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#461257 - 04/23/18 09:10 AM Qs re selling farm/actions of agentpdkpq
jaeco Offline
Junior Member

Registered: 04/23/18
Posts: 3
Loc: Tennessee
I am in the process of selling a 30 acre farm in another state. We listed this for sale about six weeks ago. At first the realtor wanted to *speculate* and we listed way too high. This property is being sold *as-is*, house is in need of repair, have two outbuildings, one large barn and one medium sized barn/workshop. Both are usable and in decent condition. There is also a pond.

We lowered the price once. At the higher price we had maybe three showings, all thought way too high. We lowered. Now maybe four more showings, most thought price still too high. Also, several just want the land not the side of the property with the house and outbuildings.

My question. I hear relatively nothing from the realtor. I don't expect daily updates but I'm feeling like in this market we should have had some activity. Weather though has also been not good so that could be hampering activity.

We have had no offers at all.

At this point I just feel like the realtor should have more feedback, more contact with me....what should she actively be doing at this point?

I'm concerned that she just listed it and is not working it at all.....or maybe this is all she's supposed to do??

I'm just looking for a point of reference as to what I should be expecting or questions I could ask her as to what actions she's taking.

I realize that a farm is not for everyone, so it's not like a regular house that people are probably looking for. The market seems good in the area.

Just looking for some guidance on what I should be expecting at this point. Everything could be fine and I may be expecting too much....or being impatient. Thanks!

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#461258 - 04/23/18 09:16 AM Re: Qs re selling farm/actions of agentpdkpq [Re: jaeco]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7883
Loc: Vermont's North-East Kingdom
Are you trying to micro-manage this transaction from a distance in another State ?
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#461263 - 04/23/18 04:55 PM Re: Qs re selling farm/actions of agentpdkpq [Re: jaeco]
jaeco Offline
Junior Member

Registered: 04/23/18
Posts: 3
Loc: Tennessee
No, I don't think so. I just felt like there would be more communication. I sold another house about nine months ago and felt like there was a lot of communication. Maybe that's because there were offers on it soon after listing. I realize this is a totally different situation but I asked the question just so I could get feedback in case there was something I should be looking for or if I should just chill out. Mainly I guess I'm thinking we have it priced too high and there are no comps really in the area that are comparable. Not trying to be anything, just asking a question!! Thanks...

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#461264 - 04/24/18 04:59 AM Re: Qs re selling farm/actions of agentpdkpq [Re: jaeco]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7883
Loc: Vermont's North-East Kingdom
Besides for personally owning one, I've sold quite a few Farms . . . . or Mini-Farms; but not many at this time of the year. It varies a bit if it's a "Going Concern" that actually produces an income for the Owner or whether it's likely to be just a Hobby Farm for someone who is looking to frivolously occupy themselves, and who probably won't even be looking during February, March or April.

Selling a Farm or a large tract of Raw Land is quite a bit different from selling a Residence. I'm not suggesting that 30 Acres is "large"; but it's not the same thing as just selling another House which happens to possess a "big yard" !

You could ask for evidence of where and when your Agent has advertised and get samples of the script and photography that has been employed to describe the property, and what the public can see and read on-line. The Broker may have data on how many people have viewed the WebSite(s) versus how many have visited the property . . . . and only a sub-set of that is the group who made their identity known to the Broker.

On vacant dwellings and raw land, I've never known how many people had taken an interest in the offering and or drove to the location without being accompanied by an Agent. Unless the marketing material is really comprehensive, AND you've maximized the "curb-appeal", unaccompanied visitors and "drive-bys" often miss a lot due to their being shy and not wanting to experience a sales pitch; or not wanting to be "qualified" financially.

You may think it's priced too high but that doesn't seem to have prevented interested prospects from wanting to have it shown to them . . . . they will lower the price by tendering an Offer for what it's worth to them. The Asking Price is just aimed to get them into the ballpark, and to take an interest. And if it were an outrageous a$k, you wouldn't have even had any lookers.

