Consider These 3 Factors When Choosing a Location for Your Business

Posted

Commercial Property Auctions & Listings in Oklahoma

When you decide to open your own business, there are many more important decisions to follow that will play a big role in whether or not you are successful. One of most consequential of those decisions is going to be your location.

Aside from obvious factors like cost and size, there are many other considerations you’ll need to make when choosing a property for your business. Let’s take a look at which ones are going to have the biggest impact on your company’s growth and success.

1) Accessibility

If it’s hard for people to physically get to your business, they’re far less likely to make the effort to go. Your building, therefore, must be easily accessible to customers, employees, and vendors for deliveries. Look for locations near major roads and highways (that are easier to turn into) and with ample parking.

2) Foot Traffic

When choosing a commercial location, think about what level of foot traffic will be ideal for your business. For example, if you’re in the retail or restaurant industries, you want to be in an area with higher foot traffic. This will boost your exposure and expand your reach to potential customers. However, if you’re establishing an administrative office, law or medical practice, or other business that prioritizes confidentiality or a quiet environment, you may want to limit your search to lower traffic areas.

3) Competition

Your physical proximity to other businesses will have a significant effect on the demographics of area foot traffic and how successful you are within them. You want to avoid properties surrounded by businesses that are competing with you in the same market. Unless you have something especially unique that will make you stand out, too much nearby competition gives potential customers too many chances not to choose you.

Proximity to certain other types of businesses, however, can be mutually beneficial. For example, opening a restaurant near a movie theater is likely to attract more people to your location and drive more business to both of you (who doesn’t love dinner and a movie?).

Are you still searching for the perfect property to establish your business in Oklahoma or Kansas? Smith & Co. Auction & Realty can help!

We are constantly running auctions for commercial properties in prime locations that are ripe and ready for you to transform. We also have a team of licensed real estate agents who are more than qualified and willing to help you find the right commercial property to fit your business needs in your desired locale.

Give us a call at 580-254-3975 today to get started on your search!

How To Price Your Vacant Land for Sale

Posted

Land Auctions & Real Estate Agents in Northwest OK

There are a lot of different factors that come into play when pricing a residential or commercial property for the real estate market. Some of the first things you’d consider are the size and features of the property, the physical condition of the building, recent improvements and upgrades, etc.

But what about when there’s no house or business space to look at? How do you determine the value of a piece of land with nothing on it to gauge its worth? Smith & Co’s land real estate experts have a few helpful tips to get you started in the right direction!

Look at zoning restrictions.

The more opportunities your land has to offer potential buyers, the greater value it’s going to hold on the market. Find out what zoning restrictions and other government regulations apply to your land. Can it be developed for residential use? Commercial use? Is it good for farming/livestock raising/agriculture? Are there natural resource mining opportunities? Use this information to help you determine the price.

Survey the local market.

The market conditions in your area will play a considerable role in what buyers are willing to pay for your land. If there are a lot of similar properties around you, for example, yours may not be worth as much. On the other hand, if your land has something unique to offer, it could go for much higher than other listings. The total of available inventory will factor in as well. Or, in other words, whether it’s a buyer’s or seller’s market.

Get your land appraised.

A professional land appraiser will know exactly which factors matter in determining the value of your property and be able to gather the information necessary to evaluate them. They will consider factors such as land features (roadway access, natural resource availability, zoning regulations mentioned above), location, topography, size, and more. If possible, it’s a good idea to get multiple appraisals before settling on a final price.

Smith & Co Auction & Realty has successfully sold and auctioned off thousands of acres of land throughout Northwest Oklahoma and Kansas over the past 30+ years. With our decades of experience and extensive network of local resources, we can make sure your tract sells for top dollar.

Contact us today to learn more about our auction and real estate services!

3 Ways to Keep Your Emotions in Check When Selling Your Home

Posted

Senior couple standing outside of their newly sold home

Our homes are an extension of who we are. They hold a plethora of memories that we cherish and look back on fondly. When it comes time to move and sell our homes, we can get hit with a wave of conflicting emotions that can be hard to manage.

Here are three ways to keep your emotions in check while selling your home to have a successful and smooth transition from seller to buyer.

Put Yourself in the Buyer’s Shoes

As the homeowner, you walk around and see everything that holds sentimental value to you, but a buyer does not see that. That stain on the carpet from when grandpa sat on a ketchup packet in 2010 is not a funny fond memory to a buyer, to a buyer that is just a stain that needs to be removed by a professional cleaner. Before selling your home, walk around in a buyer’s shoes and look for clutter, stained carpets, chipped paint, faulty electrical work, and get those things fixed. Making simple investments in your home’s overall aesthetic and functionality will increase its value.

