September 20, 2021
In today's active farmland real estate market, selling a farm via some type of competitive bidding process is key to obtaining the highest price possible. Traditionally, the best way to achieve competitive bidding in the past was mostly limited to public outcry land auctions. Today, there are more options, some of which were fast forwarded by the pandemic and local restrictions.
Farmers National Company is having the most success for its clients across much of its service area with simulcast auctions. These types of auctions combine an in-person public gathering with an auctioneer crying the sale in front of a crowd and collecting bids which is simultaneously being broadcast to an online audience who can bid through a web portal. All bidding is transparent as online and inperson bidders and attendees see the posting of bids in real time on their device screen or projected at the auction site.
The simulcast auction fosters the most competitive bidding as it allows in-person buyers and any buyer around the world to bid and see the process. The competition may even begin when the online auction platform is opened to bidding before the public auction is held. Sellers and buyers are appreciating the flexibility and transparency of Farmers National's Company simulcast auctions. In some places where public gatherings are or may be restricted due to local or state rules, variation of online auctions are available such as online only bidding or broadcasting of the auctioneer crying the auction with the bidding taking place only online.
Deciding what type of competitive land auction to use ultimately depends on the knowledge of the local land market, the type of property, and the goals of the seller. What works in one area may not be the best choice in another. That is why it is important to have the boots on the ground experience with the local land market, backed up by the ability to handle what is best for the landowner when selling their land.
|Category: Agricultural Real Estate News|