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Online farm auctions raise profits

Online farm auctions raise profits

Bidders from a Saskatchewan auction were from across Canada

 
Staff Writer
Farms.com

A recent online farmland auction through Mack Auction Company based in Estevan, Sask. sold six quarters of land for $1.75 million.

The land is found in the rural municipality of Benson and sold under two different consigners, said Brian Mack. He is the co-owner of Mack Auction Company.

“The one consigner had four quarters and the family did offer it to some neighbours about a year ago for I think $230,000 a quarter and they had no offers or no buyers at that point. So, they contacted us, and we took over the management of the sale and advertised it,” Mack told Farms.com.

Those four quarters ended up selling for $294,000, $302,000, $307,000 and $321,000. The remaining two quarters sold for $526,000.

This auction saw 175 registered bidders from across Canada, but the buyers of the land ended up being local, said Mack.

The staff at Mack Auction Company were happy with the result of this auction and were glad to help the families selling the land get a higher price for the land, said Mack.

The “auction method creates enthusiasm, creates demand and competition, and a sense of urgency to buy land,” he said.

Allexxandar/iStock/Getty Images Plus photo

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