Four Questions To Ask Yourself That Can Get You Started
Choosing to sell a family farm or even a portion of the current land base can be a difficult decision because family land legacies can be hard to leave behind. This emotional decision can be overwhelming but with clear intentions from the start of the process, selling your family farm can be a manageable task and an overall positive experience.
Begin by asking yourself these four questions:
- Do you care who you sell your land to? The answer to this question must come from within yourself. Some landowners care deeply about who they sell their farm to; such as selling to a family member, friend, neighbour, community member, or to a producer that has been renting/leasing the land currently. Other landowners are more concerned about timing and financial details than who ends up owning their land and assets.
- Once you’ve sold the farm, what does your future look like? A clear vision of your life and setting goals are an important preliminary part of the process. If the sale coincides with retirement from farming, consider what you plan to do with your time – will you be slowing down? Traveling? Will you continue working off the farm? Are there other family members and/or business partners involved that need to be considered in terms of lost employment or future opportunities? Also, if the sale involves your primary residence, it is important to know where you would like to be living after the land sale. Knowing your goals well in advance can give you direction and peace-of-mind in the decisions you make towards bringing about a successful sale.
- How confident are you about the advice you’re getting? You will want your Realtor® to be both confident and knowledgeable about the land, the economy, the market, and the key processes involved in a rural property transaction. You should be confident that your Realtor will meet your expectations in terms of customer service, experience, knowledge and integrity to ensure you will achieve your desired outcome. Your Client-Realtor relationship should be a dedicated partnership and it is important to know that your Realtor has your best interest at heart.
- How to ensure you get the most value/money for your farm? By using a Realtor and MLS (Multiple Listing Service), your property will be exposed to the local, provincial, national, and international buyer markets. Marketing your property for maximum exposure will generate more dollars in your pocket than simply selling to people you know, taking out a classified or online ad or by putting your land up for Tender through a lawyer. Additionally, it is extremely important to connect with your accountant or tax specialist to assist in maximizing your retained net dollars in the tax year of the sale. Once you have answered these questions you will have a firm foundation to begin the endeavor of selling your family farm. While your feelings and answers to these questions may change during the experience, it is helpful to reflect back on these questions as you move towards achieving your real estate goals.
The Smith and Griffith Real Estate Team takes great pride in assisting every client through the marketing and negotiating process. Both Rees and Kari are personally involved with family farms and understand firsthand the dynamic and emotional nature of this type of real estate sale. Rees and Kari are both licensed Realtors® in Rural Real Estate and specialize in farm, ranch and acreage real estate. With over seventeen years of experience selling rural properties, Rees’ expertise coupled with Kari’s marketing skills, will deliver superior real estate experiences.