3 Strategies for Winning an Online Auction

Virtual Land & Real Estate Auctions in OK

Virtual auctions and online auctioning platforms have emerged more prominently over the past decade and made auctions far more accessible to both buyers and sellers from all over the world. With their many benefits, it’s not hard to see why online auctions have become so popular. But remember—winning at an online auction is going to require a different approach than you’d use at an in-person sale.

If you’ve got your eye on something in an upcoming virtual auction, here are a few strategies you can try to take home your prize!

1) Bid Nibbling

Bid nibbling or nibble bidding is a tactic where you put in a bid considerably higher than the initial price, but one that’s still under market value. If you know the amount your item is likely going to reach anyway, starting out higher will weed out buyers who aren’t serious and prevent a prolonged bidding war that ends up driving that final price even higher. Do your research on the market value of the item beforehand, so you can choose a number high enough to scare away bargain buyers but low enough to leave you room to go up.

2) Sniping

Online bidding is all about timing. A lot of virtual auctions have a hard-set end time. When that time arrives, the item is awarded to whoever got in the highest bid before closing. If you wait until the last possible second and bid a few cents over the last highest offer, you’ll box out the competition and “snipe” the item right out of their hands. If you’re attending a live online auction, you can still use this strategy to let the bidding cool off and increase your chances of getting a better price.

3) Squatting

Squatting is a psychological bidding strategy that lets buyers know that your interest in an item is serious and you won’t be going down without a fight. If the competition thinks you won’t give up, they’re less likely to put in the effort to outbid you after a certain point. Start by bidding early, then countering every bid that follows to mark your territory. A good tip to keep in mind for this approach is to counterbid using odd numbers, like $231.50 instead of $230, so your patterns are less predictable and the competition is more thrown.

As leaders in the land and real estate auction industry, we’re always providing buyers and sellers with innovative ways to be a part of our auctions at Smith & Co Auction & Realty. In addition to our live virtual and Internet auctions, we also have an app that gives buyers the power to bid in auctions from anywhere at their fingertips.

Check out our upcoming auctions page so you don’t miss out on that special property you’ve been dreaming of!

Benefits of Auctioning Your Home

Real Estate Auction Company in Woodward, OK

Home auctioning is a growing industry, fast competing with the traditional home listing by hometown-based real estate agents. In an age when we need everything done instantaneously, home selling and buying remains one of the most time-consuming and laborious tasks in the retail industry.

More and more sellers are exploring home auctioning as a definitive, clean alternative to a traditional listing.

Here are some of the benefits of real estate auctions:

Fast Selling Time

Auctioning your property brings about the results sellers are looking for with a very fast turnaround. Think of it as an open house guaranteeing a buyer. The traditional open house rarely results in a buyer, and if it does, the open house itself is only a precursor to the process that must follow to actually close the home. 

An auction brings in buyers who have already explored the specific attributes of your home and have prequalified. They come to the auction armed with the required security payment and financial documents. At the end of the event, your home is sold.

Access to Varied Buyers

With the ease of online auctioning, sellers have access to a wide variety of buyers. The likelihood of meeting your reserved price increases exponentially with the number of bidders present. That number increases with global access by potential buyers. Access is particularly beneficial if your property value is high. Through online auctioning, you are now reaching audiences targeted worldwide by your auction real estate agency.

Create Competition

The act of auctioning itself creates a competitive spirit among participants, and more often increases the final bid. It is within our human nature to achieve a win regardless of the competition. When you put participants together, there is a validation of the potential buyer’s interest by those who are present. If other potential buyers are bidding within the same range, it solidifies the value of the home to all of those participating, and participants are willing to continue to bid.

Sold as Is

Another benefit to auctioning is the finality of the sale. There are no contingencies, no negotiating. Properties are sold “as is.” The highest bidder wins. The seller does not have to negotiate the price based on some physical condition of the structure or value formula contrived by a buyer’s agent.

Convenience

Finally, the seller is continually inconvenienced to accommodate viewings by potential buyers in a traditional listing arrangement. With home auctioning, there are no scheduled personal viewings or open houses. Marketing the property and auction is undertaken by the auction agency. 

Most commonly, bidders are welcomed to view the property over a short period of time immediately preceding the auction or on a date within a few days to a week before the actual event. The homeowner is not subject to the continual interruption and preparations for home showings. One effort for one event, and the result is a home sold!

