An FAQ On Online Auction Bidding

Online Auctions in Woodward, OK

Internet and smartphone technology have truly revolutionized different industries far and wide—and the auction industry is no exception. Virtual auctions and mobile apps make it easy for bidders and buyers to connect quickly and from the comfort of their own homes. Here at Smith & Co Auction & Realty, we like to make it as simple as possible for our sellers to sell and our buyers to bid. In addition to the traditional live auctions we hold throughout the year, we also host online auctions and give interested buyers the opportunity to bid in both live and online-only auctions right at their fingertips.

Bidding is made easy through our mobile app and straightforward online platform, but for first-time online auction participants the process can be confusing. That’s why we’ve put together a step-by-step rundown explaining how to register for an online auction, put in a bid, and optimize your virtual auction experience!

Types of online auctions:

We hold two types of auctions in which you can bid online. The first is a Simulcast Auction. This is a combination of a live and Internet auction. It’s a live, on-site auction with in-person bidders AND the availability to bid online during the live auction from your computer, phone, or tablet.

The second type of virtual auction experience we offer is an Online Only Auction. This is an auction that is held exclusively online with no live in-person bidding available.

How do I register for an online auction?

To register from your computer, laptop, etc.:

  1. View the www.smithcoauctions.com website. Click the ‘Bid Online’ tab. Current auctions will be displayed on the screen. You will see a button for the Catalog, Registration and Auction Details. The Auction Details will contain the terms and conditions of the Auction. You will be required to check a box during registration agreeing to the terms and conditions. If you have any questions or if any of the information is unclear to you, please contact us.
  2. Click the “Register to Bid” button on the page. It will pull up a Bidder Login Box. If you have registered before please type in your Username and Password. You will then be taken into the bidding area of the auction. If you are a new user there is a link below that says “New Bidder? Click Here”.
  3. The first step for new users is to verify a valid email address. Each account must have a valid unique email address. Please type in the email address and confirm. Then click the “Check Email” button. The system will check that the email address provided is not being used.
  4. Fill out all of the required information on the form accurately and in its entirety. You will need to enter a unique Username that is not being used and Password. Confirm the password. Check your desired account options and click the “Create New Account” button. A welcome screen will show that your account has been created. Please keep your Username and Password in a safe place. You will need this to log in later.
  5. Click the “OK” button. This will take you to the credit card screen.
  6. Click the “Add/Edit Payment Options” button. A box will ask if you want to leave the page. This takes you into the secure area in your account to record your credit card information.
  7. Click the “Leave Page” button. This will open up your Payment Methods under your account. Please enter the required information and click the “Save Payment Information” button. A box will appear showing that the payment method has been saved. Click “OK”.
  8. Click the “Return to Registration” button. At this point you will be registering for this specific auction. Under the Payment Method Verification click the circle for the card you just entered. At this point, you can also send a message to the clerks—for example, let them know your Farm Tax ID# to avoid tax, etc. View the Terms and Conditions. Check the box that says “By checking here you acknowledge that you have read and accept the terms and conditions.”
  9. Click “Submit Registration” button. A box will appear that says that you have been successfully registered. Click “OK”. You now will be in the bidding area of the website. Happy Bidding!

To register from your iPhone, iPad or Android device:

