Summary
In this episode, Shawn Terrell, President of United Country Auction Services, discusses the role of auctions in the real estate industry, particularly in the context of farmland and rural land. He explains the history of auctions and their significance in the farming and ranching communities. Shawn also highlights the differences between farmland auctions and residential auctions, emphasizing the strong presence of auctions in the farmland market. He discusses the advantages and disadvantages of auctions compared to traditional brokerage sales, including the potential for better prices and the need for thorough property inspections. Shawn also touches on the shift towards online auctions and the importance of financing in auction transactions. Finally, he shares insights into the future of the real estate industry and the role of United Country in supporting agents and brokers in non-urban America.
Takeaways
Auctions have a long history and are deeply rooted in the farming and ranching communities across the United States.
Farmland auctions are more prevalent than residential auctions due to the strong tradition of buying and selling agricultural properties through auctions.
Auctions offer the potential for better prices, especially for unique properties or those with pent-up demand.
Financing in auction transactions is different, as it is often considered a cash sale, but buyers can still obtain financing if needed.
The real estate industry is experiencing consolidation and a shift towards technology, but United Country aims to stay relevant in non-urban America by providing comprehensive services and support to agents and brokers.
Sound Bites
"Auctions are not a new technique. They've been around for many, many years."
"Farmland is still very, very strong at auction. Rural land, recreational property, ranch property, raising horses or cattle, that kind of property is very prevalent at auction. Residential, not as much, not nearly as much."
"There's a lot of misinformation about auctions that every time you have an auction the property has to be sold regardless of the price. Well, that's a specific type of auction that's an absolute auction or an unreserved auction."