Is the condition of the home (well and septic) such that it can be mortgaged (and in compliance with that jurisdiction's Environmental Rules and Regulations) . . . . or are we looking for a "Cash Buyer"? Six weeks wouldn't be very long to round up one of those. If that was an issue, have you been asked to consider "Owner Financing" to overcome that issue? Any Timber Value there which could be stripped while the property was being financed ?

Actually, given that this is still just April (we still have snow hiding the ground), I'm surprised that you've already authorized the price to be reduced once already . . . . why ?

Being on the market a mere 6 weeks, you must have been receiving quite a bit of information from somewhere enabling you to write with such detail about what you already know; but then you go on to say:

Originally Posted By: jaeco
". . . I hear relatively nothing from the realtor . . ."

So do you have some other source of information ?

Without knowing what State the property is in, or how remote the location, I don't know what other climate or demographic circumstances you're facing. Is it located in such a remote area that the new occupant will likely have to sacrifice their employment in a metropolitan area in order to experience "life on the farm", and will that impact their ability to make the purchase? Is the property located in a State that's adjacent to Tennessee ?

And is that a populated area where sub-dividing the 30 Acres would be practical for a developer in the next few years ?
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#461291 - 04/24/18 01:44 PM Re: Qs re selling farm/actions of agentpdkpq [Re: jaeco]
jaeco Offline
Junior Member

Registered: 04/23/18
Posts: 3
Loc: Tennessee
The property is in Ohio. It is not remote, easy driving distance to civilization. Weather has been rainy but not covered in snow like I imagine Vermont to be.

The house needs quite a bit of work but is livable. We had thoughts of dividing but were advised that it would probably not be anywhere in the near future that the area would have an interest. We are in no rush, but would like to have it sold sooner rather than later.

I think I'm most concerned about the online presence. I'll ask the realtor or the broker about the hits. I felt like the presence was sketchy online and found several mistakes, etc., price being one. Those were corrected but I just feel like online is not a priority for her. Not trying to be critical, but just wanting to find an unobtrusive way to determine our online presence.

I need to remember that where I live the market is really hot, and need to remember that this is a farm, something not everyone wants.

We did just get a very low offer, someone wanting to give house and a couple acres to their son, then build a larger house on the other side of the property. I understand their concerns about being able to address another septic system, wanting to know if they can split into two properties, but the offer is too low...even if it is cash...plus they want to tie it up for 50 days until they can get survey/splitting/septic resolved, and I feel like if someone bought the house to live in and not have to deal with additional septic systems and other issues, we would get a better price.

I'm going to try to check out the number of visits to the site.

Thanks....

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#461302 - 04/24/18 03:57 PM Re: Qs re selling farm/actions of agentpdkpq [Re: jaeco]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7883
Loc: Vermont's North-East Kingdom
It's true that this is a "Numbers Game"; but a really big number of viewers doesn't much matter if it doesn't include the ONE (1) BUYER that you're looking for . . . . and that's all you really need - the ONE who's going to buy it. Everyone else will ultimately be labeled as just another "curious" party.

Farms tend to draw a lot of those "just curious" people who like to speculate about how wonderful it would be to return to that nostalgic simple life, "homesteading" down on the farm; but you can't let their dreams waste all of your time. And the Banks and other Lending Institutions have come to know that homesteading seldom pays the bills (except in your dreams).

What kind of farm was this Tennessee place when it was in production anyway ?

Sometimes, people will pay more for the story than they do for the property !

Mine was a Jersey Dairy Farm; but it turned out that Jersey Cows produced too much Butter Fat and when that fat went out of vogue, the market for their milk dried up and these Farmers followed by going out of business. I still have all of the milking equipment . . . . been sitting here idle for 32 years; ready for the next Owner.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#461303 - 04/24/18 06:46 PM Re: Qs re selling farm/actions of agentpdkpq [Re: Vermont]
Long Walk Offline
Member

Registered: 06/27/08
Posts: 309
Loc: New Hampshire
Originally Posted By: Vermont
Sometimes, people will pay more for the story than they do for the property !
Not to hijack, but golf courses have a similar dynamic. Most of the small or rural courses in New England are not profitable and are bought as 'pride buys'. Especially if the designer was notable.

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