You must ask yourself…Do I have:
- Expertise to price correctly and advertise appropriately?
- Ability to move and arrange?
- Time to tend the merchandise?
- Desire to deal with a lot of people and haggle over price?
- What will I do with the remnants?
All of it! Completely relieving you of the burden!
- We’ll spend the time necessary prior to auction day to set the property up in an organized manner so all the items can be previewed.
- We’ll advertise using our mail lists, email, internet, and newspapers to attract a pool of buyers that are interested in purchasing your particular type of property.
- Buyers will arrive at a designated time to inspect then bid competively to buy your merchandise.
- As the auction progresses we’ll sell each item or group of items consecutively along the flow path until all the items are sold.
- Buyers will pay for then remove the items they’ve purchased.
At the end of the day…
Your assets have been converted to cash and cleared away! All that’s left to do is sweep up!
In a few short days you will receive:
- Your money.
- A list of sold items showing each item’s sale price.
- A settlement statement.
Yes, we can sell your real estate either by traditional means or at auction!
Why Auction your Real Estate?
- Definite time frame, you set the date of the sale to fit your life plans.
- You reserve the right to accept or reject the high bid.
- Receive your money in 30 – 45 days of the auction.
- You pay no sales commission.
Bonus! Once sold, auction properties stay sold!
- Auctions buyers pay cash which simplifies the transaction and eliminates obstacles to closing.
- Auction property is sold “as is” with no contingencies for repairs, financing, or other.
- Auction bids are backed with a nonrefundable down payment to prevent reversal of sale.
What’s your risk?
- All you stand to lose is the advertising funds, a small risk compared to the potential rewards. And the only reason you would lose the ad funds is if you turn down the high bid.
- If you are attempting FSBO you will already be paying the marketing expense and the question is “How much should I spend…and where?
What is more important at this time?
- Knowing when your property will sell or not knowing when or if it will sell.
- Getting a premium price for your property regardless how long it takes…or…
- Getting it sold now, for a reasonable price, and moving forward.
- Stopping expenses or continuing to pay.
- Freeing the funds to be invested elsewhere or allowing them to erode.
A nonproductive asset is a liability.
We can help you convert your nonproductive assets into cash. Make the call now!
Get the job done quickly and professionally!
- Liquidate a business
- Personal property
- Settle an estate
- Real Estate
All the worlds commodities, fine art, heavy equipment, vehicles, jewelry, household, everything we humans own, want or need, including real estate, is sold at auction. The question is: Onsite or Online?
Typically, an estate or business liquidation auction is held live, “on site,” in real time, at the home or property where the merchandise is located. The auction is advertised offering a live preview before start time. Interested persons arrive to inspect then bid. Each item or group of items is sold consecutively until all are sold. Items are paid for then removed from the premises.
Advantages of onsite auctions are:
- Saves labor expense required to move merchandise to another location.
- Efficiency – gets everything sold and cleared out in one day.
- Items often bring more in their natural setting and décor.
- Social event that draws large numbers of buyers.
Made possible by modern technology, increasing in popularity, because of the convenience and success rate, online is a natural step in the evolution of auctions. Pictures of the merchandise are posted on a website, an inspection period is offered for those who may want to see certain items live. Bidding opens at a specified time and takes place via the internet from the buyer’s computer or mobile device. The auction runs for a specified period of time then closes. Winners are notified with instructions to pay for and pick up their purchases at a designated time.
Some advantages of an online auction are:
- Items are exposed to a larger pool of buyers – potentially nationwide.
- Alleviates parking and weather concerns for the event.
- Lower impact on seller’s property and neighborhood.
- Efficient and convenient for sellers and buyers.
Arrive early, a preview time is allowed, usually an hour before the auction starts. Find the office and register to bid. You must register with name, address, phone number and driver’s license number in order to secure a buyer number. A buyer number qualifies you to bid on merchandise.
Once registered, use the preview time, inspect items of interest to determine their condition and value to you. Auction items are sold with no warranties and no returns, it is your responsibility to know what you are bidding on before you bid, so inspect the merchandise and ask the necessary questions.
Often, the auctioneer will offer “choice”. In this case, the winning bidder is given first choice from a group of items. At this point, there is no time to ponder over which items to choose. Instead, use the preview time to predetermine which items you will choose should you become the high bidder. Be considerate of everyone’s time, and make your choice quickly so as not to slow down the auction.
The auctioneer will start the auction by asking everyone to gather in a certain area for the opening statement. Listen closely, these remarks will include important information particular to today’s auction. Many of your questions will be answered in the opening remarks. An opportunity to ask further questions will be given, now is the time to ask.
The auctioneer’s chant may be a little confusing at first, but listen and you’ll quickly understand. Basically you’ll be hearing two numbers. The low number is an amount someone has agreed to pay for the item currently up for bids. The auctioneer will scan the audience asking for an increase. Something like: “I have a 5 dollar bid, now 10, anybody bid 10?” If you are willing to pay $10 for the item, raise your bid card. Your $10 bid will be acknowledged, and the auctioneer will again scan for an increase, like this: “10 dollar bid there(indicating you), now 15, anybody bid 15?” And so it goes. When no one is willing to pay more, the auctioneer says ” SOLD! buyer number…?”, indicates the person who is the winning bidder and will immediately need to see their buyer number so sale can be recorded.
So, if you are bidding, have your bid card ready! One area of frustration for auctioneers and other auction attendees is waiting on a winning bidder to search their pockets, for their bid card. Ideally, have your bid card in hand or displayed. Shirt pockets, hat band, a rubber band around your forearm are good bid card display techniques.
Once the auctioneer declares an item sold to you, it becomes your responsibility to safeguard. Remove the item from the auction line up and keep up with it. If you want to continue bidding on other items, it is a good idea to have a helper watch over your merchandise.
When you are ready to check out, go to the office and present your buyer number. Your purchases will be added up. When you have paid, you will receive a receipt and may remove your purchases from the auction site. Keep in mind the 10% buyer premium as you are bidding. 10% of the amount of your bid will be added to the price of each item when you check out. For example if you buy something for $10, when you check out, you will be billed $11.
Certified Auctioneer Institute
Established in 1975, the Certified Auctioneer Institute is the most revered professional designation an Auctioneer can acquire. Commonly referred to as CAI, the program focuses on developing the skills required to operate a successful auction firm and business.
After training at Indiana University in Bloomington, under some of the nation’s most distinguished and respected leaders in the auction industry, CAI designees become part of an extraordinary network of Professional Auctioneers who possess the skills and experience, and willingly share the knowledge needed to provide clients with outstanding services.
The CAI designation communicates to attorneys, trust officers, government officials, accountants and others affiliated with the auction industry that the CAI Auctioneer is committed to continuing education and is dedicated to professionalism and excellence in the auction profession. The following is a sample of the curriculum covered at CAI:
- Marketing and advertising.
- Business ethics.
- Understanding legal, financial and accounting principles needed to run an auction firm.
- Using technology to enhance business.
- Promotional Strategies.
- Learning effective methods of selling real estate and personal property at auction.
- Negotiating Skills.
Upon completion of the required coursework and receiving their CAI designation, CAI Auctioneers must complete 24 hours of continuing education every three years to maintain their designation.
If you see an auction in your future, we want to be your Auctioneer!
Call Jimmy Orrell 870-723-9116 , Dink Webb 870-543-0882 or Jeff Insley 870-718-2316. Or, fill out the Contact Form on the left and we will contact you as soon as possible.