Hopefully soon we will be able to return to what we consider to be normal land marketing, that being a public auction where we invite all those interested to attend. In the interval, we have had the opportunity of recently selling 208 acres here in East Central Illinois, offering the property in three separate tracts using a one-shot sealed bid method of sale. Interested parties were able to bid on any of the tracts individually, any combination of tracts, and/or the total property.
In our eyes, and the eyes of the seller, this resulted in an extremely successful sale despite the fact of not having the opportunity to pull a large group of people together in one location for an auction.
Through the involvement of Murray Wise, Eric Sarff, and Harrison Freeland, a detailed advertising campaign was implemented. This comprehensive marketing plan included a detailed brochure, direct mailings to multiple targeted buyer groups, digital advertising across multiple social media platforms and farmland listing sites, strategic print media ads running throughout the region and an online data room where potential buyers could review detailed information regarding the property.
A number of major bids were received on the property, which resulted in a sale to two individuals. One successful bidder purchased two tracts and the other successful bidder purchased one tract. The seller of the property was extremely satisfied with the results.
We believe in the short run for people wishing to gain liquidity in what has to be described as a somewhat trying marketplace that this sealed bid method offers the opportunity to be a successful alternative to sell farmland.
To further explain the importance of the online data room, potential bidders had the opportunity to examine a county GIS map; township plat page; detailed soil map with a breakdown of the individual soil types per sale tract; an aerial map of every sale tract; government farm program information; real estate tax information; and the bidding criteria, including bidding instructions, a purchase agreement, when the bids were due and how the successful bidder or bidders were chosen.
Again, this resulted in an active marketplace culminating in a very satisfactory sale for the seller and an opportunity for two buyers to purchase farmland that they might not have otherwise known would be available to them.
Any of us at Murray Wise Associates LLC would welcome the opportunity to discuss with you the various sale methods and options available and help you create a tailored marketing campaign for land you wish to liquidate in this somewhat trying communication time.
Feel free to contact any of us relevant to your marketing needs.