ideas for selling a horse farm?

goneriding
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ideas for selling a horse farm?

Postby goneriding » Thu Jul 20, 2017 11:38 pm

I'm going to put our horse farm in SW Washington up for sale, and I'm interested in experiences on selling such properties. We actually had it for sale until about a year ago, for about 6 months, and had some people looking, but no offers. My husband was convinced no one would buy it and we had to slash the price, but I felt it was just a property that needed longer time on market. As time went on we realized we didn't really know where we wanted to go from here, and we needed to figure that out before we were ready to sell. At this point we have gotten clear that we just need to downsize, I have fibromyalgia and arthritis which has gotten much worse in my 50s, and between travel for work and ailing parents across the country my husband is gone a LOT, plus he vehemently hates manual labor. So, there's nothing wrong with the property except it takes more work than we can put into it. We've had various caretakers and helpers but never really the situation that would make it all work, and I don't really like managing workers in my personal life, so not going that direction.

The place is 14.5 acres with a 2000 square foot, 3/2 house that was renovated fairly recently. It also has a legal second dwelling 2/1 mobile home that is completely rebuilt and new, and a 400 square foot efficiency apartment in the barn. It has 10 stalls, 6 with 12x65' runs. 70x150 indoor arena, 50x60 indoor round pen, seasonal 130x200 outdoor arena and 70' round pen. Tack room, 4 big tack lockers, wash rack, hay storage for 16+ tons, shop area. It could have 16 stalls if you moved hay storage to a smaller area. 5 fenced pastures. LOTS of parking. We are adjacent to about 500 acres of timber land with trails. We are 10 minutes to a town with all services, and 30 minutes to a major airport and city.

I think it's pretty much the perfect horse setup. When we had it listed, I felt like the realtor just put it on MLS and waited. I feel like it needs some targeted marketing to reach horse people, including out of state shoppers since we did have a couple of people come look from other states. I am interested in your experiences with selling horse properties, what seemed to work, what tips you have? I'm prepared for it to take some time, but I'd love to just get it done and move on. Expecting a price in the high $700s, if that matters.

Srhorselady
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Re: ideas for selling a horse farm?

Postby Srhorselady » Fri Jul 21, 2017 1:52 am

No experience (yet) in selling horse property...maybe in a few years. However, there are two regional horse publications in Az that have LOTS of horse real estate ads. Also there are several real estate agents that specialize in horse property. You might check for similar in your area. Your place sounds very nice.

piedmontfields
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Re: ideas for selling a horse farm?

Postby piedmontfields » Fri Jul 21, 2017 1:18 pm

One trend I've seen on social media for horse sales and specific horse discipline areas is to advertise horse property. Makes sense to me, as social is where so many people find out about anything these days! (so I would be advertising through your GMO facebook site, etc. etc.).

Tarlo Farm
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Re: ideas for selling a horse farm?

Postby Tarlo Farm » Fri Jul 21, 2017 1:52 pm

Just sold my 40 acre farm; 25 fenced acres in pastures, plus three individual paddocks with sheds; pond, creek, 3 bed/2 bath, walkout basement, indoor arena (154'X66'), extra horse barn/hay shed...yada yada.
It was on the market with an agent for two years, I pulled it for two months, put it on Zillow, and showed it more times in six weeks - in January and February in Michigan! - than my agent showed it in two years. Each of those showings were to legitimate folks, not just tire-kickers.
It was on Zillow for six months before I sold it.
Our kind of property does take some time. If you know how to do the homework, have a good real estate attorney, and have the time and energy to show the place, you can do it yourself.
If you don't feel you have one or several of those items, go ahead and list it on Zillow as FSBO anyway, and stand out of the way of the agents falling over themselves to sell it for you. You will find yourself in a very good position to negotiate a lower fee (2-3%), and/or a one-time listing if an agent feels they have THE person for your property (still 2-3%).
Potential buyers like lots of photos and a good written description. If you can't do either of those, ask a friend who can. Clean out fully half your furniture and knick-knacks and get those counters spotless before taking photos. Close the lids on the toilets. And then keep it clean and spare. Put your price upfront. Be open to a land contract. Price it to sell, or go higher and be patient.
I had some great phone conversations and emails from people all over the country who were interested in it, and ended up selling to folks 30 miles away. Learn (trust your gut) to not waste time on the tire-kickers and the crazy folks. There are lots of those out there too. Can't stress enough to have a good attorney on hand.
Sold my place on a land contract with no pre-payment penalty (we all believe they'll sell their place this autumn, but if they don't, I'm getting a healthy interest rate), we all signed six pieces of paper - in total - and spent ten minutes in my attorney's office. My total costs to sell will be about 0.5%. Yes, you read that right.
Good luck!