*YOU MUST KNOW YOUR APPLE ID AND PASSWORD

  1. Open the ‘App Store’ and click on Search (the magnifying glass). Type ‘Smith & Co Auctions’ and download the app.
  2. Open the app and click on the red ‘Auctions’ button.
  3. Scroll to the auction you are interested in and click on the ‘Register’ button. It will pull up a Bidder Login Box. If you have registered before, please type in your Username and Password. You will then be taken into the bidding area of the auction. If you are a new user there is a link below that says “New Bidder? Click Here”.
  4. The first step for new users is to verify a valid email address. Each account must have a valid unique email address. Please type in the email address and confirm. Then click the “Check Email” button. The system will check that the email address provided is not being used.
  5. Fill out all of the required information on the form accurately and in in its entirety. You will need to enter a unique Username that is not being used and Password. Confirm the password. Check your desired account options and click the “Create New Account” button. A welcome screen will show that your account has been created. Please keep your Username and Password in a safe place. You will need this to log in later.
  6. Click the “OK” button. This will take you to the credit card screen.
  7. Click the “Add/Edit Payment Options” button. A box will ask if you want to leave the page. This takes you into the secure area in your account to record your credit card information. Click the “Leave Page” button. This will open up your Payment Methods under your account. Please enter the required information and click the “Save Payment Information” button. A box will appear showing that the payment method has been saved. Click “OK”.
  8. Click the “Return to Registration Button”. At this point you will be registering for this specific auction. Under the Payment Method Verification click the circle for the card you just entered. At this point, you can also send a message to the clerks—for example, let them know your Farm Tax ID# to avoid tax, etc. View the Terms and Conditions. Check the box that says “By checking here you acknowledge that you have read and accept the terms and conditions.”
  9. Click “Submit Registration” Button. A box will appear that says that you have been successfully registered. Click “OK”. You now will be in the bidding area of the website. Happy Bidding!

We highly recommend that you DO NOT wait until the last minute to register to bid. While you may wait to place your bid at a later time, by registering in advance you can rest assured knowing that you understand the bidding tools. It is important that you familiarize yourself with all the terms and conditions BEFORE BIDDING.  The terms of sale are non-negotiable.

Why do you need my credit card information?

Just like with a live auction, we must verify that you have funds available to make a purchase. Your credit card information is kept secure; we do not share this information. We will run an authorization charge of $1.00. Once the credit card company has approved this authorization, the $1.00 is refunded back to your card and you will be granted permission to begin bidding. In the event that you are a winning bidder, we will charge purchased items to the credit card on file.

How do I bid?

Once you have completed the registration process and have your secure bidder number and password, select the auction you wish to bid on. Click the large button that says “Click Here to Bid Now.” Once the new page has opened you may type in your bid amount to place and, if you would like, a maximum bid amount. Then, scroll down to type in your bidder number and password. Click “Submit Bids.”

Please carefully review that the information you have entered for accuracy before submitting bids. Once you submit the bid, the bid cannot be canceled and is binding.

Do I have to pay any fees to participate in an online auction?

No, you are not charged any fees to participate. However, to register to bid, you will have to provide credit card information so we can run the listed authorization amount of $1.00.

Do I need to register for each online auction?

No. Once you have registered with us your account will remain active. You will only need to log in with your username and password that was created during the registration process. Terms will vary with each auction though, so when bidding in a new one you will have to accept the terms and conditions for that particular auction.

How do I know if I am winning a lot?

When viewing the online auction, you will see your name at the top of the form. Hover over your name and a drop down menu will appear. Click on the current bids and you can see the status of your current bids.

What if I get outbid just before the lot closes?

Most of our online only auctions are set to “soft close.” This means that if someone bids in the last 2 minutes before the item closes the bidding will be extended by 2 minutes so you will be have additional time to place another competing bid.  This mimics a live auction setting. 

*Note: You have to be viewing the auction item as it is closing to notice this.

What is a maximum bid?

By placing your maximum bid, the system will automatically place bid increments for you in predetermined amounts (as explained in the auction terms). This will increase your bid if your original bid is topped by another bidder. The maximum bid feature speeds up the auction process and assists you with your bidding. If another bidder bids higher than your maximum bid, the system will stop increasing your bids and you will have to increase your maximum bid amount in order to continue competitive bidding.

Can I cancel an unwanted bid?

No, bids cannot be cancelled once they have been placed. By placing a bid you are entering into a binding contract. There are no refunds or bid cancellations. The registered bidder is personally responsible—legally and financially—for all auction items bid upon, whether representing one’s self or acting as an agent.

