By Ben Nuelle
Buying and selling farmland enters the digital world. Are onsite land auctions a thing of the past? AcreValue is an online site listing farmland for sale. It’s basically equivalent to the online residential real estate market company Zillow.
Tamar Tashjian is General Manager with AcreValue says it was started in April 2015.
“We initially launched the site in April of this year really just to test it out in three states. Iowa, Illinois, and Indiana. We spent a lot of time talking to farmers in developing this product and Granular’s farm management software and at the top of their mind is expansion. How do I pick up a new piece of ground and more acres at the right price”, Tashjian said. “The market feedback has been very positive so we’ve have expanded into more states.”
Tashjian said customers in Iowa use it when going into an auction.
“They figure out a starting point on where to start bidding. Maybe they are negotiating cash rents with their land owner and need to see how prices have changed over time and figure out what is the relative value of this piece of ground versus another piece of ground,” Tashjian said.
Tashjian said the valuation estimate is determined by computer models designed by the company’s data scientists. She says farmers, landowners, investors, bankers, brokers, and industry professionals use the site.
Tashjian said the site is free offered by Granular. According to their website, Granular is a San Francisco based company focusing helping farmers profit with new technology.