In talking with landowners who are considering selling their land, the question of how to sell during the Covid-19 event comes up. They ask what sale method can work the best during the uncertainties surrounding Covid-19. Questions such as “Can you even hold an auction?” or “How does an online auction work for land?” and finally sellers are asking “What other options do I have besides an auction or listing?”
In many states and regions in the Midwest and plains, the traditional public outcry auction has been the preferred method for selling cropland and range land. Lower quality cropland and recreational land will more often be sold through a private treaty listing. Public auctions are still being held during this time albeit with social distancing procedures in place according to local and state directives.
But if a seller is concerned about an auction being unsuccessful due to changing restrictions or is worried about how a regular listing will work selling their farm, the broker needs to offer all the land selling methods to meet the needs of the seller and the market.
Farmers National Company has a complete set of land sales methods to successfully sell land no matter what is happening in the local land market or with the uncertainties of Covid-19. These include not only public auctions held indoors or outside, but online timed auctions, simulcast online and public auctions that allow those in person and those online to participate at the same time, written bid sales of various formats, and private treaty listings. A good broker can help the seller employ the best sale method for their land as the agent will know the local market situation and Covid-19 created changes.
In farming, when one is repairing equipment, it is important to have the right tool for the job. You can make do with a crescent wrench or a pair of pliers to get by, but the correctly sized wrench will get the job done faster and better. Having the right sales tool or method is also critical for getting land sold at a good price during today’s land market and Covid-19 uncertainties.
