Why Reck Agri

Make Selling the Farm a Positive Auction Experience...  Marc Reck

Two of the changes we have experienced in the marketing of agricultural real estate have been the following: 1.) The transition from selling property by private treaty to selling property at auction; and 2.) The use of technology and the internet to provide information and promote properties locally, regionally, and worldwide. 

The standard and accepted practice to sell real estate over the years has been by private treaty. The private treaty sale of property occurs as a result of the owner trying to sell the property themselves, or, the owner lists the property for sale with a real estate broker. In both instances, an asking price is determined, buyer found, contract negotiated, and transaction closed. Sounds simple. However, this process can be cumbersome, never ending, unsettling, and often creates hard feelings.  What often occurs, the seller asks a higher price and/or unreasonable price expecting offers and is disappointed, or, if the seller asks a lower price, receives multiple offers, then questions if they left money on the table. 

Auctions are often associated with foreclosures and forced sales and have been known as the sale method of last resort. To the contrary, I have grown to appreciate the opportunities, flexibility, transparency, and price discovery the auction process provides. Doesn’t every seller deserve market value and every buyer the opportunity to purchase?  To accomplish this, there is no better scenario than to have a committed seller and qualified bidders all gathered together in one room with an auction format facilitating competitive bidding. Furthermore, sellers and buyers know and accept the terms and conditions of the auction with published minimum bids, buyers have inspected the property and accept it’s condition prior to the auction, open and transparent bidding format, and everyone knows auction day if the property sells.  Because of these auction features, since 2002, the popularity, confidence, and creditability of our auction process has grown with over 5,100 people attending our auctions and 1,700 attendees registering as bidders.  For us, the auction process is now the sale method of First Choice and we are “Changing The Way To Sell The Farm”.

The following paragraphs describe several of the many features which favor an auction over the accepted standards and practices of the past.

SIMPLE – With an auction, the seller negotiates only one contract with the broker to determine the minimum bid and terms & conditions of the auction and agrees to sell to the highest bidder at or above the minimum bid.  The next time the seller signs a contract is with the highest bidder at the auction, and then closing documents. For this reason alone, properties with multiple owners, estates with multiple heirs, or dissolutions, auctions work well to eliminate stress and conflicts between the parties.

COMPETITIVE BIDDING - There is no better indicator of market value and price discovery than an auction. You never know what someone will pay to acquire the property adjoining them or for what reason they may be buying. Our auction bidding format allows bidders to openly and transparently participate.

MULTIPLE PARCEL BIDDING FORMAT - Every buyer has a minimum and a maximum price they are willing to pay. Buyers never want to pay anymore than the last comparable sale. Many sellers have properties of varying sizes and uses. By the sellers offering their properties for auction in parcels, combinations, or as a single unit, it exposes their property to the broadest base of available buyers of property types and purchasing power. Our multiple round and multiple parcel bidding format provides buyers every opportunity to purchase property.  If unsuccessful, buyers walk away knowing they had every opportunity to bid, but didn’t buy only because the price was higher than what they wanted to pay. 

DEFINITE DATE - With an auction, the seller knows the date when the property will sell. Our average time period from signing the listing agreement to the auction date is 46 days, auction date to closing date is 28 days.  An average of 74 days from beginning to end. 

The following paragraphs describe several of the LEADING EDGE services we provide.

ONLINE INTERNET BIDDING - We provide online internet bidding for the both our real estate and farm equipment auctions via a state of the art satellite dish. This allows buyers the opportunity to watch and/or participate in the auction offsite via their computer. This service provides your land or farm equipment auction to be broadcast worldwide to accommodate buyers if they are unable to attend.

www.reckagri.com - Our website is a vital tool for us to provide information for buyers to view and print from the website and to expose auction properties worldwide to buyers we would not normally be able to reach via print advertising. 

GPS & SATELLITE AERIAL IMAGERY - When we inspect the properties to sell, we GPS the property, download the readings into software, and view and measure the property via satellite aerial photos. We then verify acres, locations of fences to property lines, and different configurations of how to divide a property.  This process alerts us to potential problems and aids in the decision making process of how to package and sell a property.

In conclusion, Reck Agri Realty & Auction is committed to remain current with our complex and ever changing world.  This commitment guides us to one simple goal - FOR YOU TO HAVE A POSITIVE  FARM/RANCH AUCTION SALE EXPERIENCE.

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