4 Red Flags to Watch for that Signal an Auction is a Scam

Auction Company in Woodward, OK

Auctions are great for people who want to sell their items, house, or land quickly, and buyers looking for a bargain. Unfortunately, there are others who will prey upon your interest in these benefits and run a scam auction, for both live and online events. These scams may include overpricing items or selling items the auctioneer doesn’t actually have available. They often get your attention with flashy ads or deals that seem too good to be true.

So, how you can tell if an auction you’re interested in or attending is legitimate or a sham? Here are a few of the biggest red flags to keep your eye out for!

1) No Accreditation

A legitimate auctioneer/auction company should have professional industry affiliations that show they’re serious. Look for memberships to the National Auctioneers Association (NAA), state auctioneers associations, and other relevant groups. You should be able to find this information on their website, or you can ask if you’re unsure.

2) No Experience

Before you head to an auction, take a few minutes to look up the company. They should have a record available of past auctions they’ve held and/or future auctions they have planned. Proven auction experience indicates a company is professional, that they have made valid sales in the past, and that they can put on a successful event.

3) No Permanent Address

If an auction is being held in a temporary location, such as a hotel or similar venue, there’s a good chance they’re running a traveling auction scam. Or, if they are held in a venue like this, they should have another permanent address and contact information listed readily. Remember—you don’t want to buy from someone you won’t be able to find again if there’s a problem

4) No Crowd

A proper auction company will have a vast network of resources and put in maximum effort to market their events, on behalf of themselves and their sellers. Keep in mind that many auction attendees are actually other dealers, so they’ll know which events are legitimate and which ones to stay away from. A sparse crowd could signal a dubious auction that’s baiting newcomers.

Smith & Co Auction & Realty has been providing professional auction services throughout Northwest Oklahoma and Kansas since 1987. With our decades of experience, as well as our NAA and Oklahoma State Auctioneers Association memberships, you can rest assured that you’ll only have the highest quality buying or selling experience with us.

View our upcoming auction schedule online or contact us today with any questions!

Preparing for Your Summer Open House

Real Estate Agent in Northwest OK

Summer is a great time to be in the real estate market. The weather is beautiful and the days are long, which means plenty of interested buyers are willing to attend showings and open houses. Buyers are also extra motivated this time of year, since most want to close on a place before school starts or the colder weather sets in.

Like any other season, there are certain measures you should be taking in summer to make your house appealing to the most buyers. When it comes time to prep for your summer open house, here are a few tricks to help you put on a fun, welcoming, and profitable showing!

Keep your house cool and comfortable.

Prospective buyers aren’t going to want to spend time in a hot and muggy house, and when you’re selling you want them to spend as much time falling in love with your space as possible. Make sure your house offers a cool reprieve from the summer heat by turning on fans and AC a few hours before buyers arrive. A good temperature to aim for is about 70 degrees.

Put emphasis on outdoor living spaces.

At this time of year when the sun is shining and temperatures are high, buyers will be looking for houses that offer a comfortable place to spend time outside. Appeal to this desire by highlighting areas of your home where they can enjoy the outdoors. Focus on spaces like the backyard, patio, pool, and front porch, if you have any. Just be sure to provide some shade in these areas, so buyers don’t get scorched.

Offer refreshments.

A cool bottle of water and a plate of tasty cold fruit will go a long way when it comes to making a good impression on buyers who are coming in from being in the summer sun. Set up a table or directly offer simple refreshments like water, iced tea, juice, popsicles for kids, and other cold snacks for guests of your open house. It’ll be a nice welcoming touch to make your place feel like home, as well as encourage prospective buyers to linger for longer.

The best way to ensure your open house and summer home sale are a success is to work with an experienced local real estate agency. In Northwest Oklahoma and Kansas, Smith & Co Auction & Realty is the agency you need. We’ll help you sell your home for top dollar, so all you have to worry about is getting your new place ready for that end-of-summer party.

Contact us today to discuss the details of your home sale!

