When selling Farmland should you do an Auction or Listing?
You have finally made the decision to sell your farmland. Now the next big question may be how you should sell it. You have a couple of ways you can sell it either a listing or an auction.
Listing the Traditional Way
Listing is the traditional way to sell it. Which entails coming up with a list price that you think it may be worth and then waiting and hoping for someone to come in with an offer. This wait could take days, weeks, months or even years. Then when an offer does come in, it may or may not be your asking price.
Using an Auction to sell
The next way is by Auction. When people hear the word auction, they tend to get nervous, most of that being because they aren’t familiar with how they work. With an auction, you don’t name your price. You allow the buyers to name it for you. You will need to find an auction company that is reputable and search for one that has their Certified Auctioneers Institute (CAI). They know their job well and they will get the news out about the auction to everyone that possibly can bring demand and want for your farmland on auction day. Auctions are very competitive and with the changing technology, they have become more competitive by allowing people to bid online no matter what state they are in, while at the same time filling a room with people to bid in person. Your land is worth only what someone is willing to pay for. An auction will show you what it’s worth, and it also provides you with a definite sell date which a listing can’t do.
What’s Your Farm Worth?