Farmers National Company just completed its fiscal year and the amount of land sold by company agents was up 25% compared to last year! Despite a slower land market with less land for sale than normal, Farmers National Company sold more total acres than the past several years. The amount of property that the company currently has for sale is also strong at $320 million. There are regional differences in the amount of land that has sold recently or is on the market to be sold, but there are several overriding factors that created the strong real estate activity for the company.
Farmers National Company and its agents are seeing landowners who have larger tracts selling into this market. Some increase in acreage sold by the company is from somewhat larger tract sizes being handled in states that normally have smaller tract sizes, such as in the eastern cornbelt. Another part of the increase is from landowners and families who own larger acreages or multiple tracts making the decision to sell. These are typically estates, beneficiaries of a recent inheritance, or even families who have owned the land for a number of years who are deciding for a variety of reasons that now is the time to divest of their land holdings.
One additional reason that Farmers National Company is experiencing an increase in the amount of land sold is that the land market is in a very unusual time in which sellers are seeking the best advice and marketing efforts to sell their land. Sellers are wanting a fiduciary agent who knows land, has local knowledge of the land market, and can fully market the property to its fullest in order to attract potential buyers in this cautious land buying time. Those selling are seeking someone who has a wide range of marketing and selling strategies that can be tailored to each tract or specific market as opposed to a brokerage or auction company that can only offer one or two selling techniques. Local expertise and national exposure are both more important than ever in getting land sold in this slower market.
As a special note, please join Farmers National Company in celebrating 90 years of business! We are hosting an open house at our home office in Omaha on Thursday, October 17th, starting at 3:00 PM. The employees and agents of Farmers National Company want to say thanks to our clients and those we do business with who year after year have placed trust in us to manage and sell their land, minerals, and land based assets.
Senior Vice President - Real Estate Operations
|Category: Agricultural Real Estate News|