3 of The Biggest Mistakes Bidders Make at Auctions

Upcoming Auctions near Woodward, OK

Going to an auction to battle for a property or an item you have your eye on can be intimidating. You might be scared to overbid and waste money, underbid and miss out, or even speak up and place your bid in the first place. But when you finally hear the auctioneer say “sold!” on your bid and walk away with what you came for, it’s a truly thrilling and satisfying experience.

To improve your chances of being the winning bidder, there are a few rookie mistakes you’ll want to avoid. Let’s go over what those top missteps are, so you can go into your next auction feeling fully prepared!

Mistake #1: Showing up unprepared.

If you want to succeed at an auction, you need to have a strategy, do prior research on the items you’re interested in, and establish your budget ahead of time. Without taking these steps to prepare, you’ll be more easily swayed by the auctioneer, other bidders, and your emotions. The most likely outcomes? You’ll either miss out on a great buy, overpay and waste your money, or end up legally obligated to buy something you can’t afford.

Mistake #2: Bidding too small.

Most bidders are afraid of wasting money with big, aggressive bids. But if you want to have a fighting chance at an auction, you have to be bold! Competitors won’t take small bids seriously or be scared off by small increments. In fact, upping your bids little by little will actually encourage others to keep bidding because they think you’re hesitating and can be scared off. Then, if you do win, you’ll probably end up paying a higher final price because you drove up the competition.

Mistake #3: Not bidding at all.

Taking a “wait and see” approach at an auction just puts more pressure on you in the long run. As others grow more confident in their bids, you’re more likely to hesitate and stay quiet than swoop in for the steal at the end. Bidding early and consistently shows that you’re confident and ready to spend, which helps fend off other challengers.

Are you ready to test your bidding skills? Check out one of the upcoming auctions from Smith & Co Auction & Realty! We’ve got some incredible properties, farm equipment, and household items going up for auction that could be the perfect reward for all of your preparation.

View all of the details of our upcoming auctions on our website today!

Don’t Miss This Incredible 8,500-Acre Ranch for Sale in Elk City, OK!

Finding the perfect ranch to turn into your home and launch your farming business is no easy feat, especially when you’re dreaming big. The good news for those who are searching for the right property in Oklahoma is that you’re in a state that’s ripe with valuable land waiting to be transformed. The even better news? Smith & Co Auction & Realty has a stunning ranch property for sale near Elk City!

The expansive A-Cross Ranch for sale in Roger Mills County includes 8,500 +/- acres of native and improved grasses and crop land.

Ranch for Sale in Roger Mills County, OK

900 +/- acres of impressive crop land offer prime opportunities for cultivating wheat and alfalfa. The remaining acreage consists of grasses that serve as an ideal pasture for livestock and excellent land for hunting. Located throughout the grass areas are several ponds and streams, including Kiowa Creek and Washita River, that provide an excellent water supply for irrigation. These bodies of water are also thriving wildlife habitats that make this property advantageous for hunting and fishing as well.

The A-Cross Ranch is located in Hammon, OK, just 17 miles north of Elk City. You will have easy access to a paved highway, making it a convenient location for business as well as residence.

Other Land Features of the Ranch for Sale

This large ranch property is already conveniently equipped with functional circle irrigation systems along the Washita River. You’ll also enjoy access to diesel-powered irrigation wells that provide water for the alfalfa crop, allowing you to supply good-quality hay to your animal herds. Steel corrals are already set up on the pasture as well, making it even easier for you to get started with your livestock operation.

The sale of the ranch also includes water rights to all of the water resources on your land—giving you even more bang for your buck!

Along with highly valuable acreage and resources, this Elk City ranch comes equipped with several beautiful structures for living and farm production.

The gorgeous area of the property located on Kiowa Creek serves as the Ranch Headquarters. You can enter Headquarters through the paved front entrance, marked by an illustrious archway, or a more direct gated south entrance. Once you’ve entered the area, you will arrive at four remarkable homes, which include:

Ranch for Sale near Elk City, OK
  • 5,000 +/- square foot brick home with a swimming pool, constructed in 1988
  • 3,000 +/- square foot brick home, constructed in 1994
  • 2,409 +/- square foot home, constructed in 1992
  • 992 +/- square foot home, constructed in 2007

These homes have a classic ranch feel with plenty of open space, hardwood, and unique character. You’ll notice the idyllic ambience of warmth and comfort as soon as you walk through the doors.

