Selling your family farm can be one of the single most difficult experiences of your life, as it’s an experience you have to put your family through too.
It’s common for family farms to be much more than just a resource for financial gain. It’s likely that your family will have a lot of memories and most likely even heritage there. Considering the state of the Australian farming economy, it’s likely that the owner of the farm has been through an absolute nightmare when buying, maintaining and expanding it, too. Although, as an asset it’s worth millions, the land might not have always been so kind.
Taking these facts into account, it’s hardly surprising that some families are reluctant to enter into the sales process. For the adult family members, selling the farm is losing their heritage and for the younger family members, it means losing potential inheritance and a future income source.
When an interested buyer is located, that’s where the process gets tricky. Several different emotional stages present themselves, which can lead to a clash and conflict of interests.
It’s exactly this reason that sellers should seek a second opinion from others before entering into such a decision. Prior to it, they should consider seeking counsel and potentially even a financial planner specialising in rural families who’ll be able to help them work out the financial implications of either choice.
After this, they should get in contact with a real estate agent for their opinion on the situation. Once the family has their goals in mind, a plan can then be formed around them with everyone’s best interests at the centre. Be wary, however, that changing goals mid-way through the selling process can have serious negative effects. If their minds change and they take it off the market, they’ll likely have a trickier time selling it in the future.
To make sure they don’t damage their market, sellers should make sure that they’re clear and agreed on their goals before listing their farm. In order to maximise the results from any real estate campaign, the agent needs to be able to send a very clear message to the market. In this case, it’s that the property is for sale and available for purchase.
If you require a Rural market specialist that you can trust, contact your local Ruralco Property office today, they will be only to happy to help.