Selling at Auction

Auctions are the most unique and valuable way of selling almost any type of personal property. Some of the most popular auctions are those that involve household items, or livestock or antiques. But auctions involve so many more possessions: automobiles, office equipment, art, machinery, industrial equipment, and electronics. One very rapidly growing area is real estate. More and more people are buying and selling their homes and land by the auction method. It has been predicted that over 50% of all real estate will be sold by auction in the years ahead.

People are Flocking to Auctions

Auctions are one of the oldest forms of selling property; their history spans centuries and time has only increased their popularity. A research study commissioned by the National Auctioneers Association shows that auctioneering is an industry on the rise.

Did you know that more than half of the total U.S. population has attended a live auction? In 2004, the value of all goods and services sold at live auction in the U.S. was approximately $202.7 billion. This figure grew 6.8% over 2003 and translates into a huge number of satisfied buyers and sellers of goods. In 2007, the auction industry continued its growth into a $270.7 billion industry. By 2015 and beyond it's projected that the auction industry will become a $500 billion industry.

Why Sell at Auction?

So how can auctions benefit you, as a seller? Why are they the best way to sell property? Well, there are a number of reasons:

• Speedy Process, Quick Turnaround

  An auction is immediate. It happens during a set time and is completed during that time. It’s quick and efficient.

• You Set the Time and Place of Your Sale

  It’s as simple as that. You work with the auction firm to schedule what works best for you.

• You Know Exactly When Your Property or Goods Will Be Sold

  There’s no wondering whether or not your property will sell. It WILL sell and it will sell during the set auction time.

• Comprehensive Marketing of Your Property

  Part of conducting an auction is marketing it to the general public to get as many people there as possible. Auctioneers have comprehensive mailing lists they use to market their sales. They run advertisements, distribute fliers and more. They are marketing specialists. A good marketing effort can easily bring 300 to 400 people to your auction, or more!

• Buyers Come Prepared to Buy

  Auction goers come with money in their wallets, pockets and hands and are prepared to come home with property. For real estate auctions, this is especially advantageous because there are no contingencies based on financing. Real estate sells as is, where is!

• No Negotiations

  There is no haggling over price or merchandise. The auction method is quick and efficient. When people bid, they make a commitment to buy the property at that price without discussion or debate.

• No Leftovers and Little Clean Up

  Every item at an auction goes up for bid and every item is sold. How many of you have ever had a garage sale and when you’re finished, you spend hours packing up what didn’t sell and looking for places to store it? With an auction, there’s no worry about what to do with leftover items because there aren’t any. This means very little clean up, also.

• Competitive Bidding

  Auctions motivate buyers to perform. People get caught up in the competitiveness of the bidding and many times this drives the price of items higher. To some it’s like a game, and they want to win at all costs (or hopefully for you, at high costs!) And did you know that 9 times out of 10, an auction brings in the fair market value, if not more, for any item put across the auction block?

• Exciting Atmosphere

  There’s no more exciting atmosphere than an auction. Crowds of people competing for property combined with that lively auction chant makes for some great entertainment and fun.) It makes people feel good and makes them feel like spending.

• Auctions Work Well in Both Good and Bad Economic Times

  People love auctions, because they love sales. Statistics show, in a good or bad economy auctions remain a steady force. When the economy is bad, the auction industry does not feel the impact: people still flock to auctions.

Hiring an Auction Company

When you make the decision to sell by auction, the most important thing you must do is hire a qualified and experienced auctioneer or auction company to handle your auction.

There are thousands of auctioneers throughout the United States who offer a wide range of auction services to consumers. So what do you look for when hiring an auctioneer or an auction firm?

First, look for someone who specializes in selling the type of property you want to sell. All auctioneers have specialty areas and most have more than one. What do they know about the products or goods you are selling?

Experience is another critical element. How long has the auctioneer or the auction company been in business? What is their reputation? Look at their web site, if they have one.

When meeting with the auction company

• Ask about their contract or written proposal to provide you services. Get details on what is involved.
• Find out how the sale will be marketed. The success of the sale depends a great deal on the marketing effort behind it.
• Ask about setup and cleanup of the auction.
• Ask for references. And when you get them, check them out!

We work hard for our money, but most of us spend the majority of our waking hours working. Our money pays for our homes, our land, our automobiles, insurance, clothes, food, all of our possessions and so much more. So when it comes to selling those possessions and property, the smartest thing you can do is let an auctioneer help you continue to get the value you deserve. A professional auctioneer knows what land is worth, what household items and office equipment are worth, and what personal property is worth. A professional auctioneer will manage your sale so you can get a good value from these items in which you have invested your hard earned money.

You work hard for your money, and we will work hard for your money, too.