Relevant data in one location
“We reached out to FarmlandFinder because we saw an opportunity to create a high-quality, integrated service with implications for positive change across the market,” said Jeffrey Nazuka, Business Development Coordinator at Ag-Analytics. “Previously, all the relevant data streams floated around in uncombined locations: comparable sales were held by appraisers, sales information was managed by real estate agents and all other supplemental data streams were either hard to gather or impossible to access.”
Problems before FarmlandFinder
The best option to find the information Ag-Analytics was looking for was manually roaming farmland sales websites and physically scouring free services for relevant data. “It was a struggle, to say the least,” says Nazuka.
- Data was disparate & on many different websites
- Time-consuming & manual process to gather relevant data
- Non-standardized data that is difficult to manipulate
Results with FarmlandFinder
Ag-Analytics was looking for increased access to land sale data, which is what the FarmlandFinder API was able to provide. With this consistent stream of real-time market information, they had the flexibility necessary to combine their proprietary tools and information with FarmlandFinder data to complete a couple of data-driven projects.
- Reduce time & effort needed to gather sales information
- Instant access to land for sale, auction results & expired listings across the Midwest
- Standardized data ready for use in multiple projects
Project #1: Farmland Trends Report
The FarmlandFinder API provided a clean and seamless interface, which enables Ag-Analytics to develop a reliable software-based data query tool.
Where it can add value to the market:
- Modernizing & making the data available in an easier to access way is so hard to do & it hasn’t been done yet
- You can get all of these indexes & land value trends just by scrolling through the report itself
- Interactive nature makes it easy to see the information & understand what it’s telling you
- If you’re looking for a particular metric, it’s easy to look at
- Not only does this give detailed info to land professionals, like appraisers & land managers – but if you’re a grower, you can get the same level of detailed info right off the bat
- The presentation is the biggest key for people who hadn’t previously had access to this data & making it accessible for them
- Great way to display data that flows nicely (county up to conglomerate larger chunks) & gain insights on where the most productive/ valued land is
Project #2: LandValue AI
“Without our partnership with FarmlandFinder, Ag-Analytics would not have access to the expansive, hard-to-source farmland market dataset,” said Nazuka. The FarmlandFinder API forms the backbone of Ag-Analytics’ LandValue AI models.
“The LandValue AI provides timely and accurate land value estimates of any given parcel on any specific day. Our model is powered in part by the historical and real-time parcel sales information from the FarmlandFinder API. Combining the detailed sales information from the FarmlandFinder API with three other data streams (climate data, agricultural data, and up-to-date economic markets data) through AI modeling generates a real-time estimate of the land value for a particular parcel of farmland. Someday, the LandValue AI model could be used as either a 'verification' or 'guideline' metric for land value across the agricultural finance industry.”
By working with FarmlandFinder, Ag-Analytics is able to provide a toolset that enables users to generate a real-time estimate of land value for a parcel and automatically return comparable property sales with AI-verified geographical and temporal similarities. “Without access to the data provided through the FarmlandFinder API, our AI model would not be able to generate an accurate land value estimate – they would be broader and more generic.”
Project #3: Farmland Sales API
“Our Farmland Sales API is powered by FarmlandFinder. It provides users with easy and fast access to filter and find land for sale, complete with the sales and geographic data components, to get a detailed description of the value of that parcel of land,” says Nazuka. “Without working with FarmlandFinder, our Farmland Sales API+ service would not be able to provide users with fast access to farmland sales information.”
With the release of the Farmland Sales API+, users can gather relevant information in a connected, integrated, simple format. “Users now have the ability to search for farmland sales, and relevant farmland parcel information, with a short JSON query based on four to five parameters,” shares Nazuka. “This query will yield a POST response from the API that contains sale information, geographic information, land and parcel information and more. Users can query the API with a request containing a set of parameters: state, county, bounding box of the area of interest, and property sale status. The API will return, in WKT and GeoJSON, a list of suitable property sales, along with relevant information about the property, such as geographic location, acreage, productivity indexes, sale information and sales party information.“
Building a data-rich future
Ag-Analytics is constantly exploring ways to allow people to consume agricultural data effectively and efficiently. For example, their AI models could someday offer a unique solution across the appraisal and farmland sector.
“I can envision a future where standardized appraisals can be done almost automatically, with a high level of accuracy,” says Jeffrey. “Applying a research-based, AI-driven approach over extensive historical and real-time sales and comparables data would allow us to develop an accurate, AI-generated land value model. This could be used either as verification of a previously developed land value estimate or as a guideline for future appraisal-generated land value estimates. This technology-driven approach could drastically reduce the costs associated with the entire appraisal process.”
“It would be very big for the industry – especially for land sales, appraisals, land value, banking and lending. FarmlandFinder’s dataset, paired with model-based valuation can reduce time costs and position institutions as technology leaders,” shares Michael Anderson, Business Analyst at Ag-Analytics. “We’re a ways from that, as a lot of companies aren’t even digitizing their farmland boundaries – but when they do, we can run models across them… which could make for a really exciting future.”
Picture a future where not only industry professionals but people not even connected to the ag industry have instant access to accurate market data. “First, the real-time estimate of a farmland parcel's value, provided by the LandValue AI model, would 'verify' any existing land value estimate by providing a second, model-calculated value of comparison. Lenders, land managers and appraisers could all use the LandValue AI's calculated land value estimate to certify previous estimates and reduce error. Not only that, but someone in New York could use LandValue AI's land value estimate to act as a baseline prediction of the parcel's value, before ever requesting an appraisal. This baseline prediction, compared against historical and comparable value estimates, would act as a credible, research-formulated benchmark for the sales value that a buyer, seller, land manager or lender could expect to see after a formal appraisal is ordered.”
That’s the future that Ag-Analytics is building towards.
"Without the FarmlandFinder API, Ag-Analytics would not be able to rapidly and consistently source the historical and real-time land sales data necessary to train our AI models. The FarmlandFinder API is a huge driver in added value. Combining the data processing and data delivery proficiency of Ag-Analytics with the extensive farmland sales records and databases from FarmlandFinder would have the potential to highly simplify, and add quality to the farmland sales search process for land managers and analysts alike."
– Josh, Founder and CEO, Ag-Analytics Technology Company, LLC
Want to learn more about the FarmlandFinder Sales Data API?
About Ag-Analytics: Ag-Analytics is an ag-tech company that provides agricultural data delivery and analysis to a wide variety of clients, from small farmers to large banks and universities. Learn more at www.analytics.ag.
Credit: Interview with Jeffrey Nazuka, Business Development Coordinator at Ag-Analytics.