1 / 13

Helping Landlords Find the Right Tenant

Helping Landlords Find the Right Tenant. Damona Doye damona.doye@okstate.edu Rainbolt Chair of Agricultural Finance Brent Ladd Brent.ladd@okstate.edu Extension Assistant OSU Agricultural Economics Department. AGEC-268,Screening Potential Tenants for Agricultural Land.

drago
Télécharger la présentation

Helping Landlords Find the Right Tenant

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Helping Landlords Find the Right Tenant Damona Doye damona.doye@okstate.edu RainboltChair of Agricultural Finance Brent Ladd Brent.ladd@okstate.edu Extension Assistant OSU Agricultural Economics Department

  2. AGEC-268,Screening Potential Tenants for Agricultural Land • Osufacts.okstate.edu, Search for Tenant, Landlord • http://pods.dasnr.okstate.edu/docushare/dsweb/Get/Document-10077/AGEC-268web.pdf

  3. Understanding the land’s potential and constraints • AgSite assessment tool • http://www.communitycommons.org/groups/agsite/ • soils, streams, wetlands and ponds, watersheds, floodplains, Karst Geology, nearby communities, legal descriptions, threatened and endangered species and aerial photography • NASS data on county averages • https://www.nass.usda.gov/

  4. Preparing to lease land • Goal for the land? • Goal for the lease? • Non-negotiables? • Expectations with regards to operating practices? • Qualifications and attributes that you want in a tenant? • Minimum requirements for a tenant?

  5. Tenant screening • Advertising: Include price and minimum requirements to screen parties who do not qualify • Newspapers, electronic lists • Local businesses • Other landowners or producers in the area

  6. Tenant screening • Verify ID if you don’t know the person • Ask for a farm resume • Look for legal issues: http://www1.odcr.com • Interview potential candidates • Ask for references

  7. Interviewing candidates • Background and involvement in farming • How the property fits with their operation • Production practices and environmental philosophy • Equipment, special knowledge they bring • Risk management and marketing practices • Farm insurance coverage and agent • Length of lease desired • Plans for communication

  8. With whom do you want to do business? • Do they meet requirements? • Are they dependable? • Are they financially stable? • How easy will it be to establish and maintain a working relationship? • What are their people skills? Communication skills? • Will they be a good neighbor? • Where is their base of operations? • What kinds of questions did they ask?

  9. Follow up with references • Did they pay on time? • Any unpaid rent? • Any legal or tax issues? • Trouble or damage? • How was communication? • Would you rent to this tenant again? • Consider paying for services such as a credit check or background check.

  10. Put the agreement in writing! • Encourages understanding by both parties • Serves as a reminder of terms agreed upon • Legal resource and guide for heirs • Consult with a lawyer • Free lease forms at www.aglease101.org • Pasture • Crop Share • Fixed and Flex Cash Rental Arrangements • Machinery and Equipment • Farm Building or Livestock Facility • Beef Cow

  11. Leasing resources • www.aglease101.org, publications, forms, worksheets • www.aglease.info, OSU production and management info • www.agecon.okstate.edu/budgets • www.osufacts.okstate.edu • CR-216, OK Pasture Rental Rates • CR-230, OK Cropland Rental Rates • AGEC-940 Tax Aspects of Leasing • AGEC-198, Negotiation Strategies • AGEC-238, Screening Potential Tenants for Agricultural Land • http://www.nass.usda.gov/Statistics_by_State/Oklahoma/Publications/County_Estimates/index.php • Cash rents

  12. Other OSU resources OSU Farm Management Facebook https://www.facebook.com/OSUFarmManagement/ Oklahoma Women in Ag and Small Business Facebook https://www.facebook.com/OKWomenInAg OSU Agricultural Economics Extension https://www.agecon.okstate.edu/extension

More Related