Since 1946, Hall and Hall has done it all: mortgages, appraisals, and now auctions through offices in Montana, Wyoming, Idaho, Colorado, Texas, and Kansas. Its unique brokerage structure encourages a total team approach by sharing profits among all 17 partners when a sale closes. Chairman Doug Hall (left) and CEO Jim Taylor (right) believe this profit-sharing strategy is one of the many attributes that enables Hall and Hall to stand out in such a competitive market.
2010 Sales: > $100 Million
Market Observations: “The market for ranches with recreational and scenic overtones was very slow for the first half of 2010, but it seems to have picked up substantially in the last six months. This is particularly true at the high end of the market: properties priced from $10 million to $45 million,” says CEO Jim Taylor. “On the price front, sellers and buyers are more easily able to find common ground than what we have seen over the last couple of years. Sellers have accepted the new reality that prices are going to settle significantly below 2005 levels for some time to come. Buyers seem to be comfortable locking in their investments at that level, particularly on some of the legacy ranches,” Taylor adds.
2010 Standout: “Hall and Hall has always believed that investment quality rural land should be a recognized asset class for major investment portfolios. Clearly the rest of the world is beginning to come around to our way of thinking. It is fair to say that, unlike virtually every other asset class from stocks and bonds to rare art, rural real estate has suffered from lack of liquidity,” Taylor says. “It is our belief that we have reached a point where the auction process, which is used for every other class of investment asset, can be used successfully to render this asset class liquid. This is now possible because of advances in technology that allow bidders to view, analyze, and bid remotely. There is also a growing pool of potential bidders that include end users, individuals, hedge funds, pension funds, and private equity. “To that end, we are launching Hall and Hall Auctions. Scott Shuman, who ran auctions for Schrader/Westchester, has joined our partnership. His innovative and transparent methods will bring a higher level of liquidity to investment quality rural real estate and serve as a perfect complement to more traditional marketing methods,” he says.
Hall And Hall