First impressions are crucial for getting the best price when selling your farm
By Jennifer Jackson
Improving property appearance is everything when selling a farm for top dollar, according to Ontario real estate agents.
You need to make a good first impression when selling a farm, according to JoAnne Baines, sales representative with Sutton Group-Select Realty Inc.
“Pristine farms always get pristine dollars,” says Baines. “If the farm is looking rough, it will be reflected in the price.”
These thoughts are echoed by Phil Spoelstra, broker of record for the Farm Ontario team, within Remax Centre City.
“The appearance of a well-managed farm has a lot of value,” says Spoelstra. “It’s a very digital world now, and many farm buyers’ first impression of your farm is online. Having the farm in great shape for pictures and media prior to the sale is very important.”
For Baines, this means decluttering the farmyard and buildings; the more organized the operation is, the better. Chaos and rusty equipment will not create a good impression for the buyer.
Buyers also like to see healthy crops, Baines adds. A good crop in the field can impress prospective buyers.
To prepare a farm for sale, consider landscaping and deep-cleaning, according to Spoelstra.
Regrade gravel laneways and dispose of any garbage and scrap metal. Money from the scrap metal can be invested into the cleanup, he suggests.
Livestock farmers who hire professional wash crews for barns typically see the return reflected in the farm sale, says Spoelstra.
Spoelstra spends several weeks prior to each listing helping each client ensure the farm is in good shape. He finds this prep time is crucial, as those who prepare typically sell faster – and for a higher price.
You want to “build trust . . . that the property has been well-maintained and cared for,” says Spoelstra.
Baines believes there are other factors sellers should consider in addition to appearance.
“If there is tiling (in the fields), there will definitely be a premium. It may be something (sellers want to) consider” installing, she says. Buyers will walk fields; it is important to fix or replace any problem areas or broken tiles.
Bush on the property may also be of value, in terms of logging revenue and opening up more field acreage. Baines warns any logging should be done professionally,
At the end of the day “we always tell sellers to look at your farm through the eyes of a buyer. Try to identify and take care of (any) issues they would see,” says Spoelstra.