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Episode 9 | Jim Rothermich

Jim Rothermich: Land and Machinery Trends, Data, and Future Prospects

REAL-TIME EQUIPMENT VALUATION & PRICING

POWERED BY THE FASTEST GROWING, MOST TRANSPARENT FARM EQUIPMENT AND HEAVY MACHINERY DATABASE

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In this conversation, Andy welcomes Jim Rothermich, a seasoned and certified real estate appraiser with deep roots in agriculture. Jim shares his journey from growing up on a farm in Missouri to becoming an agricultural and commercial appraiser in Iowa. The conversation delves into the historical and current trends in land and machinery prices, emphasizing how both markets often move in tandem due to their capital-intensive nature.

Jim discusses the impact of various agricultural policies, such as the CRP and PIC programs of the 1980s, and reflects on how economic downturns influenced farming and land values. The discussion highlights the volatility of the agricultural market, particularly during the COVID-19 pandemic, and how land prices surged unexpectedly. Jim also sheds light on the importance of data transparency in making informed decisions about land and machinery investments. Andy and Jim conclude by offering some insights into the future of farmland values, the role of technology in agriculture, and advice for equipment dealers on maintaining strong relationships with farmers.

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Previous Episode

▶ Key Takeaways

Land and machinery prices often move together, though not always at the same pace, due to their significant capital investment requirements.
The COVID-19 pandemic caused unexpected surges in land prices, highlighting the market's volatility and the importance of staying updated with real-time data.
Finding accurate and current data on land auctions and machinery prices is crucial for making informed investment decisions.
While short-term land prices may trend down due to current corn prices, long-term prospects for farmland remain strong.
Building strong relationships with farmers and understanding the evolving needs of absentee landowners and environmental concerns are key to success.

▶ This episode's guest

Jim Rothermich is Vice President at Iowa Appraisal and an experienced real estate appraiser specializing in the valuation of farmland and farm-related improvements. He brings three decades of experience in the fields of agricultural economics, farm production, land appraisals, and real estate sales.

Jim is a Certified General Real Estate Appraiser with the State of Iowa and a licensed real estate salesperson in Iowa and Missouri. He is a member of the Appraisal Institute with an MAI designation and a member of the American Society of Farm Managers and Rural Appraisers (ASFMRA), including the Iowa and Missouri Chapters, and has earned ASFMRA's Accredited Rural Appraiser (ARA) designation. Jim is also an Accredited Land Consultant (ALC) through the Realtors Land Institute. He serves on the Appraisal Education/Accrediting Committee of ASFMRA and is past board member of the Iowa Chapter of the Appraisal Institute and the Missouri Chapter of ASFMRA. Jim graduated from the University of Missouri-Columbia with a B.S. in Agricultural Economics.

In response to clients wanting up-to-date land price information in real-time, Jim created “The Land Talker" in the spring of 2016. The land market has changed rapidly and surveys published by various organizations have a time lag and are sometimes outdated, making the information no longer factual. "The Land Talker" and Jim's blog, Land Talk Weekly, are ways to stay current on land price information. To get auction results as they happen, follow Jim on X (Twitter). You may also subscribe to Jim's monthly Iowa land auction results email, Land Talk Monthly.

▶ Chapters

Introduction of Jim Rothermich and Background in Land Appraisal 02:00
Discussion of CRP and PIC Program Impact on the 1980s Farm Crisis 06:00
Discussion of Land and Machinery Price Trends 08:30
Analysis of Historical and Recent Trends in Land and Machinery Prices 12:00
Auction Data Collection Methods and Recent Market Adjustments 20:00
The Effects of COVID-19 on Land and Machinery Prices and Market Behavior 31:45
Predictions for Future Land Values, the Role of Technology, and Advice for Equipment Dealers 42:14