For over 30 years, Smith & Co. Auction Realty has been committed to providing exceptional service to exceed your auction needs. Be sure to check our blog for news regarding upcoming auctions and visit our Auction page to start bidding!

Auctioneers Association & Choosing an Auction Company

Land & Real Estate Auction Company in Woodward, OK

The Oklahoma State Auctioneers Association [OSAA], founded in 1955, was created to establish a community of fair auctioneers and buyers.

As a full-service auction and realty company, Smith & Co Auction & Realty is dedicated to providing exceptional service for both buyers and sellers.

There are many advantages to joining an auctioneer’s association, here are a few:

Develop meaningful relationships– An auction association gives members the opportunity to meet and fellowship with like-minded individuals by building connections in the auction world.

Learn insider information– The association gives its members quality auction information through a variety of sources. Members have access to newsletters, courses, and conventions.

Resources– The association gives members resources to make informed financial decisions in regard to auctions and other forms of buying.

Choosing the right auction company

Holding an auction is a great way to sell property, farm equipment, antiques, and other valuables. If you are trying to sell items, it may be difficult to connect with the right buyers so you can successfully sell your items. 

Smith & Co Auction has been providing auction services for over 30 years, with experienced auctioneers and real estate brokers. As the Past President and Board Member for the Oklahoma State Auctioneers Association, Ira Smith is an award-winning member of the auction community.  To provide sellers with the best service, Ira has continued his knowledge of auctions by attending conferences and courses offered by the OSAA and the National Auctioneers Association.

With Smith & Co’s thorough marketing plan, you can ensure that your items will be well advertised to the right kind of buyers across a multitude of platforms.

Contact Smith & Co. today and let us help you with your next auction! For more auction information or to inquire about selling or buying, call us at 580-254-3975 or fill out our online contact form.

If you are interested in joining the Oklahoma State Auctioneers Association, check out their online form here.

Tips for Purchasing Your First Home

Tips for Purchasing Your First Home

Before purchasing your first home, you’ll want to focus on a few very important steps of the home buying process. After stabilizing your credit, determining what you can afford, and researching all costs, you’ll be ready to get into the more exciting aspects of choosing your first home.

Stabilize Your Credit

Your credit score is going to either negatively or positively influence which houses you are able to buy. Get your credit report as soon as possible and start making changes to improve it.  In order to make the most of your credit score, avoid moving your money around in drastic ways for a few months before you plan on applying.

Don’t apply for new credit cards. Don’t take out new loans.

Banks and lenders are looking for consistency. This clues them in that you are reliable and a satisfactory candidate for a mortgage. Providing them a complete trail of where your money has been for the recent past can only help your credibility as a mortgage applicant.

Determine Your Budget

In all likeliness, a home will be the biggest purchase you ever make. Many people get into trouble when they try to buy too much house when they cannot afford it. It can leave you with less money for other financial goals you may have such as buying a new car or paying for college. Avoid this by maximizing your monthly mortgage payment at 28% of your monthly income. For example, if you are making $1,000 per month, you should only be spending $280 per month on your mortgage. Staying within this budget will free up your leftover income for things like paying other bills, taking vacations, and buying new cars.

Be Aware of Sleeper Costs

Naturally, the most important number to pay attention to is your monthly mortgage payment. However, you also shouldn’t minimize the importance of extraneous costs such as taxes, maintenance, and repairs.

Costs like taxes, routine maintenance, and unexpected repairs arise all the time, be sure to purchase a home that you can maintain.

Smith & Co. Auction delivers hundreds of live auctions every year to Northwest Oklahoma, selling everything from residential real estate to industrial equipment. If you are interested in purchasing a home or other property, check out our list of upcoming auctions to stay up-to-date on our forthcoming listings.

How Technology Has Changed Auctions

The history of auctions dates back to 500 B.C. The Roman Empire used auctions to liquidate and estate goods. The earliest records of auctions can be found in the 1595 Oxford English Dictionary. As times have changed the face of auctions has transformed to accommodate the digital age.

When most people think of online auctions, they think of the bidding website, Ebay. This platform has revolutionized the way in which auctions are operated. There are many differences between live auctions and online auctions the main one is accessibility.

Benefits of Online Auctions

The best part about online auctions is the fact that they can be accessed from anywhere you can gain internet access. Many auctions are moving towards using mobile phones ass the best way to access them. Because most people have a smartphone it is the easiest way to connect bidders and buyers.

