Farming Life talks to Best Property Services Managing Director Garry Best about the growing band of ‘businessmen farmers’ and the company’s unique approach to land sales.
In recent years the farming sector has witnessed decline and the traditional buyer for farm land has changed.
Garry Best explains: “Over the last three years there has been a notable decline both in bidding and buying of farm land in the traditional sense but that has been replaced by an emerging business sector – which is growing as we move further away from the recession,” Garry explains.
As many larger businesses grow post-recession, they need to find an outlet for their wealth. In taxation terms, there are significant inheritance tax benefits which certainly factor in here too but buying land is a unique combination of ‘heart and head’.
“In Northern Ireland there is an inherent desire to own land and many business owners are often only a generation or two from farming backgrounds – that drives the emotional desire to own their own land. Sometimes they hobby farm or hold small herds of pedigree breeds, but often they can lease the land too,” Garry says.
“It’s that unique historical and emotional backdrop that makes land as a commodity very different from residential or commercial and Best Property Services have a unique approach to sales for that reason.
“We have a defined marketing period at the end of which we set an auction and the agreed buyer has to sign a contract and pay a deposit on that day.
“What that gives a seller is certainty and a swift sale. To leave a land sale open ended gives buyers the chance to sit back, delay acting and wait to see who else makes a move to bid. It creates a protracted period of sale, often dormant for months.
“As Best Property Services sell land by auction, it’s a more transparent process, and only serious bidders with the ability to purchase come forward as they have to sign a contact on that day.
“For the seller it’s a win win situation and for serious buyers, it’s transparent and speeds up the sales processes – for example our last 10 farm land sales were completed within 12 weeks,” Garry concludes.
For more information see www.bestpropertyservices.com or tel 028 3026 6811.