An online bid accepted at public auction is a legal and binding contract to purchase. Any bidder who fails to consummate a purchase will be banned from bidding at all future seller auction events and may be pursued for civil and/or criminal violations.

How do I know if I won a lot after it has closed?

You will most likely see a notification ‘may have won’.  This is because the software has to process all bids before confirming ‘sold’.  Once all items have closed and the online auction has ended, you will receive an email from Smith & Company Auction & Realty, Inc. that will confirm items won and a paid receipt. 

*Note: This email is typically received 1-2 hours following the close of the auction.

What if I cannot bid online?

Please contact our office and we will be happy to assist you through the bidding process. 

Can I inspect real estate/personal property prior to bidding?

Yes! We offer preview days for all of our personal property auctions.  If you wish to preview real estate, Ira Smith is happy to assist you and can be reached at 580-334-6001.

What is the buyer’s premium?

A buyer’s premium is a percentage paid by the buyer to the auction company on top of the winning price. While some auction companies charge upwards of 15%, at Smith & Company we try not to gouge you for purchasing at our auctions. Our buyer’s premium is 3% for personal property. We never charge a buyer’s premium for real estate!

If you are interested in bidding in one of our auctions, online or otherwise, please visit our upcoming auctions page for updates. If you have any questions about online or mobile auction bidding, contact the Smith & Co Auction & Realty team today and we will be happy to help!

Why You Should Consider A Business Liquidation Auction Instead of a Sale

Auction Company in Woodward, OK

Whether you’ve decided to close for good, need some extra cash to help you through a tough time, or simply have excess equipment and inventory you’d like to get off your hands, liquidating your business assets can be a constructive solution for many companies.

When you need to recover your company assets, your first thought will probably be to have a liquidation sale. While this is certainly one option, you may find that a liquidation auction is more advantageous for your situation. Let’s take a look at how a business liquidation auction may be more beneficial for your company than a liquidation sale!

Sell your items quickly.

It can take several months, or even years, to recover the value of your business assets through a liquidation sale. If you’re closing your business or your company is struggling and you’re trying to liquidate to help offset debts, you don’t have time to search for buyers and review offers. If you choose to auction your items, on the other hand, your auction company will know how to price and market your assets to guarantee a bid and have them sold in a day.

Competition will drive up prices.

Auction companies implement widespread and effective marketing measures to generate a big crowd on auction day. They’ll use their extensive network to target the right audience and attract the buyers who are most likely to be interested in your items. Therefore, when you liquidate by auction, it fosters greater competition for your assets that often leads to a higher sale price.

Online auctions give your assets even more opportunity to sell.

Online auctioning tools, such as mobile apps, virtual bidding, and livestream auctions, open up your liquidation to the entire country or even world. Unless you’re prepared to do the work of marketing, reviewing offers, and arranging delivery to online buyers yourself, a liquidation sale does not afford you that same opportunity. Opening your auction to online bidders is another way to create competition to drive up the price. Plus, when you liquidate through an auction company, they’ll handle the details of marketing, sale, and delivery.

At Smith & Co Auction & Realty, we use a high-quality marketing program and our extensive mail list to get the best turnout and final price for sellers at every auction. If you’re liquidating your business assets, we can help auction your machinery, inventory, commercial building, and other capital to sell at or above market value.

Give us a call at 580-254-3975 to learn more about our live, online, and mobile auction services!

Tips for First-Time Commercial Real Estate Investors

Commercial Real Estate Agent in Woodward, OK

Any kind of real estate that will be used to run a business or generate profits is considered commercial property. This can include empty buildings, buildings with businesses already in them, rental properties, and land which you plan to use for profit. Commercial property can be a lucrative investment if you take the time to do your research, find the best real estate, and use it wisely.

If you’re thinking about taking the leap into the world of commercial real estate ownership, here are some tips to help you make the right investment!

Start by identifying the needs and goals of your business.

