Help determining value of Farm or Cash Rent

[William A.]

My siblings and I have inherited a small family farm.  The farm has been leased for a cash rent for the past several years.  The rent has not been adjusted for several years.  We have also had a some inquiries about selling the property (including from the current tenant).

From what I have been reading value of the land is based in part by how productive the land is.   We don't have any historical data, so our knowledge about how much the land is worth is limited. 

I think I need to write a letter to the current tenant requesting this information.  How do I politely obtain this information from the current tenant, and is there any specific documents (or proof) that I should request?

[Nick Horob]

Call up Farmers National and ask them for an estimate of what the land is worth and have them provide you with soil maps.  You don't have to sell but they'll be able to give you a good estimate on the value of the land.

Typical cash rent is 3-4% of the value.

http://www.farmersnational.com/