Near the Ranch Headquarters, you’ll also find a comprehensive, ready-to-use cattle processing facility.

Large Ranch for Sale in Roger Mills County, OK

The facility includes a processing barn, steel pens, Quonset building, supply and equipment storage structure, and a shop and/or office building. Additionally, there is a 5,000 square foot insulated steel building that was constructed in 2004. Wired and built on concrete with a lean-to on the south side, this multi-functional structure can be used for a wide range of opportunities.

If you’re looking for a self-supporting and well-diversified property in a convenient location, contact Ira Smith at Smith & Co Auction & Realty for more information about the A-Cross Ranch in Roger Mills County. You can also check out our online listing to learn more about the ranch, view a photo gallery, access detailed maps, and see an aerial video of the property!

As an Oklahoma farm native with over 30 years of local real estate experience, no one is more qualified or passionate about helping you find the perfect property for your farm and ranch operation than Ira.

Call Ira Smith at 580-334-6001 today to inquire about the sale of this amazing Oklahoma ranch and the many opportunities that come with it!

The Advantages of Selling Your Property in the Spring

Real Estate Agent in Woodward, OK

Spring is a special time of year. The birds start to come out, flowers begin to bloom, and we gain an extra hour to enjoy the increasing amounts of sunshine. In the real estate world though, spring brings more than just chirping birds and colorful flowers. The season of growth also brings a rush of buyers and sellers to the market!

In fact, spring is typically considered the busiest season in real estate, making it one of the best times to list your property. How can you benefit from a spring sale? Let’s take a look!

The demand to buy is high.

After a long and dreary winter cooped up inside, buyers are eager to get out and start house hunting by the time spring rolls around. The longer days and warm, fresh weather are the perfect combination to energize hopeful homeowners and sustain them through their search. Not to mention, many of them have tax refunds and holiday bonuses still burning a hole in their wallets, making them feel even more prepared to take the plunge.

Buyers want to close quickly.

One of the reasons the real estate market typically sees a wave of buyers in the spring is because a majority of people want to close before summer gets too far underway. Not many buyers want to spend their summer touring property after property in the grueling heat, especially in the south or Midwest. They’d rather spend summer days getting settled and relaxing in their new home. This is particularly true for families, who want to get their kids acclimated before the new school year begins.

You’ll probably sell for more money.

As we’ve established, spring buyers are primarily fueled by the vitality of the season, as well as the desire to be moved in by the end of summer. These two factors will motivate interested parties to make an offer on a property they like quickly, fostering greater competition. The race to make a spring sale is, therefore, very likely to lead to a bidding war that drives up offers and gives you a good chance of walking away with more money than you would any other time of year.

If you’re looking to get in on the real estate market action this spring, get in touch with Smith & Co Auction & Realty! With over 60 years of combined experience selling properties in Northwest Oklahoma and Kansas, nobody is more qualified to sell your home or help you find a new one than our team of licensed real estate professionals.

Call us today at 580-254-3975 to discuss your sale with an agent!

Consider These 3 Factors When Choosing a Location for Your Business

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

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!

Advice for Aspiring Farmers: The Most Important Things to Keep in Mind as You Get Started

Farm Land & Equipment Auctions in Woodward, OK

There’s a lot to love about life on the farm—the simplicity, the beauty of nature, the satisfaction of being able to put food on someone’s table. But when you’re the one who’s running the operation, things get a little more complicated.

It takes a lot of hard work to build a farming business from the ground up (literally). With dedication, a well-thought-out plan, and the right resources though, your dream of owning a farm isn’t too far out of reach. As you’re getting started, here are a few pieces of advice to guide you toward success!

1) Come up with a plan before you make any purchases.

Like we said, you need a strategic and well-researched plan if you’re going to make it as a farmer. Before you start looking for land or buying equipment, conduct extensive research about the local market to determine where the demand is and what you’ll need to get your foot in that door. Speaking to other local farmers is a great place to start to learn about market conditions and collect experienced advice about running a farm.

2) Track your money closely.