If you don’t know what you want to accomplish with your property, you won’t be able to determine which properties on the market will best fulfill your needs. Before you even begin your search, sit down and answer some fundamental questions about your business and the characteristics of your ideal property. Here are a few questions to get you started:

  • What are you planning to do with your property?
  • What type of property will work best for your business? Retail shop? Office complex? Warehouse? Rental units?
  • How much can you afford to put down? What can you afford in terms of maintenance and utility costs?
  • What location will be ideal for your business?

Work with a team of experts to find the right property.

Especially if you’re new to commercial real estate investment, it’s important that you partner with other professionals to help evaluate properties and, eventually, acquire one. Look into hiring a commercial real estate agent, broker, inspector, appraiser, attorney, and possibly even an accountant. At this time, you’ll also want to start working with a financer—a bank, credit union, private mortgage company, etc.—to explore your financing options and determine exactly how much money you’ll have to work with.

Do your due diligence before closing the deal.

Real estate of any kind is a big investment, so it’s important that you do your “due diligence” before making anything official. This essentially means learning everything you can about the property and ensuring everything with your contract is in order before signing.

For a commercial property, you’ll want to order an ATLA (American Land Title Association) survey to give you history and detailed information on the property and its relevant surroundings. Then, you should run the numbers (this is where an accountant comes in handy) to analyze risk/reward potential. Finally, have a commercial real estate lawyer look over your deal before you sign to make sure everything is correct and fair to you.

At Smith & Co. Auction & Realty, we have commercial real estate agents ready and willing to work with you every step of the way to find your perfect commercial property in Woodward, Oklahoma. Looking to streamline your sale? We also hold commercial real estate auctions with incredible properties for amazing deals.

Contact our team today to discuss your commercial real estate needs!

3 Things You Can Do to Sell Your Home Faster

Real Estate Auction Company in Woodward, OK

A new job in a different city; unforeseen financial hardship; a new custom-built house that’s almost move-in ready; there are a lot of reasons you might find yourself in need of a quick home sale. The bad news is, selling a home is an intricate process, which means it can often be lengthy. The good news is, there are a few tricks you can use to streamline that process.

These are a few of the steps you can take if you need your house sold yesterday!

1) Pull out all the staging stops.

If you want a quick sale, your home’s best assets need to be front and center as soon as it hits the market. That means cleaning, decluttering, depersonalizing, and fixing small repairs. Your best bet is to hire a professional to stage your home for maximum market appeal. If you can’t swing it though, start reading up on your DIY tips and get to work!

2) Make sure the price is right.

Did you know that many of the properties that are sitting on the market, unmoving, at any given time all have the same thing in common? They’re overpriced! Work with your agent to price your home competitively. Settle on a number that motivates buyers to jump quickly, fearing they’ll lose out on a good deal.

3) Accommodate as many showings as possible.

The more people that see your property, the greater the chance of a sale in the near future. If you’re trying to sell your home fast, keep your schedule flexible. Try to accommodate every interested buyer, even for last-minute showings if you have to. When you ask someone to request a new time or rearrange their own schedule, they’re more likely to simply pass and move onto the next property that’s just like yours.

For sellers in Woodward, Oklahoma looking to get a property off their hands sooner rather than later, Smith & Co. Auction & Realty is here to help. When you list your home in one of our real estate auctions, you’ll close your sale in a single afternoon and are guaranteed to walk away with the market value or, more likely, even more.

Contact our team today to discuss auctioning off your home with an experienced agent!

3 Reasons to Consider Selling Your Mineral Rights

Land and Mineral Auctions in Woodward, OK

Owning mineral rights can be tricky. On the one hand, sitting on valuable natural resources, such as natural gas or oil, can be a huge potential for income. On the other, it’s not an asset that’s directly in your control unless you plan on drilling yourself.

You may be hesitant to let go of your mineral rights, holding onto the possibility of a big payoff in the future or over time. But more than likely, you stand to benefit more from selling than you do leasing or sitting on them.

