Vice President – Halderman Companies
Real Estate Agent, Farm Manager, Certified General Appraiser
Born and raised on a family farm in Huntington, Indiana, Pat Karst joined the Halderman Companies in 1984 where he gained a wealth of knowledge and first-hand experience managing farms, selling farms and completing appraisals throughout Indiana, Ohio and Michigan. In 2006, he became Vice President of the Halderman Companies.
Pat’s most enjoyable aspect of his job and what truly give him a sense of fulfillment is solving a client’s problem – whether a management problem, a particularly difficult appraisal, or the completion of a real estate transaction.
Phone: 260.274.1606 Email: patk@halderman.com
YEARS OF AG
REAL ESTATE &
FARM MANAGEMENT
EXPERIENCE
Appraisals can range from a market valuation to a complete, detailed report. Offerings include: loan evaluation, estate evaluation, sale, conservations easements and more. Many families, individuals, attorneys, financial institutions and investors make up our list of satisfied clients.
Our agents list and sell all types of real estate: live, online or sealed bid auctions, acquisitions or private sales. After thoroughly evaluating the property and engaging in discussions with the client, we will confidently recommend the most effective method of sale tailored to their needs. We are dedicated to ensuring a smooth and successful transaction that exceeds expectations.
We provide complete or partial management services to hundreds of farms across the US, coast to coast. Consulting and financial services are also available. All of our services are tailored to the individual landowner ranging from lease negotiation to complete management of the farm operation.
Anchor points indicate the latest upcoming real estate listings and sales results for the past few years.
Auction or Private Sale
Our recommendation is that you enter the sale process with an open mind. If asked, Halderman will make a recommendation as to which type of sale is best for your farm. This recommendation is based on the method we think can best achieve your goals and the property itself. Some farms naturally lend themselves to one type of marketing system. For example a bare 80 acres in a location that typically has a lot of competition is likely a good auction candidate. In contrast, a highly improved swine operation is probably better sold as a going concern via private treaty.
Should I sell my farm?
This is a question only you can answer. Halderman Companies can help you determine what you might expect in terms of sale price and can describe the current marketplace vs the historical trends. We can also help you think about tax scenarios and family estate planning issues and put you in contact with attorneys or accountants, if needed. Once you have the information you can make a more informed decision on the timing of a sale.
What is a fair price?
Prior to selling Halderman can assist you in determining a sale price range and even complete an appraisal, if necessary. Using this information we will assist you in determining an asking price in a private sale scenario and a release price for an auction sale. Of course the fair price is determined ultimately by the market where a willing seller and a willing buyer agree on a price and terms. This can be achieved via a well marketed auction where there are a number of bidders in attendance and active bidding. It can also be achieved via private sale marketing and subsequent negotiations.
Why should I consider Farm Management?
As a farmland owner you own an asset of significant value. If you own just 200 acres that property could easily be worth more than $1 MM. What other investment of that size do you have that does not have a professional manager, watching it on a regular basis? Halderman Farm Management understands current lease terms and rates. We know the current technology available in agriculture. We make it our business to know the current USDA Farm Bill and how it can impact and benefit your farm. Our business is agriculture and specifically we know farmland ownership issues. We become your fiduciary and manage your farm like it is our own! We learn your goals and objectives and work to implement what you want to happen on your farm. The thousands of dollars you have in a mutual fund, or individual company is being managed by someone. Shouldn’t your farmland investment also be professionally managed?
How do I determine a fair rent?
The market determines the rent for any given farm. Therefore the best way to determine a fair rent is to do a competitive bid process on the lease terms you seek OR find out rents in the surrounding area and use them to compare to your farm and make your own analysis. Halderman Farm Management can execute both of these strategies on your behalf. This makes leasing your farm very simple. Turn over the management of your farm to us and we will make sure you maximize your current farm income opportunity and enhance the value of your farm over time.
How do I find a new tenant?
This process can be extensive if you are unfamiliar with the area around your farm. Start by driving the roads near your farm, learn the neighbors, see who is interested, talk to the county extension agent and local ag bankers for references. Work with the local ag vendors to see who are likely prospects. Go through a typical interview process and then once you’ve chosen some likely candidates begin negotiating. The alternative is to hire Halderman to do all of this for you! In many locations this work is already complete and known and therefore we are very efficient in this process and can deliver a few viable tenant prospects to you within a couple of weeks.
What type of appraisals does Halderman offer?
Halderman offers a variety of appraisal services ranging from market valuation to a complete detailed report for accredited, loan, estate, certified or court testimony appraisals. Reasons you may find yourself in need of an appraisal include: a property sale, condemnation proceedings, conservation easements, property purchase consideration, division of property among family members or a situation in which you may need a market value appraisal.
What is the difference between a Certified Appraisal and a Broker Price Opinion (BPO)?
Though they are both property valuations, they differ based on their intended purpose and the method in which they are conducted.
A Certified Appraisal is performed by a professional who has completed hours of education and training receiving a certified licensing to conduct certified appraisals. This type of appraisal is thorough and detailed typically for mortgage lending or various legal proceedings consisting of property condition, market trends and legal issues.
A Broker Price Opinion (BPO) is a type of appraisals that is less detailed and performed by real estate agents which can be completed quicker. Common purposes for this type of appraisal would be a foreclosure evaluation, pre-listing valuation conducted before a sale, or any situation requiring a quick marketing valuation.
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Our team is deeply rooted in agriculture, bringing together multi-generational farmers, landowners, agribusiness experts, and ag brokers who confidently call this area home. We have a thorough understanding of the local economic landscape, encompassing soil productivity, inflation impacts, interest rates, and cash rents. We recognize the unique challenges and opportunities that our counties present, and we know that the best solutions often start with a thoughtful conversation.
Count on us as your trusted resource to help you achieve your farm goals. We’re committed to providing the insights and support you need to thrive in today’s agricultural environment.