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Re: ideas for selling a horse farm?

Postby Hayburner » Fri Jul 21, 2017 3:26 pm

Yes, get everything tidy before you put up any pictures. When I look at real estate ads (which is all the time, I'm shocked at some of the homes pictures. What the heck is wrong with the listing realtor?...I've seen pics with kitchen counters loaded with food, dishes, dieshes in the sink, exposed trash cans, drapes barely hanging straight, kids toys everywhere, un-made beds, etc. it's a real turnoff!

I would also put ads in tack and feed stores, contact local horse programs, barns, farriers, vets etc let them know your place is for sale. They are the ones who know horse people , who know more horse people! If they find a buyer tell them you will give them a small finders fee.

piedmontfields
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Re: ideas for selling a horse farm?

Postby piedmontfields » Fri Jul 21, 2017 6:00 pm

Tarlo, what a success story! Well done. BTW OP, I freely admit to being a Zillow-using freak. I like exploring areas we might like to move to. It is a great tool for FSBO and agents alike.

It is very nice in addition to great house/barn/facility photos to show an aerial shot of the property (and property lines marked) and layouts (drawings) of the house and the barn with dimensions noted.

Tarlo Farm
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Re: ideas for selling a horse farm?

Postby Tarlo Farm » Sat Jul 22, 2017 2:21 pm

Thanks. The aerial shot is a great addition and not so difficult to obtain with drones now. I had an old one taken by a photographer in a plane that I photographed with my phone and then posted.

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Suzon
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Re: ideas for selling a horse farm?

Postby Suzon » Sat Jul 22, 2017 11:56 pm

Advertise out of the area. Advertise in the Bay Area of California. Advertise in New York. People from overpriced Hipster areas are moving to the PNW.

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Sunshine2Me
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Re: ideas for selling a horse farm?

Postby Sunshine2Me » Sun Jul 23, 2017 3:29 am

In my area there are realtors who specialize in equestrian properties. They are sought out by people looking for that type of property. Perhaps you could find someone similar near you?

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Re: ideas for selling a horse farm?

Postby fergusnc » Sun Jul 23, 2017 12:35 pm

Tarlo Farm wrote:Sold my place on a land contract with no pre-payment penalty (we all believe they'll sell their place this autumn, but if they don't, I'm getting a healthy interest rate), we all signed six pieces of paper - in total - and spent ten minutes in my attorney's office. My total costs to sell will be about 0.5%. Yes, you read that right.
Good luck!


Tarlo, just curious...what is a land contract? Does that mean it will be developed? Or a contract for Ag business versus a home? And BTW, good for you...wow!

GR..
We have a local equestrian page on Facebook that is a way wider net than is truly local. A group you join, not a page you like. There are several around here...Charlotte, Raleigh area, Pinehurst area....and I see one or two realtors post their listings as they get them, with updates...they seem to specialize in horse farms. If you were going to list with a realtor, maybe there is something like that near you that you could scroll though? Our beloved tack store for the area has been around a couple decades now, and they know EVERYONE, in every vague connection to horses....if you have a resource like that they may also be able to help if you go the realtor route.

