Written by: Sara Hageman Schenck, Managing Broker
Absentee farmland owners often call us with some version of the same four questions, and some apologize for asking. There’s nothing to apologize for. Owning land you don’t live near is a normal way to own land in Indiana, and the questions are the right ones. Here’s what we answer on that first call, what we’ll ask you, and what you can have in front of you to make the conversation useful instead of preliminary.
“How does my cash rent compare to the market?”
It’s answerable without anyone driving anywhere. Rent tracks land quality, the tenant’s alternatives, and what the local competition for acres looks like this year, in roughly that order.
Purdue’s 2026 survey, conducted in June and published in August, puts Indiana statewide average cash rents at $305 per acre on top-quality land, $260 on average-quality and $214 on poor-quality. Top and average came down from 2025, by 4.1 and 1.4 percent, while poor-quality went up 3.3 percent. That’s the backdrop, and it isn’t the across-the-board decline the headlines suggest. Your farm sits somewhere against it based on its location within the state, soil productivity, drainage, and field shape, and a rate that was right four years ago may not be right now.
“How do I know what my tenant is actually doing out there?”
A farm under management gets real oversight: we talk to the tenant regularly and see how things are going, and we monitor the soil samples so you know where the land stands.
A good farmer is an important partner in the long-term health and value of the land. We encourage the tenant to communicate directly with you, and we help bridge the gap by understanding both sides, what matters to each, and what helps everyone win.
“Do I have to sell to fix this?”
No, and that’s the answer more often than people expect when they call a brokerage. Plenty of absentee owners call about selling and end up putting the farm under management instead, because what they wanted was information and oversight rather than an exit. They also need confidence in the future of the farm, and a clear sense of how to make things easier down the road for them and for their heirs.
We’ll share our experience over the last 50 years and give you the information to make the best decision for you and your family. The decision is yours.
What we’ll ask you
Four things, and having them ready turns a first call into a real conversation.
| What we ask | Why it changes the answer |
|---|---|
| Acres, county, and whether it’s all tillable | Sets the comparable set. A tract with twenty acres of timber prices differently than a clean square |
| Your current lease, written or handshake | A written lease with a termination date is a different planning problem than a year-to-year handshake |
| Last three years of rent and any repair costs | Turns “does this feel low” into arithmetic |
| What you want the land doing in ten years, and your long-term goals | This helps us understand your situation and how to help get you there |
That last one is the question people haven’t been asked before, and it’s the one that decides the rest.
FAQ: Owning farmland from out of state
Do I need to come to Indiana to work with you?
No. We handle out-of-state owners regularly, and most of the work happens by phone, email, and mailed documents. We’ll go look at the farm on your behalf and tell you what we found.
What does farm management actually cost?
It’s typically a percentage of the farm’s income, and it varies with what the farm needs. We take a very custom approach in our farm management business, tailored to each client’s needs, so we’ll quote it against your specific situation and tell you if the acreage doesn’t justify it.
Can you tell me what my land is worth without listing it?
Yes. We look at the details of your land and the comparable sales and share where your farm’s value would fall, based on the current facts. It doesn’t obligate you to anything. Owners often want to know what their farm is worth to help with future planning.
One thing to do before you call
Find your tile information and your tenant or lease details first. Those two tend to matter more than anything else you could bring to the call. Then pull your last three years of rent statements and your most recent FSA farm and tract maps, and put them all in one place. Many absentee owners have these scattered across email, a filing cabinet at a parent’s house, and a folder nobody’s opened since probate. Assembled, they answer half of what we’d ask you.
We’ve put the long version in a guide. The Owner Who Isn’t There covers the five things to find out from whoever’s farming your land, what you should be getting through the year, how to read a farm statement, and ten questions to ask before you hire anybody.
Not sure what your land is worth today? Ask for a current value range.
A value range from Hageman Realty looks at the details of your land and the comparable sales and shows where your farm’s value would fall, based on the current facts. It’s prepared for your own planning. It isn’t an appraisal and shouldn’t be used as one. Depending on your circumstances, such as estate planning, tax matters or financing, an appraisal may be the right next step. Talk with your accountant, attorney or other advisor about whether you need one, and if you do, we can refer you to a licensed appraiser.
About the author
Sara Hageman Schenck is Managing Broker at Hageman Realty. She holds the Accredited Land Consultant designation and a degree in Agricultural Business Management from Purdue, and she’s licensed in Indiana, Illinois, Arkansas, and Texas.
Read more about Sara at https://hagemanrealty.com/agent/sara-hageman-schenck/
