Online Only Farmland Auctions in Rural Iowa

By: Iowa Land Company

Online Only Farmland Auctions In Rural Iowa

 

Iowa Farmland Auctions Done Right

 

We are currently in a so-called “pandemic” with everything that is going on and Covid-19 has changed the way some firms have conducted farmland sales. In recent months, we have seen a fad, due to the virus, of farmland auctions being sold on online only bid platforms. Here at Iowa Land Company, we use the online platform along with our live onsite strategies to maximize asset value for farmland owners in the state. We take pride in our local presence and conduct a sale that fits both the buyer’s convenience and seller’s interest. The virus has pushed firms to conduct online only sales, and we will see how firms transition back to the live auction platform. 

 

As many auctions were taken online, we decided to stick with our rural Iowa roots and conduct an onsite auction with online bidding, if we had an online registration request 48 hours prior to the sale. We owe it to the local buyers to provide a place to go and bid on the farm. In reality, due to the virus circumstance, we did not have a request for online bidding which had us a bit confused. We thought we would have at least half of the 19 registered bidders want to bid remotely due to the “Covid-19 pandemic.” Not one single bidder requested to bid online. We did manage to have two phone bidders that wanted to hear the auctioneer relay announcements and conduct the sale. The notion that online bidding creates is that clients “want” to bid with ease and bidding from their chair is stress free and less confrontational is so far out in left field. Iowa farmland auctions have been conducted for years onsite. In the past 20 years, many auctions have transitioned to local Community Buildings / American Legion Halls in large part to avoid weather events. We enjoy conducting sales at these venues to help local communities generate some revenue for the town we sell farms close to. 

 

 

 

 

A $647,800 Bet on the Internet

 

Touching back on our auction here recently, we conducted an on-site sale in Adair County that was made up of 79 acres selling for $8,200 per acre. Of the 19 register bidders, 2 of them were phone bidders that were handled by our firm’s representatives while the other 17 were considered onsite bidders. Not one participant wanted to “bid on the farm” on internet bidding and risk losing the farm due to internet failure, or lag in the internet which was seen in other auctions due to the volume of internet users across the country. The farm traded hands to a local investor that was there at the sale bidding onsite. What many do not understand is the buyer pool for farmland in Iowa are folks that are generally 50 or above in age. Rarely do we see buyers under 50 in today’s age because the cost and amount of capital it takes to buy a farm put many of these buyers up in age. This is not a knock on the older generation; its reality and technology has advanced rapidly leaving many older folks having a hard time getting accustomed to the tech world. Keeping the auction simple provides both options and represents the client in the best manner which is our way of business.

 

 

 

 

Choosing the Right Auction Method

 

When selling farmland, many of our clients are one time sellers meaning they typically only own one or two farms and bought them as investments or inherited the farms along the way. When it comes time to sell, make sure you seek solid information and select the proper way to sell your farm. The line that sticks with the land business the most is “you only sell the farm once, sell it right”. The very best way to sell farmland is using live/online auction marketing methods, this assures you hit all the buyers with over 95% of them bidding live. Taking the local presence out of a land auction could be very costly and could create problems. When the bidders online are not used to bidding on the online platform or the internet went down, who’s fault is it? That very well might have been your winning bidder, but they were unable to bid due to technical failure. We look out for both sides of the auction. Forcing buyers to bid online is not the best approach. We want to make sure everybody is able to participate and live/online is the only way to assure that is done.

 

 

Our Online Bidding Platform

 

Also, when choosing a firm to conduct your farmland auction, make sure everything is on the up and up. Our platform is called Bid Wangler. It is an affiliate we used that strictly works with our firm to provide support when conducting live/online auctions. We are starting to see more buyers ask about this to make sure we do not own the software ensuring buyers that the system isn’t rigged. There are approaches going on in the land business that are not ethical in and around online land auctions. Here at Iowa Land Company, we can assure you our software provided by a third party is honest and legitimate. When you decide to sell with ILC, you get the most advanced method of marketing available in the market space. Strong grassroots marketing along with advanced digital marketing combining the best in the business. You have one opportunity to sell the farm, we just ask that it is down right. One thing we can assure our customers on both sides of the transaction, it will be done right and we instill trust in our business.  

 

 

Ultimately, you, the seller, should decide the end goal in selling your farm. If you are looking to sell your farm in today’s market, it’s important to seek advice from a professional that works on selling farmland every day. Our brokers at Iowa Land Company will provide you with educated advice that can help you decide if a farmland auction or farmland listing is the best route for selling your farm. Our goal is to make the process as simple as possible for you while gaining you the most money that your property is worth. You can call our main office to get in touch with your local Iowa land broker today @ (515) 962-5048 or send us an email at info@iowalandcompany.com. We would be happy to answer any questions you might have!

 

 

 

 

 

 

 

 

 

Iowa Land Company is a full-service farmland auction company that services in all 99 counties of Iowa. We transact all types of land in Iowa. Want to know what your land in Iowa is worth ? Get a | Free Farmland Evaluation (Click) | from one of the trusted agents at Iowa Land Company.

 

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IOWA FARMLAND AUCTION COMPANY

Our company was built to generate Iowa land transactions combining two things, land marketing experience and farmland sales experience. Our marketing company and land salesman are focused on Iowa dirt! Iowa Land runs deep within each person that makes up our company. We have a  passion for land and that’s what we know. Each person has their strengths and we mesh those strengths together forming a land company that is powerful in both land auctions and private treaty land sales.

 

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Farm Location

Location can be the biggest variables when calculating land value so it’s important to not over look this step.
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CSR2 Value

Yes we certainly do consider your Corn Suitability Rating (CSR2) value when giving our traditional farm appraisal because it is very important.
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Improvements

We want to hear your story. How has the farm been taken care of? Who has farmed the farm? Etc…
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Current Market

We look at what is currently on the market, how long similar farms have been on the market, for what price and how that farm compares to yours.
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Recent Sales

We have access to our in farm sales report that we file per county. We keep a close eye on recent farms located near your farm.
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Online Only Farmland Auctions In Iowa | Iowa Land Company

Monthly Farmland Auction Results In all 99 Counties of Iowa