Focus on Your Next Chapter

It is easy to get caught up in small things like finding the perfect buyer when selling your home. We hope they will love our space as much as we did, but sometimes the person purchasing our old house does not fit our vision or has major plans to change things around. It would help if you focused on your next chapter and your new home in a case like this. How are you going to decorate it? Throw yourself into planning out your new space, and over time, you will become just as attached to your new home as you were to your old one.

Choose the Right Selling Strategy for You

There are many options when it comes to selling your home. You could go through a real estate agent, for sale by owner or sell directly to a buyer. A good real estate agent will walk you through every step of the process, and you won’t have to do your own marketing, photography, or schedule showings and drown in paperwork. You can still stay involved in the process without doing all the legwork, so you have more time to focus on your next chapter.

Whether you’re saying goodbye to your childhood home or simply upgrading to a bigger space, selling your house can come with a lot of emotional baggage. The best way to make the process as quick and painless as possible is to have a qualified real estate company take the reins. Smith & Co Auction & Realty takes the time to understand your needs and desires. Call Ira at (580)334-6001 to start the process of selling your home and begin writing the next chapter of your story.

Einstein, Sinatra, and Rockefeller: Big Names Hit the Auction Block

Posted

Hot items have been recently hitting the auction block across the country. From a letter written by Albert Einstein, to jewels from famous names like Sinatra and Rockefeller, the auction scene is ripe with exciting items sold and up for bid.

Albert Einstein’s letter sold for approximately $2.9 million

The year before he died in 1955, Albert Einstein wrote a letter discussing his thoughts about God and religion that British auction house, Christie’s recently sold for close to $2.9 million at a New York auction, according to CBS News.

Known as the “God letter,” Einstein wrote the blunt letter to philosopher Eric Gutkind, and in it discussed what God means to him and his Jewish faith.

Questioned throughout his life about his religious views, people looked to the genius Einstein for answers about the universe. In this letter, we get a glimpse into some of Einstein’s beliefs and ideas about religion–ideas so intriguing they are apparently worth millions of dollars!

From Einstein we move on to a few other big names lighting up the New York auction scene:

Sinatra and Rockefeller gems

British-founded Sotheby’s in New York City recently held an auction of jewelry pieces from Frank and Barbara Sinatra and Happy Rockefeller, the wife of Nelson Rockefeller.

According to Forbes, Sinatra’s jewelry collection included Barbara’s “Lady Blue Eyes” engagement ring from Frank, diamond and colored gemstone jewelry, and a ruby and diamond butterfly pin. The collection sold for a total of $4.7 million. Happy Rockefeller’s jewels sold for just under $1 million.

For the latest in live auction news, check out the Smith & Co Auction & Realty, Inc blog! And when you’re looking to buy or sell land, heavy equipment, real estate and more, our experts are ready to help. Give us a call at 580-254-3975 to learn more about our upcoming auctions!

“Wizard of Oz” Draft Scripts Will Hit the Auction Block in December

Posted

It has been nearly 80 years since we skipped down the Yellow Brick Road with Kansas farm girl Dorothy and her three loyal pals: the Tin Man, the Scarecrow, and the Lion. Timeless and classic as ever, “The Wizard of Oz” still delights audiences young and old with its catchy show tunes, dazzling colors, and the heartwarming message that there truly is “no place like home.”

Dozens of screenwriters worked together to adapt L. Frank Baum’s children’s book into the musical film we know and love today. Now, the world’s largest auctioneer of original Hollywood memorabilia, Profiles in History, is holding an auction with more than 150 handwritten pages of manuscript highlighting the evolution of “The Wizard of Oz.”

The auction is to include the first three original drafts of the screenplays written by Noel Langley, lead screenwriter for the movie. The three drafts date between April 5 and May 14, 1938. The auction also includes Langley’s fifth draft from August 1938 and the movie’s fourth draft written by Florence Ryerson and Edgar Allan Woolf. Fans of the movie will love reading the draft scripts highlighting the treasured film’s genesis and development.

Other beloved tokens from “The Wizard of Oz” up for auction

Fans of the movie will not forget the iconic tornado sequence that first brings Dorothy to Oz. About 16 photos of the tornado scene and other special effects are included in the auction. An additional lot includes Margaret Hamilton’s “Wicked Witch of the West” hat.

A private collector is selling the archive, which Profiles in History estimates will value around $800,000-$1.2 million. The auction will be held in Los Angeles from Dec. 11-14.

