Farm, Ranch & Hunting Properties For Sale

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Auction

Premier Farm Realty Group offers its clients a turn-key auction service. Our auction team has over 40 years experience in estate, equipment, livestock and land auctions, and we will custom design a plan that fits your type of property, in your part of the country.

WHY AUCTION?

Auctions have long been an effective way of selling properties. Some advantages include:

•Seller Controls The Terms.
In a standard real estate sale, the SELLER almost always pays the commission. In an auction setting, we can pass some of that expense on to the BUYER.

•Creates Buyer’s Competition.
There is nothing more beautiful to a seller than two or more bidders in a war over who will own their property. The atmosphere that an auction creates often times pushes buyers to pay more for properties than traditional sales.

•Creates Urgency.
Potential buyers often sit on the sidelines and wait to see what happens when a property is “for sale.” When the auction sign goes up, it runs those buyers off the sidelines and into the game! They know the property is going to sell, on a specific date, and at a particular time. The auction sign is magic!

•No Contingencies.
Auction properties are sold “as is” and cannot contain contingencies such as financing.

•Set Closing Date.
Most auctions close in 30 days.

MARKETIN AN AUCTION

•PFRG prefers at least 5-6 weeks of preparation prior to holding an auction of any kind.

•PFRG will market your property on a multitude of rural property websites, including Lands of America
and LandWatch.

•In many areas of the country, radio and newspaper remain viable marketing options.

•Social Media in its various forms.

•Signage on the property to be auctioned.

•Sale bills outlining the details of the auction placed in key, high traffic locations throughout the area.

Your PFRG land specialist will sit down with you and explain your marketing options. It is imperative that our clients know how, when, and where we will be promoting the property.
There are several types of auctions, and depending on the type of property being sold and the situation, can be altered to fit the seller’s needs.

Absolute Auction

When an auction is advertised as an absolute auction, the seller has no choice but to sell the property, no matter what price is offered. However, when the buyers know that the property is “absolutely” going to sell on this day and at this time, competition is often fierce and top prices usually get paid. The seller has to decide if they are willing to take the risk of not getting what they want for the property vs possibly getting more because of the craze created by the absolute auction.

Reserve Auction

An auction with a reserve means that the seller has a “bottom dollar” that the property must bring before they sell. Only the auctioneer and the PFRG land specialist will know what that reserve is. When the reserve is met, the seller must follow through with the plan to sell the property. Obviously, the auction and hopefully the bidding will continue long past the reserve. Reserve auctions require that the seller be realistic with their expectations of what the property will bring. PFRG land specialists will provide guidance when it comes to expectations of price.

Both absolute and reserve auctions can be conducted in the traditional manner, with the auctioneer coming to a specific location and “yelling the auction”, just like we have all seen on TV.

On-Line Auction

PFRG and its auction team have the ability to accept on-line bidding while doing a traditional, on-site auction. This allows bidders from all over the country to bid from their home or office. Another option is an on-line auction only, where bidding is accepted, on line only, for 30 or more days. These type of auctions are becoming increasingly popular.

Auction Facts

All marketing monies are paid up front, by the seller to PFRG. Our sellers know exactly how, when and where their dollars are spent.

Properties that can create competition among buyers generally perform better at auction. Highly productive row crop ground and superior hunting properties are good examples.

There is normally a “no sale” fee to the seller when an auction is not successful.

“Let’s list it for a while, then do an auction if it doesn’t sell” is not recommended, in most cases. If the property is a good auction property, do the auction!

It is not un-common for buyers to come forth with offers prior to the auction. Depending on how close it is to the auction, and of course, the offer itself, the deal can be accepted and the auction cancelled.