Don’t forget—farming is a business. It’s very important that you keep track of and manage your income, business expenses (both upfront and ongoing costs), tax regulations, and other financial information if you want to stay afloat. Keeping records like this will help you see which markets and months of the year tend to yield the most profit, allowing you to better refine your operation.

3) Be smart about buying equipment.

There’s no getting around the fact that you’ll need to make a hefty investment in farm equipment before you get started. The tricky part is to procure what you need without going overboard and putting yourself in the hole when you’re not yet turning a profit. Before you buy anything, you must first determine which pieces are essential for your operation, which can wait, and where you can compromise on quality (considering cost vs. benefit).

Are you trying to start a farming business in the great states of Oklahoma or Kansas? Smith & Co Auction & Realty can save you some headache…and some money! The sale of farmland and farm equipment is one of our specialties. All you have to do is follow our auction circuit to snag land and machinery for incredible prices.

Get in touch with us online or at 580-254-3975 today to start the search for the farmland of your dreams!

3 Tips to Help You Sell Your Home During the Holidays

Real Estate Agency in Woodward, OK

Putting your house up for sale during the holiday season may seem like a crazy concept, but it happens more often than you might think. Although it’s not ideal timing, selling at this time of year does offer certain advantages—less competition on the market and a more serious buyer pool to name a few. If you find yourself needing to close a holiday home sale, use these tips below to help streamline the process!

1) Hold back on the holiday decorations.

Overdone holiday décor will obscure and distract from your home’s best features. If your house is on the market during the holidays, skip the inflatable Santa and nutcracker collection this year and opt for a few tasteful holiday accents instead. Garland hanging by the fireplace, a wreath on the front door, a few holiday candles burning, and similarly subtle touches will be enough to capture the warmth and spirit of the holidays without overwhelming.

2) Target motivated buyers.

Work with your real estate agent to find buyers with a deadline, as these will be the people looking to close a deal as quickly as you are. Seek out prospective buyers who are relocating for a job, investors who want to make tax deadlines, and others operating on a tight schedule. You may even want to consider putting your house up for auction, where you’ll have direct access to a larger group of motivated and prequalified buyers.

3) Make your space feel warm and cozy.

Holiday home buyers are focused on finding a house where they can see themselves curling up and hunkering down for the winter. Your job is to make sure your space radiates warmth and comfort that makes them want to stay awhile (or forever!). To get things cozy for showings, turn on all the lights, set the heat to a comfortable temperature, get a crackling fire going if you have a fireplace, and use diffusers or candles to fill the air with inviting holiday scents.

Whether it’s the dead of winter or the height of summer, Smith & Co Auction & Realty is committed to making the sale of your home go as smoothly as possible. Our agents are experienced, well-connected, and experts on the local market who are willing to go above and beyond to understand and meet your needs.

Give us a call at 580-254-3975 to discuss the sale of your home with our team!

An FAQ On Online Auction Bidding

Online Auctions in Woodward, OK

Internet and smartphone technology have truly revolutionized different industries far and wide—and the auction industry is no exception. Virtual auctions and mobile apps make it easy for bidders and buyers to connect quickly and from the comfort of their own homes. Here at Smith & Co Auction & Realty, we like to make it as simple as possible for our sellers to sell and our buyers to bid. In addition to the traditional live auctions we hold throughout the year, we also host online auctions and give interested buyers the opportunity to bid in both live and online-only auctions right at their fingertips.

Bidding is made easy through our mobile app and straightforward online platform, but for first-time online auction participants the process can be confusing. That’s why we’ve put together a step-by-step rundown explaining how to register for an online auction, put in a bid, and optimize your virtual auction experience!

Types of online auctions:

We hold two types of auctions in which you can bid online. The first is a Simulcast Auction. This is a combination of a live and Internet auction. It’s a live, on-site auction with in-person bidders AND the availability to bid online during the live auction from your computer, phone, or tablet.

The second type of virtual auction experience we offer is an Online Only Auction. This is an auction that is held exclusively online with no live in-person bidding available.

How do I register for an online auction?