Be sure to check back with us at Smith & Co. Auction & Realty for all your auction industry updates! And if you’re looking for the next live auction to attend, browse our upcoming auctions today!

A Look Inside the Upcoming Stephen Hawking Auction

Posted

On March 14, 2018, we lost one of the world’s most brilliant scientific minds. A Cambridge theoretical physicist known for his contributions to cosmology, general relativity, and quantum gravity, Professor Stephen Hawking changed the world for the better with his amazing discoveries and unwavering zest for understanding the universe.

Stephen Hawking suffered from Lou Gehrig’s disease, also known as amyotrophic lateral sclerosis, and therefore spent much of his life in a wheelchair. One famous, red wheelchair he used in the 1980s and 90s along with many other important and personal items of Hawking’s, will soon be up for sale to the public.

“On the Shoulders of Giants” online auction from Oct. 31 to Nov. 8

To highlight his remarkable achievements and inspirational life story, British auction house Christie’s, with the help of Hawking’s daughter Lucy, is holding an online auction entitled “On the Shoulders of Giants” from Oct. 31 to Nov. 8.

The auction includes 22 items, including a signed copy of Hawking’s PhD thesis from 1965, which famously crashed the Cambridge University website when posted online.

What’s on the auction block from Dr. Hawking?

In addition to the leather-backed wheelchair of Dr. Hawking, other items up for bid include a copy of 1988 best seller “A Brief History in Time” (signed with Hawking’s thumbprint), medals, significant awards, and 12 of Hawking’s scientific papers. One of Hawking’s personal leather bomber jackets and a copy of the script of the 22nd season premiere of “The Simpsons,” which Hawking appeared on, also make the cut for this auction.

Proceeds from the auction will go to the Stephen Hawking Foundation, the Motor Neuron Disease Association, and Hawking’s estate. Bidders will also find possessions from Albert Einstein, Sir Isaac Newton, and Charles Darwin included in the auction.

This special auction is a true testament to the life and work of Stephen Hawking, reflecting his personality and achievements in a beautiful dedication to his life.

Winners at the auction will truly take home a monumental piece of history.

Check back with the Smith & Co. Auction & Realty blog for more updates in the auction industry, and maybe attend an upcoming live auction yourself!

Marilyn Monroe’s 1956 Ford Thunderbird Hits the Auction Block this November

Posted

Few people reach the iconic status that Marilyn Monroe did, and 56 years after her death, she’s still making headlines.

Monroe’s 1956 Ford Thunderbird is set to come to auction

Later this year, the Thunderbird will hit the auction block and fans are floored over the opportunity to own her iconic car. The car is a raven black convertible which was owned by the actress between the years of 1955 and 1962, the same year the actress died.

It was purchased in December of 1955 in Westport, Connecticut and was believed to have been a present from Milton Greene, Monroe’s business partner and personal photographer.

Monroe passes the Thunderbird on

She gave it away a few months before her death when she gifted it to her acting coach’s son for his 18th birthday. However, she was known for loving the car and used it for important life events. In fact, the car was used to transport Monroe and playwright Arthur Miller to their wedding ceremonies (civil and private) in 1956.

Julien’s Auctions will be responsible for the sale of the vehicle and reportedly has proof from the current owner of its origins. The car was recently restored but looks and drives as it did in its heyday. The car is expected to sell for between $300,000 and $500,000.

If Monroe’s car isn’t what you’re after, then we may have a few suggestions. At Smith & Company Auction & Realty, we sell everything from farm machinery, to 3100-acre ranches, and beyond. Browse our upcoming auctions and give us a call at 580-254-3975 with any questions!

Tips for Buying and Selling Heavy Equipment at Auction

Posted

Many different tractors standing in row at auction.

Whether you need to get your items sold quickly or need the best possible deal, auctions make large equipment transactions easy for both the buyer and seller! Many manufacturers need to make way for new ranges of equipment, and the rental market needs to refresh their fleet regularly, meaning all redundant equipment usually heads to auction.

Here are a few tips to prepare to buy or sell heavy equipment at auction!

Research the Value

Before you head to an auction to sell your heavy equipment or to look for used machinery, you need to know its value. To locate a suitable buying or selling point, you can check out used sales locally and the industry trends currently showing. Find a fair value you are willing to negotiate and stand firm on your bottom-line price.

Prepare the Equipment

When you take a piece of heavy equipment to an auction, you should take the time to prepare it first. Make sure it looks presentable by washing and refurbishing any worn parts. A nice-looking piece of equipment will draw in prospective bidders. Heavy equipment that isn’t presented properly gives potential buyers the idea you have not maintained its operational needs, and they won’t give it a second glance if it is dirty and unappealing to the eye.

