STRATEGIES TO OWNING A RANCH FROM AFAR
Absentee Ownership Should Not Be Overwhelming BY RYAN BRAMLETTE
FAY RANCHES RANCH SALES
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any of our clients at Fay Ranches are absentee buyers looking to satisfy a lifelong dream of owning their version of the perfect western property. Before this dream becomes a reality, many have questions around the logistics of owning and maintaining a farm/ranch or recreational property from across the country. Properties out west are big: the average farm/ranch property in Montana is 2125 acres. That can be overwhelming to an absentee owner. To maximize the enjoyment of absentee land ownership, buyers need to know their goals before purchase, understand how their goals align with a particular ranch’s potential, and have an overall plan that can bring it all together. ALIGN YOUR GOALS WITH THE LANDS POTENTIAL Once a land buyer knows what they want, investigating a property’s potential, and identifying if the prospective land can fit the buyer’s needs is the logical next step. Water rights attorneys, wildlife biologists, general contractors, stream reclamation experts, the USDA, BLM, and Forest Service, are all resources that may be needed for boots on the ground investigation. Choosing a strong ranch broker capable of helping you connect all of these dots by leveraging their contacts and their firm’s database of proven resources and relationships will be enormously beneficial. Having the right experts involved in the process will help you find the right property and gain relevant knowledge and enjoy the steps along the way.
CREATE A PLAN As one gains a better understanding of a ranch’s potential, exciting ideas lead to more questions: • How will I manage the general upkeep and maintenance of the structures, fencing, and landscaping? • Who will be overseeing the habitat improvement and wildlife management projects I have in mind, and how will I know these are being implemented correctly if I am not around consistently?
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• What will be the most effective and efficient way to administer any grazing permits or leases? Figuring out the answers to these questions will help develop a plan. Dan Durham, co-owner at Ranch Resources in Sheridan, MT, a natural resource consulting service, agrees. “The plan should be a combination of the objectives and the potential of the ranch.” Logan Miller, co-owner with Durham, adds, “A plan should consist of different enterprises that are organized, prioritized, and implemented over time.” The costs of owning a ranch, recreational objectives, and agricultural objectives are all examples of different ranch enterprises. With each plan uniquely organized through these varying ranch enterprises, one commonality is that most plans will call for some level of resource and relationship management. From simple tasks such as organizing ranch finances to wildlife management, habitat improvement, planting of crops, and ranch staff employment and supervision, a “non-resident” owner will likely require some assistance when it comes to plan implementation. PLAN IMPLEMENTATION The good news is there are several solutions to obtaining the appropriate help required to successfully implement and execute the plan you have laid out for your ranch. The question is, where does one start their quest towards finding these resources? Once again, leveraging your ranch broker’s database is the perfect place to start. A best in class ranch broker will have the knowledge, resources, and relationships to help you identify and engage with the appropriate parties that can prove to be a valuable asset to
