YEAR IN REVIEW
2024 ANNUAL REPORT
HALL AND HALL
2024 RECAP
LAND STANDS APART AS AN INVESTMENT CLASS, OFFERING A UNIQUE COMBINATION OF TANGIBLE VALUE, ENDURING STABILITY, AND THE JOY OF RECREATION AND STEWARDSHIP.
After nearly 80 years dedicated to the rural communities and landscapes in which we work, we feel an ever-growing gratitude for the opportunity to work with such special people and places. It is truly a blessing to be entrusted by clients and partners with their personal and financial needs, and we feel a strong obligation to provide excellence in every instance and every relationship.
After a year dominated by the presidential election, geopolitical conflict, inflation, and uncertain interest rates, we are reminded to reflect on the stability provided by land ownership. Land stands apart as an investment class, offering a unique combination of tangible value, enduring stability, and the joy of recreation and stewardship. Its steady appreciation and the opportunity to create lasting memories with friends and family make land a truly distinctive and rewarding asset.
Unlike other real estate or alternative investments, the properties we work with are unique and unable to be replicated. Their finite nature, combined with the fact that land in our marketplace is not highly leveraged, makes rural land stable and resilient to volatility.
Landowners and investors are well-versed in those qualities, and that knowledge was reflected in the market activity in 2024. Overall demand remained strong, and the upper end of the market continued to be one of the most competitive spaces. Inventory remained historically low, so quality properties were highly sought. While we saw greater buyer pricing sensitivity, limited inventory offset it for high-quality properties.
For prospective buyers waiting for a post-pandemic drop in sales values, it has not occurred. While we have seen asking price reductions in some instances, sales values have continued to appreciate in most regions.
Activity is expected to be slower in election years, and that appeared to be the case just before the election. Still, our transaction volume indicates generally steady activity throughout the year, with a robust list of pending transactions for 2025.
Looking ahead to 2025, we expect inventory to be the primary driver of transaction volume and sales values. Except in extreme cases, external market factors are less predictable and exhibit lower correlation. Our market has proven to perform well in various political and financial environments.
B ELFLAND Managing Director Bozeman, MT
We extend our deepest thanks to our clients and partners for supporting us in 2024. We find the greatest satisfaction in building trusting relationships and providing reliable expertise, integrity, and professionalism. We end a successful year with continued optimism and look forward to another exceptional year in 2025.
One of Hall and Hall's advantages is our business lines and how we interact with clients to help them achieve their goals. One such example involves a family who had never owned a ranch and wanted to purchase one in the Rocky Mountains. After extensive tours with several of our brokers, the family decided which ranch they wanted to purchase and enlisted the help of our management department.
We were hired to develop a due diligence report, which included several years of pro forma cash flows. The report addressed carrying capacity, soil information, infrastructure improvements and/or needs, noxious weeds, and cheatgrass control, as well as presented several operating scenarios. During the process, the family decided on the operating scenario they wanted to pursue. Of course, they needed a ranch manager, and we assisted them in hiring one who was on-site the day of closing. We remain actively involved with the family by maintaining a checkbook for the ranch, paying bills and payroll, and consulting when needed on ranch matters.
Our involvement at the beginning of the purchasing process helped to assure the family that they were making a good investment. This met their goals and helped them avoid pitfalls that can come with first-time ranch owners. They have purchased more land, which increased the size of the operation and added to their recreational enjoyment of the land.
JEROME CHVILICEK Management Group Billings, MT
TRUST THE PROCESS. ENJOY THE RESULTS.
At Hall and Hall, we are dedicated to our borrowers, helping them achieve their dream property while delivering exceptional service.
Recently, I received a phone call from a local broker inquiring if Hall and Hall could assist with financing a potential real estate purchase in Montana. Following our initial discussions, the broker felt confident in introducing me to the buyers, Dustin and Amye Dyk.
The buyers, relocating from Colorado, were interested in purchasing a large ranch in Montana. Their offer had already been executed when I accepted their loan application. Given the urgency of real estate transactions, I promptly began working on their loan approval. The approval process was expedited due to the buyers’ thoroughness and promptness in providing all necessary information.
SCOTT MORAN Loan Officer
Billings, MT
Upon approval of the loan, we proceeded to prepare for closing. Fortunately, the executed buy-sell agreement allowed sufficient time to meet the financing and due diligence deadlines.
At Hall and Hall, we take pride in our efficient loan processing, dedication to our borrowers, and helping them secure their ideal property. We specialize in land loans, offering long-term fixed rates and variable rate loans with amortizations for up to 30 years. Our rates are highly competitive, and we provide products with no prepayment penalties. Due to the volatility of the interest rate market, our long-term fixed-rate products have become increasingly attractive to borrowers.
FEATURED CLIENT STORY
Time is often the most valuable resource in our professional and personal lives. At our first-generation farm and ranch in North Central Oklahoma, where we raise an Angus-based cowherd and grow winter wheat, sorghum, corn, and cotton, we find not only a slower-paced lifestyle but also a deep sense of accomplishment. It is where hard work and passion meet, and every season brings a new challenge and reward.
When financing farm and ranch real estate, we trust Hall and Hall to value our time and investment. Their finance team has consistently put our minds at ease, ensuring every detail is handled with care and precision. We know they are focused on what’s best for us from the start, with our interests at the forefront.