A previous boarding barn from my life as a boarder was put put up for sale, so I got to hear some experiences from the sellers. Gorgeous, gorgeous 50+ property and home, nice barn, 1 excellent arena and 1 good arena, beautiful fencing and run ins with power and water. At least the third time these folks had sold a horse farm. They used realtors. It sounded like a couple years to sell was frustrating but not unheard of depending on the market, how large and specialized the property, etc. For at least two of the farms they ended up leasing out the horse facilities while they lived there or even after they moved. They changed realtors several times. They divided the property into two smaller parcels but also would sell a small a whole. They were unhappy often about how realtors marketed it. They dropped the price more than once. I think they said one realtor was somehow advertising around the northeast, trying to get the folks looking to move south or have a southern farm for winter along with a northern farm for warmer months....not sure what avenues the realtor used to do that. Grain of salt, these guys could afford to own multiple farms and could afford to list high and wait/hope....not the average scenario. :lol: That said, three horse properties within a mile of me were listed and sold in days this Spring/summer. One only 3 acres, the other two about 15 acres. Only one with an arena, two with barns. Very different properties. I think it's easier to sell the smaller places than the 50+ acre places due to things like money, ability to keep it up, plan for horses at home vs boarding others, etc. But we are also in a really strong real estate market in our part of NC.

And BTW, your place sounds amazing! Great for a private owner who could afford such excellent amenities, but would also be of interest to someone who would board to help pay the mortgage or lease out to a trainer. Wide net for you! Good luck.

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Re: ideas for selling a horse farm?

Postby Tarlo Farm » Sun Jul 23, 2017 7:40 pm

A land contract simply means I act as the bank for they buyer. I hold their mortgage so-to-speak. It's much like a regular contract a buyer would write with a bank: A significant downpayment, interest charged on the balance made in monthly payments, usually culminating in a "balloon", which means a predetermined date that the seller wants the balance paid, and will then turn over the title. Usually at that point, buyers go to a regular bank and get a mortgage based on the fact they now have equity in the property, then the seller gets cashed out.
A land contract avoids the hassles of bank consumer protections and speeds the process. As a seller, you need to do the due-diligance a bank would do regarding proof the buyer can afford the purchase. The downpayment is typically less than a bank would ask for, though the interest may be much higher. It is a much more casual process - though needs support from a legal contract, hence, a real estate attorney.

goneriding
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Re: ideas for selling a horse farm?

Postby goneriding » Sun Jul 30, 2017 1:21 am

Thank you for the ideas! I am hoping a broad range of people might be interested. It has "less house" than the gentleman estate type properties, and less barn than the commercial equine facilities, so it might be in an awkward place in the market. I've been reaching out to everyone I can think of who has ever expressed an interest in a horse property to tell them this will be on the market in a couple months. We're going to see if we can sell it by owner through the winter and if we still have it in the spring we might list it then. When we had it listed with a realtor a while back we felt like she just put it on the multiple listings and waited. We hardly even had any showings. I feel like our price is right; if someone wants an indoor arena there aren't many options and this one is great. I know I will miss many things about it.

galopp
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Re: ideas for selling a horse farm?

Postby galopp » Sun Jul 30, 2017 4:37 am

There are many PNW places to advertise (which the listing agent should know about). And http://www.buyhorseproperties.com is great too. You need a new agent if they are not working it. mho

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Saddlebum
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Re: ideas for selling a horse farm?

Postby Saddlebum » Sun Jul 30, 2017 1:39 pm

I found realtors who are not into horses have little to zero knowledge how to sell a horse property. They list the amenities but go no further than that.

Horse magazines of all kinds are well worth targeting imo. I, at one point, wanted to sell my place and realized the above about realtors. When I made suggestions to listing the property, the realtors would look at me with a blank stare.

I listed it myself on Craigslist and immediately got several responses from downstate people who were horse people looking in my area. I changed my mind about selling prior to anyone coming here and looking.

What's predominate in your area? Dressage, jumping, trail riding,??? Maybe target those magazines. Is there a notable trainer in your area, may include that...a big show venue...mounted games...kids 4-H programs...

Good Luck! Your place sounds really nice.

Rockabilly
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Re: ideas for selling a horse farm?

Postby Rockabilly » Sun Jul 30, 2017 2:08 pm

Around here in Tennessee many farms sell by auction and it works well. Just an idea I haven't seen in your replies.

