We sell hundreds of acres of farming lands most years, so we know what we’re talking about when it comes to selling agricultural interests.
Case study: Selling land
Background: A farmer has passed away suddenly, leaving a farmhouse, yard and 80 acres to his large family. Although some of the family members had an interest in the property, it was proving difficult to reach a solution that was fair to everyone. The family instructed Michael Lavelle Estate Agents to assist them in selling the entire holding, including farm equipment and machinery.
Lavelles produced a Probate valuation – this is needed in order to get a Grant of Probate on the deceased’s property. The family cannot sell anything or conclude the deceased’s estate (interests) until Probate has been granted by The Probate Office.
Lavelles studied the farm holding, assessing how to deliver the maximum inheritance to the family, and the smartest route to market. It was decided to offer the farm for sale by public auction in a number of separate lots. This would make the lands appeal to more buyers. Also, selling a number of smaller lots rather than one large holding would be more manageable for prospective buyers.
Market the lands and raise awareness of the forthcoming auction. Lavelles did this by creating
– a press advertising campaign of national, local and farming press and online media. In this way, the agency secured interest from a greater number of farmers.
– Securing national and local and online editorial write-ups about the lands.
– Raise awareness of the auction with accountants, solicitors and farming reps in Louth, Meath, Monaghan and Cavan.
– Intensive online ‘Reminder’ campaign in the days leading up to the auction.
Day of auction: an intensive set of lots that secured sale values of €17,500 per acre on the day. This was a record in achieved land values in County Louth.
A month afterwards, Lavelles held a farm machinery & equipment auction onsite, which was attended by over 150 parties. On the day, all lots were sold: not a blade of grass was left in the yard!
The entire holding was sold in a way that was transparent and fair for the family.
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