Inspect Equipment

You need to take the time to inspect the items you plan to purchase. Check how the engine turns over and whether there are any leaks. Inspect each piece carefully for any welds or cracks and cycle the hydraulics. You need to know how heavy equipment functions and listen for any unusual sounds that may indicate serious issues.

Ask the seller for as much documentation as possible, like maintenance and service records for the machine in question, as this is another good way of identifying any potential problems. If possible, find out who owned the machine previously to gather some extra info.

Pro Tip: Chances are this will not be the last time you either sell or bid on a piece of heavy equipment at an auction. While you’re there, make connections with the auctioneers and other participants in case you need heavy equipment in the future!

If you are located in the Northwest Oklahoma or Kansas area, Smith & Co Auction & Realty is the place to go for all your auction needs. From heavy machinery and used farm equipment to land and real estate, we will conduct a professional and successful auction, whether it be in person or online.

Contact us at (580)254-3975 to learn about our services and upcoming auctions!

How to Score a Bargain at a Live Auction

Posted

Live auctions can be both exciting, and intense. They’re incredibly fast-paced events, where auction-goers bid against one another in a format that can be dizzying if you’re new to it. But actually, live auctions are a great place to find a deal—it’s where the real value of an item can be appraised and debated. That’s if you know how to score a bargain!

Prepare for the auction ahead of time

One of the best things you can do before a live-auction is research so that you know what to expect upon arrival. Browse through the items being sold at the auction ahead of time; that way, you can do your proper market research, find out what the item’s value is, and be able to plan your bids accordingly.

Early bird gets the worm, or should we say bid?

If you’re planning on placing bids, then arrive at the live auction a half hour or so before it’s set to start. By doing so, you’ll be able to see the items you’re bidding on, assess their condition, and adjust your bid plan, if need be. Get a bidding number the minute they start handing them out, so you’re first on the list!

Get ready to bid

Listen closely for announcements and think on your feet. Account for any unexpected costs, like buyer’s tax and other hidden fees. A live auction is quick and can be over in the blink of an eye, so you’ll need to move fast.

With these tips in mind, you’ll be set to score a bargain at any of the upcoming auctions from Smith & Co. Auction & Realty. If you have any inquiries, feel free to give us a call at 580-254-3975 today!

What’s the Difference Between an Auction and an Estate Sale?

Posted

Judge Holding Gavel With House Model At Desk

An estate sale and an auction are two different ways to sell the contents of your space when you’re planning a move or selling a home. Sometimes these circumstances arise when the death of a loved one occurs. Typically, the easiest way to take care of the family members’ items is to hire a team to manage an estate sale or auction for the home.

While the general purpose of estate sales and auctions is the same—to sell all of someone’s belongings—the method of sale is different!

Estate Sales

 If you decide to have an estate sale, you rely on the company and its employees to determine the value of every item you own. The estate sale company will charge you a commission. They want the most accurate estimate possible to get the most return for their work, but there is always the risk that the company prices items too high and no one buys anything, or too low, and you don’t get the full value for your estate. You also have to trust that your estate sale company can accurately value everything from common household items to antique artwork.

Estate sales typically work on a model that reduces prices as the sale goes on, and even if you’re the first one in the door, you don’t always have time to fully evaluate the worth of an item before you purchase it for fear of losing it.

Auctions

Unlike estate sales, auctions allow you to find the true market value of any item you own because the bidder’s set prices. True market value is what someone is willing to pay at any time for any object. This is largely contingent on the crowd, so auctioneers are very good marketers who draw the right buyers to the right sellers. On top of that, the pace, excitement, and competition aspects of an auction mean bidders are sometimes willing to pay more in the heat of the moment.

Auctions give bidders time to assess the value, condition, and authenticity of any item up for auction before raising their hand or paddle. This allows buyers to bid confidently, and everyone has the same chance to bid on any item.

If you’re looking to find the largest, most qualified buyer pool, auctions will find you those buyers. Many auctioneers are required to be licensed in their state, requiring continuing education. Many others are members of their state association or the National Auctioneers Association, which holds members to a high standard and educates them on best practices. There are no such requirements for estate sales.

At Smith & Co Auction & Realty, we pride ourselves on being a full-service auction and realty company with a niche for marketing. We are Northwest Oklahoma and Kansas’s choice for all your land auctions and real estate needs!

Contact us today at (580)254-3975 to learn about our services and view our current auctions online.