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Successful land rent negotiations are more than bidding highest

Willie Huot

Summary

Rapid escalating land values and the changing pattern of land ownership are making land rental negotiations a more complex process for most landlords and tenants throughout the upper Midwest. At the same time, commodity prices are reaching historic levels for most crops grown in this region. This only adds to the competitive nature of the land rental negotiations.
An educational program was developed to improve the understanding of long term trends in ag land values, alternatives to consider in land rental contracts and improving communications between land owners and operators. Over 20 land economic workshops have been conducted throughout communities in North Dakota during the past six months. Two Extension Ag Economists and selected field staff were the primary presenters for these sessions. In addition to the workshops, participants have learned about online and other resources that are available to help them analyze their current land rental contracts and/or develop new lease agreements.
Over 750 land owners and operators have participated in these sessions. Evaluations reveal that over 95% of the participants have improved their understanding of various forces impacting land values. Further, the evaluations reveal that about 90% of those attending have improved their understanding of land rental options as well as their ability to communicate between the parties by use of resumes’ and newsletters.

Details

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