Here are a few reasons you should consider selling your mineral rights:

1) Guaranteed profit

Holding out for someone to lease your mineral rights puts you at the mercy of both the company you lease to and the fluctuating market value of your resources. Because you don’t know exactly what and how much you’ll find under your land, when it will be found, or how much it will be worth when it is, its long-term value is not certain. If you sell your minerals outright though, you’re guaranteed to profit no matter what lies beneath.

2) Receive payment all at once

Selling your mineral rights leaves you with one large sum upfront, versus smaller royalties that would be dispersed over time. Having that much cash value on hand opens up a lot more opportunity than a few small payments a year. You’re also likely to receive more money for your minerals when you sell upfront, as their value—and your royalties—will be constantly in flux. Plus, you’ll eliminate the hassle of keeping track of your interests and royalty payments.

3) Ease your tax burden

Most states impose taxes on mineral rights as well as the royalties you earn from them. That tax is on top of the county and federal taxes you’ll also be required to pay each year. Additionally, since your royalty income is not predictable, your taxes owed at year’s end won’t be either. After all is said and done, depending on the market, these taxes might not even make mineral ownership worth it. You’re better of selling and making a one-time tax payment, rather than holding onto them and suffering the yearly expense.

When you decide the time is right to sell your mineral rights, get in touch with Smith & Co Auction & Realty. With our extensive mailing list and targeted marketing outreach, we’ll sell your mineral rights at auction for top dollar and have your profit guaranteed in a single afternoon.

Give us a call at 580-254-3975 so we can set you up for a lucrative auction!

Home Staging Tips to Get Your House Ready to Sell

Real Estate Agency & Auction Company in Woodward, OK

If you want your home to sell quickly and for the highest value, your first step is to nail the presentation. That’s what the concept of home staging is all about—setting the stage to draw in prospective buyers and convince them your property is the one they’re looking for. This is especially important if you’ve decided to auction your home and have only a short window of time to persuade them to make a competitive offer.

Check out these fundamental home staging strategies and use them to put your house’s best foot forward on the market or auction block!

Cut the clutter.

Buyers and bidders looking at your home need to be able to see as much usable space as possible. Help them out by doing a purge of every room, dividing items into ones that can be trashed, donated or sold (maybe even at your auction!), and the ones you’re keeping. Any items in the keep pile that you don’t need immediately can be moved to offsite storage. After you’ve decluttered, hire a professional cleaner or start scrubbing yourself until every inch of your newly organized space sparkles.

Paint your walls neutral.

The goal is to make your property appeal to the widest range of buyers possible. You need to create a space where anyone can envision implementing their own style and making it feel like home. The best way to do that? Neutral colored walls that can serve as a backdrop for any vision. Plus, a fresh coat of paint will give your home a crisp, updated look.

Use furniture and décor to make your house feel like a home.

A prospective buyer should walk into your house, feel welcomed, and see the lifestyle potential of your space. If they walk in to find vacant, lifeless rooms, it’s going to be difficult for them to connect. The right furniture and décor will help them make that connection. Here are a few things to keep in mind as you arrange your furnishings:

  • Don’t overdo it—all you need is one main piece to define the room (couch, bed, dining table), two or three supporting pieces, and a few accents to add a little personality and warmth
  • Arrange furniture to highlight the best features of each room (a fireplace, bay window, archway, etc.)
  • Depersonalize—it shouldn’t feel like your home
  • Keep your style cohesive to help the space flow
  • Let in plenty of natural light and supplement with artificial where necessary

At Smith & Co. Auction & Realty, we work with our clients to ensure their properties are fully ready for the local market before an auction or sale. Our agents know what buyers in Woodward are looking for and will use that knowledge to help prepare the best version of your home possible.

Contact us today to learn more about how we can help secure you a lucrative home sale!

Building vs. Buying a House: Which One Is Right for Me?