As we’ve worked to grow and expand, one critical decision has been to sell beef directly to consumers through G.O. Farms, helping us become more vertically integrated. A lender who understands our broader business ventures, including agriculture and direct beef sales, is essential to our continued growth. While many lenders focus solely on one type of client, Hall and Hall brings a broader understanding, offering the flexibility and expertise we need to move forward.
Over the past two decades, our relationship with Hall and Hall has evolved beyond a simple financing arrangement. What started with securing land for a place to hunt whitetail has developed into a strong partnership grounded in mutual respect for the land and its future. Working with Hall and Hall, we have been able to improve our land stewardship practices for not only increased production but also for the benefit of the next generation.
- GREG & DARCI OPLOTNIK
JT HOLT MANAGING DIRECTOR, LOAN OFFICER
Over the last 75+ years, we have continued to respond and evolve to meet landowners’ ever-changing needs. Everything we do is designed to achieve the best results for our clients - their success is our success.
DEDICATED TO LAND AND LANDOWNERS.
Since our founding in 1946, Hall and Hall has been the trusted counsel for generations of landowners. Over seven decades, our brand has become synonymous with exceptional properties, sound advice, and trusted relationships.
As both sellers' and buyers' needs have evolved, we have expanded the services we offer at Hall and Hall to meet both sides where they stand, no matter the market conditions. In addition to our brokerage offerings, we have management, finance, appraisal, and auction divisions that all serve to help clients investigate their options and attain their goals.
UNFORESEEN OUTCOMES.
A NEW AUCTION CLIENT.
In the Spring of 2023, we held a successful auction on Linden Farm in Orange, Virginia. The auction was well attended, with competitive bidding that netted the seller well above his expectations and brought very close to a previous very optimistic list price. Little did we know that one of the auction attendees was there - not to purchase the property - but rather to observe the process. Charnell Blair was enthralled by the atmosphere and by the team's interaction with the bidders and with each other. She felt it was an incredibly positive experience, and she appreciated the relationship between the auctioneer and the owner, whereby the owner had control of the outcome. She also appreciated the positive interaction between the attendees and the auction team, which created a very upbeat atmosphere.
SCOTT SHUMAN CAI, Real Estate Partner Eaton, CO
Charnell owned Cotton Rose Farm, which had been in her family for her entire life. Cotton Rose was located about 100 miles south of Linden Farm. Sadly, the time had come for her to sell her family farm—an emotional time for sure—and it meant a lot to her to do it the right way by giving everyone an opportunity to buy. She loved the atmosphere of the Linden auction, where everyone felt they had a fair shot even though there was a competitive bidding environment. Her previous attempts to sell the property had brought her multiple offers, all with a range of contingencies to suit the buyer. She had gone into contract on one, which, of course, failed due to a contingency.
She contacted Hall and Hall’s Virginia partner Alex Webel after the Linden auction and was delighted to learn that a critical feature of the auction process is that the bidder must do their due diligence ahead of the auction. This means that when the gavel falls and the auctioneer says SOLD, there are no contingencies, and a contract is signed with significant earnest money pending an immediate closing.
For Cotton Rose Farm, Scott and Alex analyzed the property and the alternatives for marketing. The decision was made to employ a nine-month period to promote the property and to offer it in eight parcels. This allowed people to have an opportunity to buy at multiple sizes and price levels and created excitement on auction day. While the 360-acre property was offered in eight parcels, it ultimately sold for $8.6M to two buyers.
Following the auction, Charnell provided lunch for our staff in appreciation of the teamwork that made it happen. The property closed as scheduled, and she has since been able to move to a new location. We are looking forward to stopping and having lunch once again with our new friend.
EVOLUTION
The single biggest reason for our clients’ successes in getting their properties sold is our partnership structure. To our knowledge there is not another firm in the country or even the world organized in a similar fashion.
We take a different approach whereby all partners at Hall and Hall are compensated financially when one of our listings is sold or when one of our partners sells another broker’s listing. It does not matter who actually listed it, showed it, or sold it… our entire team is incentivized to sell your property. All of this translates to maximum collaboration and exposure for your listing that cannot be achieved through other means.
View 2024 Sales
THE RESULTS SPEAK FOR THEMSELVES.
We are proud to offer you a digital platform to view all of the properties we sold in 2024. You now have the ability to filter your results by region or state, price, property type, and acreage.
EVOLUTION SERVING YOU.
JEROME CHVILICEK MANAGING DIRECTOR
Congratulations to Jerome Chvilicek, our next Managing Director at Hall and Hall!
We’re so excited for him to join the leadership team. A successful Managing Director embodies several characteristics — leadership, personal style, trust, and, above all, an intimate understanding and knowledge of our employee-owned company. Jerome embodies these necessary traits and more. Raised on the family ranch along the Montana Hi-Line, Jerome has been a student of agriculture his entire life. He has spent the last 35 years imparting his wisdom with our Management division and learning under the likes of our legacy leaders.
“I am honored and humbled to have been nominated and have sincere gratitude for the trust and confidence the board has placed in me. I understand this role is both a privilege and a significant responsibility, and I am committed to ensuring I fulfill this responsibility with a high level of dedication, integrity, and vision. I am thankful for the company we have created and hope to continue our level of excellent service and to continue creating value for our clients, employees, and stakeholders.”
Thank you, Jerome! We are all looking forward to working with you in your new role!
