Question

Topic: Student Questions

Agricultural Land Sales Market Research

Posted by Anonymous on 8/28/2013 at 4:23 PM ET 450 Points
I am researching the real estate industry within Iowa, trying to determine the size of a particular market. I would like some insight on how to go about determining how many agricultural land sales transactions involved the use of a third party (real estate agent, broker, attorney, ect...). I have already checked with the local County Assessors, Auditors, and recorders offices and none of them have any consistent records which would indicate if such a party were involved in a land sale transaction.
I would like to know what other resources I could use to gather this type of information (data bases, organizations, web sites, offices, ect...).
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RESPONSES

  • Posted on 8/28/2013 at 6:53 PM Accepted
    If the raw data don't exist, then the methodology for collecting it is a non-issue.

    What you may have to do is some primary research in which you call recent buyers/sellers and ask them if they used a third party in their recent transaction. If you have a large enough base size and ask the questions the right way, you should have your answer.

    You will probably want to have a market research professional consult with you up-front so you don't inadvertently compromise the quality of your answer. It will be worth the hour or two of their time you'll need.
  • Posted by SteveByrneMarketing on 8/28/2013 at 8:50 PM Accepted
    Probably a long shot, but maybe someone at one of the following organizations would know of a study or resources that is relevant to what you are looking for ..

    Iowa State Bar Association
    Iowa Real Estate Commission
    Iowa Association of Realtors
  • Posted by Moriarty on 8/29/2013 at 3:43 AM Accepted
    Further to Mr Goodman's clear advice, I would like to dig a little deeper. Who is buying (or selling) this land? Who uses it? There are two main answers - one is the farmers themselves and the other is people investing in farmland.

    https://www.iowacorn.org/
    https://www.iowaagriculture.gov/default.asp

    The second group, the investors, may not be so open to answering your questions though.

    An inquiry made here may give you the lead you're looking for. I presume a recorder's office is like the British land registry? Where all changes of tenure are recorded.
  • Posted on 8/29/2013 at 9:30 PM Author
    Moriarty,

    What I are looking at in terms of transactions involving a third party would be sellers (particularly "baby boomer" widowed farm wives, children of farmers who inherit land, and the farmers themselves. I am less interested in the farmers themselves due to the way in which they operate on a transactional basis, which would be simply seller to buyer.
    Finally, yes the recorder has record of title/deed changes, but the documentation does not provide information indicating the use of a third party.

  • Posted by Jay Hamilton-Roth on 8/30/2013 at 12:33 PM Accepted
    If you don't have any data, then doing primary research (as Michael suggestion) is the right approach. In your region, what else happens generally occurs after the sale of land - is there a new insurance policy written (you could contact insurance brokers), new agricultural inspections and/or certifications, etc.? Since the transactions are of public record, you could simply pick up the phone and call each new (or old) owner to ask them about their use of 3rd parties (for your homework assignment).
  • Posted by Gary Bloomer on 8/31/2013 at 9:30 AM Accepted
    Have you been in touch with https://www.state.ia.us/government/com/prof/sales/home.html and have you also consulted this list? https://www.loopnet.com/iowa-commercial-real-estate-brokers/
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