Land and Real Estate Auctions in Woodward, OK

There are a lot of decisions to be made when it comes to finding the perfect home for you and your family. One of the first ones you’ll have to tackle when you’re ready to become a homeowner or move on to a new property is whether you want to buy an existing house or have one custom-built. Like most decisions, there are pros and cons to both options to consider.

Why Build a House:

Customization

The most obvious advantage and biggest draw to building a new home instead of buying is the ability to customize. Building a house give you total control over everything from the land it’s on to the floor plan to the crown molding. You’re able to choose details and features that match your exact needs and tastes.

New Home Quality

Everything is fresh when you build your own home. You’re the first one to live there, so you’ll never find damage left by someone else. Plus, you shouldn’t have to worry about major repairs or renovations for years.

Updated Technology

New builds are made with the newest technology and modern features for you to enjoy in their very design. You can also trust that they’re built to current building codes and made with energy-efficient materials that are better for the environment and help cut costs in the long run.

Why Buy a House:

Cheaper

On average, it’s cheaper to buy an existing house than build a new one in most locations. Also, when you’re buying, the real estate agent you work with can help negotiate a better price.

Faster

Finding the right land, designing a new home, and completing the construction process takes more time than it does to buy an already-built home. If you’re on a tight schedule, the move-in time for an existing house is much quicker.

Convenience

While it is nice to be able to curate every feature and element of the home you live in, the process can be a bit of a headache. When you buy a home, you won’t have to stress over getting every detail just right or worrying your space won’t turn out how you envision it. Your biggest decision is simply yes or no!

Whether you decide that building or buying a house is the right move, Smith & Co. Auctions & Realty can set you up with everything you need. We’re constantly auctioning off new tracts of gorgeous land that would be the perfect foundation for your custom home. Or, work with one of our real estate agents to find the house for sale or auction of your dreams.

Reach out to a member of our team today to learn more about our upcoming land and real estate auctions and property listings!

4 Steps to Prepare for Auctioning Your Farm Equipment

Farm Equipment Auctions in Woodward, OK

When you’ve decided to invest in new farm equipment or liquidate your farm altogether, an auction is one of the most efficient ways to sell your old machinery. Farm auctions attract a wide pool of potential buyers to compete for your items, driving up the price and getting them off your hands in a single afternoon.

Although your auction company will take care of most of the preparation when you choose to auction off your farm equipment, there are still a few measures you should take ahead of time to ensure you walk away with the best value for your pieces!

1) Choose the right auction company.

If you want to get the most money for your equipment, you need to partner with the best company for the job. Do some research into auctioneers in your area, looking for those who have experience in farm auctions specifically. Choose someone with an extensive local network, good reputation, and the marketing plan and resources necessary to get you top dollar.

2) Complete quick fixes.

Minor issues with your farm equipment can drive the price down significantly at auction. Taking care of these simple repairs and touchups before you sell will likely pay for itself twice over! Replacing broken lightbulbs, new sparkplugs, a fresh paint job, and even just a good cleaning can make a world of difference in the final price.

3) Have your equipment appraised.

Once it’s in the condition in which you plan on selling it, have a professional evaluate what your equipment is worth. If you’re working with an auction company that specializes in farm equipment, they may be able to do this for you or set you up with a good appraiser. Having your equipment appraised is a good way to ensure you’re getting what it’s worth and will help you go into your auction with realistic expectations.

4) Photograph your items.

Having quality photos of your farm equipment for marketing materials will improve your advertising efforts significantly. Pictures of your equipment online, on flyers, in brochures, etc. will help generate interest for the auction, so more people attend and bid. The more competition you get, the higher the final price tag is likely to be. Make sure you’re photographing your pieces in good lighting, against a clean background, and at a variety of different angles for the best presentation possible.

Did you know that Smith & Co. Auctions & Realty holds over 100 auctions every year that attract thousands of potential buyers from our extensive mailing list?

Our experienced professionals specialize in selling real estate, farm land, and farm equipment throughout Woodward, OK, and surrounding areas. With our wide-reaching network, resources, and know-how, we guarantee we’ll be able to sell your farm equipment quickly and for the right price.

