To help Midwest landowners reduce the risk associated with farmland ownership and simplify the farmland leasing process, Tillable — the online marketplace for the $32 billion farmland rental market — recently announced the launch of its new Hassle-Free Lease in Michigan.
Under the Hassle-Free Lease, Tillable provides owners of the 8 million acres of rented Michigan farmland with a one- or three-year rental offer option for their land, pays the landowner up front and in full, and finds a farmer to operate on their land for the duration of the lease beginning in the 2020 growing season.
The Hassle-Free Lease also seeks to provide certainty that landowners receive a fair lease payment, while eliminating the risk of market volatility, destructive Midwest weather patterns, or unfair rental contracts that ultimately damage profitability. The three-year option is especially attractive for landowners who want longer-term protection, according to Tillable.
“Over 40% of Michigan farmland is rented, and many of those landowners don’t have the tools to assess how much their land is worth,” says Corbett Kull, co-founder and CEO of Tillable. “By combining local market data with our digital platform, our Hassle-Free Lease ensures that Michigan landowners get a fair rental price for their land and that Tillable takes on managing it — from negotiating leases and finding the right farmer to ensuring the land is properly cared for.”
After the landowner and Tillable agree upon a one- or three-year fair rental offer through the Hassle-Free Lease, Tillable handles the rest, including:
Payment. Tillable immediately pays the landowner for the value of the lease in full, before the 2020 growing season starts.
Lease agreement. Tillable promotes the farm to growers in the area and identifies a qualified operator to work the land.
Performance reporting. The Tillable platform tracks farm performance data, using data provided by the farmer to report back to the landowner on a consistent basis, ensuring the land is treated with respect, so it can continue to provide the landowner lifelong value.
For landowners, Tillable makes it easy to rent farmland by providing upfront payment and finding a farmer (or working with their existing farmer) to care for the land. For farmers, Tillable helps identify available land for rent and helps them collect data about their operations to continue building their reputation.
“The Hassle-Free Lease guarantees that you don’t have to worry about market volatility for the entire growing season,” Kull says. “We also look for farmers who will properly care for the land, so landowners can be confident that their property will continue to be a protected investment.”
For information about Tillable, visit tillable.com.