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| Staff Writer |
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Bill Justice was at the forefront of making farm sales for real estate in an official capacity. Before Justice started his work in central Kentucky, this was the first time anyone had ever broken into the inner circle with the farm owners. Transactions used to be made with a more of a handshake type deal.
When Justice ended up in Lexington, Kentucky, for school, he knew he found where he wanted to be. As a math and economics major, Justice knew he wanted to be involved in business at some level. Ending up in Lexington, home of the famous Keeneland racetrack and the horse capital of the world, helped draw him to equine farms.
“When I came to Lexington, I fell in love with the horses, the land, and the horse people,” Justice said. “In 1978, most farms traded by word of mouth, not through the Multiple Listing Service or advertising. I changed that through product knowledge, hard work, and honesty.”
Justice established Justice Real Estate in 1980 to specialize in farm sales. Since then, Justice has taken on the responsibility of selling some of the most significant farms in central Kentucky. It has been a long career for Justice, who has enjoyed the ride as he built a strong team that has a robust reputation in the business.
When Justice chose to specialize in farm sales, he did so because he felt there needed to be more qualified real estate brokers in the market. Justice also recognized that where he was located featured the prime real estate for raising horses in the world.
“The market was changing, and I saw a definite need for a knowledgeable farm broker to promote what central Kentucky has to offer,” Justice said.
As times change, having the experience Justice has makes him a preferred agent for people looking to buy or sell farms. Many young Americans are less interested in continuing the family tradition of running farms. When those older family members pass, the families need help selling the property.
More of that land has become available recently.
“The other major change is the availability of major farms,” Justice said. “Large family-owned farms were not for sale 45 years ago.”
Customers have also seen a change in habits since Justice started. During the early days, Justice was asked a lot more detailed question.
“When I first started, you had to know what horses were raised on the farm you were selling,” Justice said. “Today, I am never asked that.”
Looking for a horse farm shouldn’t be an off-the-cuff kind of purchase. Doing the proper research will help ensure buyers get the kind of return on investment they need. As with many other areas of real estate, Justice said that location is essential.
But it's more than where the farm is located that is important. The land needs to have the proper makeup as well.
“Location, soil quality, quality of improvements and infrastructure. As well as the layout of the farm for their desired use,” Justice said.
Since Justice started in the business, he has brokered a lot of successful real estate deals. Many of those deals he has taken a lot of pride in.
“Oh, there are so many!” Justice said. “Juddmonte ‘s Yearling Farm, Castleton, Spendthrift, Mt. Brilliant, Greentree, Waterford, Dixiana Farms, Ft. Blackburn, Erhaab, and Bunker Hunt’s Farm, to name just a few. But personally, my proudest transaction was when Keeneland selected me to sell two of their excess farms.”
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Justice has many interests. All of them have provided him with varying levels of excitement. But there are few things that Justice enjoys as much as horse racing. After getting involved on the real estate side, Justice would get involved in other aspects of the business as well.
“Horses are the most magnificent animals on earth,” Justice said. “I recognized very early on in my real estate career that my direct involvement in the ownership, breeding, and racing of thoroughbreds would help me understand the needs of both the buyer and seller of farms.”
“Racing is the most exciting,” Justice said. “To see a horse that you have bred and raised win on the track is the most satisfying feeling ever.”
There are many different reasons to buy and breed horses. It can be difficult for the uninitiated to know what to look for when getting involved in racing. Justice said the list of things he looks for in a good racehorse is a simple one.
“Conformation and a good mind,” Justice said.
Times have been tough for real estate in America. High inflation and other economic issues have had a big impact on the housing market and the economy as a whole.
But Justice doesn’t believe that farm sales will be impacted too much by the trend, in fact more high-end farm sales are occurring in 2023 than ever before.
What makes the market appealing is central Kentucky is what is beneath everyone’s feet.
There is a lot of limestone in the ground.
That limestone helps provide the soil with enough nutrients to support the best bluegrass for grazing horses.
“The future is very bright for farms in central Kentucky, even more so since COVID,” Justice said. “The thoroughbred business here is flourishing with the highest purse structure ever.
The standardbred business is returning to the Bluegrass after decades of status quo, and our very own Kentucky Horse Park keeps the show horse people continuing to show here and buy farms. People are buying farms here and will continue to do so.”
Justice believes that he has been able to find success in the field because of his integrity. At his practice, he stresses that they conduct business with integrity. People have connected with their message.
In a field where it is difficult to earn trust, Justice has continued to build on his foundation for more than 40 years. What has been important for Justice is that he built a team that knows how to help his customers.
People in the industry won’t respect an agent that doesn’t have the knowledge.
“Justice Real Estate dominates the market,” Justice said. “Not only my direct involvement in the horse business, but all my agents are also breeding, buying, selling, racing, and showing horses. Most of my agents have a farm background. Most importantly, no one, no one possesses the product knowledge that we have. Lastly, honesty, we never concern ourselves with making a “deal” but doing the right thing.”
By Dean McHugh