Contact our team today to learn more about how we can help you sell!

Why Land is Actually a Smart Investment

Land Auctions in Woodward, OK

Buying vacant land is not usually the first strategy that comes to mind when you’re trying to break into the real estate investment game. Many people actually believe that buying land is pointless, since there’s no readily apparent way to turn it into a profit.

If you dig a little deeper into the realities and possibilities of land investment though, you’ll see that it can actually be one of the smartest real estate moves to make!

There are A LOT of ways to use vacant land.

One of the major differences between buying a house or building and buying vacant land is that you need to use a little more of your imagination to see the potential. Owning land offers plenty of opportunities for generating income or making use of it yourself! You could, for example:

  • Build a house to live in or rent
  • Build a commercial building to work in or rent
  • Rent the land to someone else to build property or develop
  • Develop or rent as farmland
  • Use or rent for hunting

Land is an easy long-term investment.

Pretty much every aspect of land ownership is easy. There’s low competition to buy land, so you can get it quickly and at a good price. Once you have land, you don’t actually have to do anything with it if you don’t want to. Vacant land also requires very little maintenance, as is, which makes it inexpensive to own long-term. Plus, there are a lot of options to use it for profit that involve very little attention or work on your part.

Land does not depreciate in value.

A common risk in real estate investment is putting money into something you can’t make profitable or that loses value over time. Vacant land cannot be moved, destroyed, or otherwise damaged in any way that will affect its value. The worst-case scenario is that you don’t make or lose any money at all—think of it as just an alternative place to hold some of your assets. Land is also a finite resource, meaning the more limited it becomes, the greater value your investment will have.

Smith & Co Auction & Realty makes it easy for aspiring land investors to make their first or next move with our live and virtual land auctions! With our advanced real estate tools and knowledge of the local market, we can help any buyer find their dream property going up for sale or auction.

Contact us today for more information about our upcoming land auctions!

What to Consider When Buying Farm Land

Farm Land for Sale in OK

There are a lot of components to being successful in the farming and agricultural industry. You need to have practical experience, knowledge of the field, the right equipment, a business plan, a good team behind you, determination, and of course, quality land to support your operation.

If you’re thinking about starting a farming business, or expanding your current enterprise, investing in the right plot of land can make or break your venture. That being said, there are a few considerations you’ll want to keep in mind during your search.

Soil Conditions

Without good soil, your farm is doomed from the start. Determine whether or not the soil of the land you’re looking at is good for the crops you plan on growing. Do they have enough of the right nutrients? Has the soil already been farmed and depleted of its nutrients? What does the acidity level look like? Is there proper drainage? Ask the seller for a soil profile or have your own testing done before making a purchase.

Access to Resources

In order for your crops to grow and other aspects of your farming business to succeed, your land will need to have access to a number of resources. Consider how you plan on using the land and what you require to make that happen. Look at things like water sources, irrigation setup, reliable power, roadway access, and other buildings and infrastructure necessary to support your day-to-day operations.

Gas & Mineral Rights

It is possible that, although the surface of your land is for sale, somebody else owns what lies beneath. Determine if the gas and mineral rights to a plot of farm land are included in your purchase or if they’re already owned by somebody else. If you don’t have them, that other person could come in and start mining and drilling at any time, affecting the quality of your land in the process.

Location

Before you buy farm land, look into whether or not the location you’re looking at comes with any restrictions or major inconveniences. Are there any zoning or environmental regulations that limit how you can use the land? Would you be close enough to the markets, retailers, and suppliers your operation is going to depend on? How far is it the commute from your home? These are all factors to consider before you make any decisions.

Looking for the perfect piece of farm land to transform for the right price? Check out the upcoming land auctions and real estate listings at Smith & Co Auction & Realty! Our experienced staff will help you acquire the acreage you need in Oklahoma or Kansas for what it’s truly worth.

Contact our team today to discuss your land and real estate needs!