7 tips to help you sell your farm quickly

So often we see farmers facing the same dilemma: they want to sell their farm and move elsewhere or expand their acreage.

But there is nothing on the market and they don’t want to risk selling their farm before they have found something else to buy.

Their ideal farm then appears in Farmers Weekly but because they are not in a position to proceed they lose out on the purchase.

See also: Land prices to fall as farmers wait for certainty

If you are serious about moving but are not in a position to buy without selling, there are things you can do to put yourself in the best possible position. We advise the following:

1. Be proactive

In such a competitive market with so few farms coming on it is vital to be proactive. It is a good idea to register your requirements with agents who can then let you know if something suitable comes up, often before it hits the open market.

Viewing other farms will also help to give you a better idea of the type of property you want and help you to get your eye in.

2. Consider bridging – talk to your bank

Talk to your bank early in the process. Do not wait until you have set your heart on a new property before discussing a bridging loan.

Kate Mortimer Lee
Strutt & Parker

Arranging borrowing in advance can significantly speed up the sale process and put you on the front foot.

It is important to get advice from your bank manager to work out what you can borrow and to consider the option of bridging finance to buy the new farm before you sell.

Clearly there is a cost to this and an accompanying risk that you might be unable to sell your farm in a timely fashion – or for the price you expect. It is important to discuss the pros and cons with your bank manager.

3. Instruct an agent to prepare your sale

A farm agent can prepare a brochure and other marketing material to ensure that as soon as you are ready, you can go to the market. This will cut out several weeks’ preparation if you are trying to move quickly.

4. Arrange photography

Organise a photographer to take photographs of the farm when it looks at its best, even if you take them during the summer, several months before the sale. You will then have these ready for whatever time of year you decide to sell.

5. Instruct a solicitor

Your solicitor can prepare a full legal pack and carry out searches in advance of the property going to market. This will save time further down the line as – depending on your location – searches can take up to eight weeks.

A condition of the sale can be that these are reimbursed by the buyers. Preparing the legal side of the sale is one of the best ways to ensure a smooth and quick transaction.

6. Think about instructing a buying agent

Buying agents often hear of property coming on before it reaches the open market. As well as searching for a property on your behalf, they can offer advice on all aspects of the purchase, be it appropriate values or purchase strategies.

Their fee is usually a percentage of the purchase price and their goal is to secure the right property at the right price for you.

7. Demonstrate your commitment to a purchase

Finally, the vendor and their agent will take your offer a lot more seriously if you have shown commitment to a purchase.

Having the right team behind you who can move quickly and ensure all possible preparation is done in advance will significantly increase your chances of securing your next farm.