Sometimes an individual property is too small to sell effectively at auction. In this case, the best solution is to include the property in a consignment land auction. A consignment land auction pools multiple sellers and their properties into a single event.
Pooling smaller properties allows us at Reck Agri Realty & Auction to market those properties more effectively, thus attracting a wider audience of potential buyers both locally and outside the area. This greater exposure increases the likelihood of sales for all properties in the consignment land auction. Not only do buyers have a greater selection of properties from which to choose, but Reck Agri’s bidding format gives the potential buyers multiple opportunities to purchase property.
Here are a few examples of successful consignment land auctions conducted by Reck Agri:
- 3,878 acres of Pasture owned by 5 sellers with parcels ranging in size from 470 to1,144 acres. Over 100 people attended with 37 registered bidders. Properties sold for a total of $1,402,500.
- 1,657 acres of CRP, Wind Turbine and Dryland owned by 6 sellers. Parcels ranged in size from 160 to 320 acres. Over 76 people attended with 45 registered bidders. Properties sold for a total of $622,500.
- 1,745 acres of CRP, Dryland and Pasture owned by 5 sellers. Parcels ranged in size from 120 to 491 acres. Over 50 people attended with 16 registered bidders. Properties sold for a total of $710,000.
The consignment land auction provides buyers with the opportunity to choose among multiple properties and each buyer has an equal opportunity to bid. Prior to the auction, buyers have the chance to inspect the properties and prioritize those in which they are interested. Hereís what one participant had to say, ìThis Consignment Land Auction is an excellent service for the landowners of smaller to midsize properties. It allows them to take advantage of the auction format, with exposure to a larger number of buyers than if their property is offered separately.
Reck Agri Realty and Auction conducts consignment land auctions throughout our trade area. We believe that consignment land auctions are an essential service to ensure the best result for all of our clients. Taking into account the number, type and location of properties to be sold, we are flexible in relation to property groupings, auction dates and auction location.
If you own CRP, Dryland, Irrigated, Pasture and/or Recreational Hunting property and would like to include your property in one of Reck Agri’s consignment land auctions, please call Marc Reck at Reck Agri Realty & Auction: (970) 522-7770.