Depending on how the auction is set-up, you can possibly bid on something with the “max bid” option. This allows you to outbid all other buyers and complete purchase the item in one step.

Another benefit of online auctions is that you can view the items in advance of the auction. Most live auctions that take place in-person only let you view the auction items just moments before the items become available to bid on. This allows the buyer more time to view the items and have a chance to decide what amount they feel comfortable paying for.

Smith & Co Auction always allows items to be viewed for several days prior to the auction!

If you are interested in purchasing real estate, farm machinery, or land visit Smith & Co Auction.

Our dedicated staff of experienced real estate agents has conducted all types of sales.

With intricate knowledge of our local market, we help individuals and families find their dream property. Be sure to download the Smith & Co Bidding App to bid on auction items from anywhere! Give us a call today at 580-254-3975

Tips for First Time Auction Buyers

Auctions are a great way to purchase real estate, antiques, and rare items.

If you are new to auctions, however, there are a few things to keep in mind to make your experience as smooth and enjoyable as possible:

Arrive Early

Most auctions have 90 minutes of preview time before the event gets started. This gives you time to inspect and measure any item that catches your fancy. Be sure to thoroughly check any items that you want to bid on, ensure there are no defects unless otherwise noted.

Stay Focused

After doing your research on what items you will be bidding on, make sure to stay focused on your bidding items.

Learn the lingo

There are a few key terms that you may not understand if you are attending your first auction.  Terms like provenance, hammer price, and absentee bids can help you have better success at the auction. If you don’t know what they mean, make sure to familiarize yourself with these terms before the action starts.

Establish Your Limit

Auctions can be very exciting, but it is important to remember to stick to a budget. It is easy to get swept up in the excitement of bidding but be sure to stop once you have reached your spending limit.

Choose wisely

Items at an auction are sold as-is. Remember, unlike at your neighborhood big-box chain store, there are no returns at an auction. You will be expected to pay for the items you’ve purchased in a timely manner, even if you want to change your mind.

If you’re interested in attending your first auction, check out Smith & Co. Auction & Realty, Inc. We’ve been in business for over 30 years selling everything from farm machinery to ranches, as Northwest Oklahoma’s premier choice for land and real estate auction needs!  Be sure to download the Smith & Co Bidding App to bid on auction items from anywhere! Give us a call today at 580-254-3975 to find out more!

Auction Terms You Should Learn

At auctions, you can expect auctioneers to be talking a mile a minute and buyers quickly waving their paddles in the air. Although the process is fairly simple there are many terms that an inexperienced bidder wouldn’t know.  

Knowledge of these  common auctioneer terms can be the key to success:

Auction Terms You Should Learn

Auction chant                                

Known as “the chant,” auctioneers’ fast-talking styles date back to the 1920s. The chant consists of three parts: the statement (“I’m bid ten dollars”), the suggestion (“Ten dollars, twenty dollars”), and the question (“Do I hear 30?”).

Filler words

Filler words are any words used between bids to keep the rhythm of the chant going. Each auctioneer uses words differently to create their own unique style. The use of filler words also gives buyers a brief moment to think about their bids.

Provenance

If you watch shows like Antiques Roadshow, you may be familiar with the term “provenance.” Provenance refers to the item’s ownership history, tracing back to its creation. A long and well-documented provenance can increase the value of an object up for auction.

Estate Auction:

The sale of property left by a person at his/her death. An estate auction can involve the sale of personal and/or real property.

Competing bid:

During a sale, the auctioneer may be accepting competing bids for an item from various sources; these include (but are not limited to):

  • bids from an in-house audience
  • telephone bids
  • book bids
  • absentee bids
  • other bidding platforms

Hammer price

The hammer price is the final, winning bid. The word “hammer” is a reference to the bang of the auctioneer’s gravel or hammer that seals this final bid.

When you’re planning your next auction, contact us at Smith & Co. Auction & Realty, Inc. and let us help you make it a success! We’ve been in business for over 30 years selling everything from farm machinery to ranches, as Northwest Oklahoma’s premier choice for land and real estate auction needs!

­­­­­­­Benefits of Real Estate Auctions

Trying to buy or sell a home or property on your own can become a headache and a hassle. What if few, if any, people are interested in it? How are do you find the right buyers?  

