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Tillable Introduces Hassle-Free Lease
To reduce the risk associated with farmland ownership and to simplify the land rental process, Tillable has launched the Hassle-Free Lease.
“Landowners in the U.S. leave an estimated $8 billion per year on the table because they undervalue their land,” says Corbett Kull, cofounder and CEO of Tillable. “Our new Hassle-Free Lease combines the power of current market data with our digital marketplace to help landowners get paid a fair rental price, and it takes away the burden of farmland ownership – from finding a farmer and negotiating lease contracts to making sure the property is properly cared for long term.”
Slated to begin with the 2020 growing season, the landowner and Tillable agree on a one- or three-year rental price. The landowner is paid up front and in full before the growing season starts. From there, Tillable either negotiates and continues working with the landowner’s current renter or finds a new and qualified farmer to work the land.
The platform tracks farm performance data using information provided by the farmer. Tillable consistently reports back to the landowner to ensure the land is treated with respect so it can continue to provide lifelong value.
How Tillable makes money varies depending on the farm, and basically represents the difference between what it pays the landowner to lease the land, and what the farmer pays to lease the land from Tillable. "The goal is not to make that a wide spread," Kull says. "Ultimately, we want to make the farmland rental process easier, with the goal of helping landowners receive higher rent than they do today that's more in line with the value of their land, and for the farmer to still pay a fair market price."
While Tillable makes it easier for landowners to rent farmland, the company also helps farmers by identifying available land for rent and aids in collecting data about their operations to continue building their reputation. Farmers can browse the platform and make offers to rent land at no cost to them. For farmers that sign a lease and rent a farm through Tillable, they are charged a yearly fee equal to 2% of their gross rent. If a landowner using the Hassle-Free Lease already has a farmer that he likes and recommends, the fee is waived for the farmer.
“Leasing your farmland through Tillable means you’re set for the entire growing season – no more worrying about volatility in the market,” Kull says. “We also make sure to find farmers who will act as good stewards of the land. That way, landowners can rest assured their property is cared for and remains a protected investment for years to come.”
For more information about Tillable, visit tillable.com.