gathering supporting documents listing you as the owner.
Where there are multiple owners, selling land can be a little more complex. For example, if siblings inherit land, it is important to know how the ownership works. All parties must be involved in the sale, or it could lead to issues.
Sometimes people think they have ownership of land, but they do not. The inverse is also true, where a party owns the land, but is unaware of it.
Having clear ownership details helps with a sale.
Verify Location and Acreage
Though it may seem redundant, verifying the location of the farmland is important. This is to zone the land appropriately and list it in the correct county.
Knowing the acreage of the land provides buyers with an accurate expectation of the land. This is important for listings, type of land, and legal purposes.
This information is important for land assessments in the county the land is in.
Keep Financial Items Current
Verify that there are no outstanding taxes, liens, or mortgages on the property.
Details like these can quickly derail a sale and hamper the price and profit. To avoid this, maintain clear financial records.
Being aware of any issues and addressing them will ease the process of selling farmland.
Take Advantage of Technology
Creating a marketable property profile will help bring in potential buyers. Technology, like drones, can dramatically improve how you can present your property.
Drones can help gather gorgeous footage of the property. They help create a land map, highlight property assets, provide buyers with an idea of building layouts, and more.
This can include the collection of videos, high-resolution photos, and a variety of aerial visual assets.
Organize all Your Information
Keep all your information and related data somewhere that is accessible and readily available.
Every detail pertaining to your land will be considered during a sale. So, ensuring that you have all this information at hand is critical for the selling process.
You should keep all physical documents together in a safe, dry area to avoid damage or the risk of losing them. If possible, keep copies of documents in a separate location to serve as a back-up.
For documents that cannot have copies, ensure you have the means of getting new versions of the document.
Property Value and Sale Price
When determining the property value of farmland, we consider several factors. Each factor determines the value pertaining to the specific aspect of the property and affects the sale price.
Location
Depending on where the farmland is located can be a consideration for buyers. Land that is closer to transportation hubs or urban areas is considered to have a higher value. Because they offer the potential for development and easier market access.
The property’s location also affects taxes, zoning, and regulations. Which directly impacts any plans of a prospective buyer.
Soil Productivity
If the property primarily produces crops, the soil productivity is a primary concern.
The soil type and production history will provide a reliable assessment of the land’s crop production capabilities. Combined with the land’s crop history, testing the soil provides a clearer idea of the soil’s status and production possibilities.
Income
Income history provides buyers with the potential of the land. Historical data and projections of the farmland help buyers evaluate this. Buyers may consider factors like rental income, crop yields, and livestock production.
Comparable Properties
When evaluating the sale of Illinois land, taking similar property sales into consideration is also important. This helps price it appropriately based on location, size, production, soil quality, and other features.
Land Use and Size
The type of farm will affect its value. Its ability to accommodate a variety of production, like livestock and crops, may affect the value of farmland. Farmland with accessible water resources and the quality of soil may be deemed more valuable than counterparts that use the land for pastures by potential buyers. Other types of farms, like vineyards or orchards, provide different levels of profitability.
If the farm features more acreage, it is considered more valuable. This is especially true for croplands. Larger tracts of land have lower operating costs because of efficiencies achieved through labor and machinery on a per-acre basis.
Work with A Professional Real Estate Agent
Selling farmland in Illinois can be a confusing, overwhelming process. Especially if you are trying to sell on your own.
The best way to avoid feeling helpless, or missing anything, is to work with experienced professionals.
Our team of brokers can help you with every aspect of selling your farmland. From collecting information to creating a listing, we are with you every step of the way.
When you work with us, you not only have a reliable partner. But you also gain access to an impressive network of industry connections built over 44 years in the Illinois farm real estate market.
Why Sterling Land Company?
Sterling Land Company is in a unique position within the industry. Which is to say that virtually all our services are focused on farm real estate, Illinois farms for sale specifically.
Our daily operations involve talking to people involved in agriculture. Which includes investors, farmers, tenants, bankers, suppliers, and people with a general interest in land. So, we have a strong connection to everything happening in the farming community. This provides us with the resources to connect the right buyer to the right seller.
To learn more about what we can do for you, please call 815-718-2244. There, one of our team members can answer your questions and provide details regarding selling farmland in Illinois. If you would prefer to send us a message instead, please fill out the form found on this page and we will contact you as soon as possible.
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