An auction, on the other hand, is about bringing like-minded people together for a purpose, and auctions help draw attention to things.

Smith & Company, for instance, has an intricate knowledge of the local market, helping individuals and families find their dream home. In addition, Smith & Company helps sellers set the best price for their land, so it’s a win-win for both buyers and sellers.

Why Auction?

One of the main benefits of a real estate auction is that it involves excellent marketing so people who are interested in buying or selling real estate in Oklahoma know the key details about what’s available, where and when, etc. This is especially important when selling specialty real estate because you will need to find the right buyers for your property.

Finding Buyers

A real estate auction is beneficial because it involves only qualified buyers. They’re the type of people you want vying for your property– they have the necessary means to afford what you’re selling. The highest bidder wins. Buyers ultimately have the final say in what price they’ll pay, purchasing real estate at its true market value.

For over 30 years Smith & Co. Auction Realty has been committed to providing

exceptional service to exceed your auction needs. Be sure to check our blog for news regarding upcoming auctions and visit our Auction page to start bidding!

‘Grease’ Costumes to Be Auctioned for Cancer Research

This iconic musical debuted in 1978 and became the highest-grossing musical film at that time. Grease is well known for its 1950’s style costumes and choregraphed dance numbers. Now, 41 years from its premiere, Olivia Newton-John’s classic looks will be up for auction the public. A portion of the proceeds from the auction will go directly to cancer research.   

Olivia Newton-John partnered with Austin health to create the Olivia Newton-John Cancer Wellness & Research Centre (ONJ Centre). The ONJ Center is dedicated to treating and researching many different types of cancer. The ONJ Centre offers a wide variety of treatment services and therapy for patients.

Olivia Newton-John was first diagnosed with breast cancer in 1992. This sparked her advocacy for cancer awareness and research.

The collection will feature over 200 costumes, gowns, accessories, and other personal items from the actress.

Her most highly anticipated pieces are her iconic leather jacket and tight black pants which she wore for her role as Sandy in Grease.

There will be a pre-auction exhibition displaying her pieces at the Museum of Style Icons. The Museum of Style Icons at the Newbridge Silverware Visitor Centre is located in Newbridge, Co. Kildare in Ireland. The exhibition will be on display from July 22nd until August 18th. The auction will then take place in November of 2019 in the US. The official auction will then take place in Beverly Hills and online on November 2.

Stay up-to-date F on upcoming auctions by frequently checking our blog at Smith & Co Auction & Realty. Smith & Co Auction & Realty has been serving Northwest Oklahoma and its surrounding areas for over 30 years. Our experienced staff can assist buyers and sellers throughout the auction process. Stay updated on new sales by visiting our auction page

900-Year-Old Chess Piece to be Auctioned in London

lewis chessman models

Purchased for just a few dollars five decades earlier, this medieval chess piece is set to go on auction for over $1 million dollars.

This item was discovered when a Scottish family took the game piece to Sotheby’s, a British American company specializing in decorative art, real estate, and jewelry auctions.

Sotheby determined that this was no ordinary chess piece, but a part of a set of 93 pieces carved from walrus ivory. The set was first found in 1832 on the Isle of Lewis in Scotland’s Outer Hebrides. Of the original 93 pieces, 11 are housed at the National Museum of Scotland and 82 are in the British Museum in London.

This piece is a 3.5-inch figure of a bearded man wielding a sword. It is said that this is the equivalent to a rook in chess.

These chess pieces are estimated to be over 900 years old and originating from the Viking era.

Before it’s recent discovery, the Lewis Chessman was housed with an antique dealing family in Scotland. The piece was purchased by the family in 1965 for 6 dollars. It remained in their family for generations, until it was recently taken to be evaluated by Alex Kader, head of the European Sculpture and Works of Art Department at Sotheby’s.  The family admired the Chessman as a piece of history, although they did not know the true past of this piece. The grandson of the antique dealer was shocked to learn the real value of this item

The Chessman is set to go on auction on July 2nd– it is projected that the piece will make up to $1.3 million dollars.

For more exciting news on upcoming auctions, be sure to check Smith & Co Auction & Realty. Smith & Co Auction & Realty has been serving Northwest Oklahoma and its surrounding areas for over 30 years. Our experienced staff can assist buyers and sellers throughout the auction process. Stay updated on new sales by visiting our auction page