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Re: ideas for selling a horse farm?

Postby Tuffytown » Sun Jul 30, 2017 3:56 pm

goneriding, I could have written your post word for word. We are in the same position. We were hoping to have the place listed in July but are still finishing projects. We are 2 minutes off I-5 about 45 minutes north of Seattle surrounded by Pilchuck tree farm.

We did have a private party interested but they couldn't get the financing.

piedmontfields
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Re: ideas for selling a horse farm?

Postby piedmontfields » Sun Jul 30, 2017 6:52 pm

Rockabilly wrote:Around here in Tennessee many farms sell by auction and it works well. Just an idea I haven't seen in your replies.


True! That is pretty much our plan when it is time to leave. I think that varies a lot by region, though.

BTW, the property site gallop mentioned is just horrible. If it were free, sure, link to a real ad with good information. But otherwise, no way!

Another note I'll make depending on your region, is to consider a luxury RE agent. I didn't get the vibe from your description or rough price that that is quite what you have, but sometimes those agents are much better at working with people with resources who are looking for something very specific (or something the can be turned into what they want).

goneriding
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Re: ideas for selling a horse farm?

Postby goneriding » Tue Aug 01, 2017 12:20 am

Tuffytown wrote:goneriding, I could have written your post word for word. We are in the same position. We were hoping to have the place listed in July but are still finishing projects. We are 2 minutes off I-5 about 45 minutes north of Seattle surrounded by Pilchuck tree farm.

We did have a private party interested but they couldn't get the financing.


Tuffytown, if you aren't familiar with Northwest Farm Credit Services give them a call about their loans. It's the only lender we could find who would lend on our property. Since they do farm loans they can value the farm buildings, unlike residential mortgages.

Where are you going Tuffy?

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Re: ideas for selling a horse farm?

Postby Tuffytown » Tue Aug 01, 2017 1:39 am

Lol, no idea. Maybe into a 300 sf trailer at a neighbors house with 3 horses and 3 cats for a time. We want a small place (2-3 acres) just for us and our crittters and would love to stay in our same neighborhood but the smaller places are hard to find and escalating rapidly. A vacant lot to build a small house on would be good too but the water situation has to be resolved by the legislature or a well already installed.

goneriding
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Re: ideas for selling a horse farm?

Postby goneriding » Sat Aug 05, 2017 11:31 pm

Tuffytown wrote:Lol, no idea. Maybe into a 300 sf trailer at a neighbors house with 3 horses and 3 cats for a time. We want a small place (2-3 acres) just for us and our crittters and would love to stay in our same neighborhood but the smaller places are hard to find and escalating rapidly. A vacant lot to build a small house on would be good too but the water situation has to be resolved by the legislature or a well already installed.


Do you think you could keep 3 horses on 2-3 acres in this climate? It's something I'm considering, because I do love having my horses at home. But it seems like it might actually be MORE work than a bigger acreage. Every morsel of manure would have to be scrupulously managed lol.

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Re: ideas for selling a horse farm?

Postby Tuffytown » Mon Aug 07, 2017 2:55 pm

I think I can make it work. I have great mud free paddocks here and have managed to keep the pastures in reasonable condition with management even with 13 horses. With limiting access at wet times and having several areas for rotation hopefully it will work.

I do think seriously about getting a city house on a big lot and letting someone else take care of the horses.

goneriding
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Re: ideas for selling a horse farm?

Postby goneriding » Mon Aug 14, 2017 4:58 pm

Tuffytown wrote:I think I can make it work. I have great mud free paddocks here and have managed to keep the pastures in reasonable condition with management even with 13 horses. With limiting access at wet times and having several areas for rotation hopefully it will work.

I do think seriously about getting a city house on a big lot and letting someone else take care of the horses.


I hear ya! Spontaneity, no farm work, more time to ride, conveniences nearby. Then I see my horses roaming their own pasture at home and it makes me so happy. I get way more joy from just living with them than I ever knew I would. Buuuuttt... it is taking a steep toll on me physically :(


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