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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.

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Helping Landlords Find the Right Tenant

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  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

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