To register from your computer, laptop, etc.:

  1. View the www.smithcoauctions.com website. Click the ‘Bid Online’ tab. Current auctions will be displayed on the screen. You will see a button for the Catalog, Registration and Auction Details. The Auction Details will contain the terms and conditions of the Auction. You will be required to check a box during registration agreeing to the terms and conditions. If you have any questions or if any of the information is unclear to you, please contact us.
  2. Click the “Register to Bid” button on the page. It will pull up a Bidder Login Box. If you have registered before please type in your Username and Password. You will then be taken into the bidding area of the auction. If you are a new user there is a link below that says “New Bidder? Click Here”.
  3. The first step for new users is to verify a valid email address. Each account must have a valid unique email address. Please type in the email address and confirm. Then click the “Check Email” button. The system will check that the email address provided is not being used.
  4. Fill out all of the required information on the form accurately and in its entirety. You will need to enter a unique Username that is not being used and Password. Confirm the password. Check your desired account options and click the “Create New Account” button. A welcome screen will show that your account has been created. Please keep your Username and Password in a safe place. You will need this to log in later.
  5. Click the “OK” button. This will take you to the credit card screen.
  6. Click the “Add/Edit Payment Options” button. A box will ask if you want to leave the page. This takes you into the secure area in your account to record your credit card information.
  7. Click the “Leave Page” button. This will open up your Payment Methods under your account. Please enter the required information and click the “Save Payment Information” button. A box will appear showing that the payment method has been saved. Click “OK”.
  8. Click the “Return to Registration” button. At this point you will be registering for this specific auction. Under the Payment Method Verification click the circle for the card you just entered. At this point, you can also send a message to the clerks—for example, let them know your Farm Tax ID# to avoid tax, etc. View the Terms and Conditions. Check the box that says “By checking here you acknowledge that you have read and accept the terms and conditions.”
  9. Click “Submit Registration” button. A box will appear that says that you have been successfully registered. Click “OK”. You now will be in the bidding area of the website. Happy Bidding!

To register from your iPhone, iPad or Android device:

*YOU MUST KNOW YOUR APPLE ID AND PASSWORD

  1. Open the ‘App Store’ and click on Search (the magnifying glass). Type ‘Smith & Co Auctions’ and download the app.
  2. Open the app and click on the red ‘Auctions’ button.
  3. Scroll to the auction you are interested in and click on the ‘Register’ button. It will pull up a Bidder Login Box. If you have registered before, please type in your Username and Password. You will then be taken into the bidding area of the auction. If you are a new user there is a link below that says “New Bidder? Click Here”.
  4. The first step for new users is to verify a valid email address. Each account must have a valid unique email address. Please type in the email address and confirm. Then click the “Check Email” button. The system will check that the email address provided is not being used.
  5. Fill out all of the required information on the form accurately and in in its entirety. You will need to enter a unique Username that is not being used and Password. Confirm the password. Check your desired account options and click the “Create New Account” button. A welcome screen will show that your account has been created. Please keep your Username and Password in a safe place. You will need this to log in later.
  6. Click the “OK” button. This will take you to the credit card screen.
  7. Click the “Add/Edit Payment Options” button. A box will ask if you want to leave the page. This takes you into the secure area in your account to record your credit card information. Click the “Leave Page” button. This will open up your Payment Methods under your account. Please enter the required information and click the “Save Payment Information” button. A box will appear showing that the payment method has been saved. Click “OK”.
  8. Click the “Return to Registration Button”. At this point you will be registering for this specific auction. Under the Payment Method Verification click the circle for the card you just entered. At this point, you can also send a message to the clerks—for example, let them know your Farm Tax ID# to avoid tax, etc. View the Terms and Conditions. Check the box that says “By checking here you acknowledge that you have read and accept the terms and conditions.”
  9. Click “Submit Registration” Button. A box will appear that says that you have been successfully registered. Click “OK”. You now will be in the bidding area of the website. Happy Bidding!

We highly recommend that you DO NOT wait until the last minute to register to bid. While you may wait to place your bid at a later time, by registering in advance you can rest assured knowing that you understand the bidding tools. It is important that you familiarize yourself with all the terms and conditions BEFORE BIDDING.  The terms of sale are non-negotiable.

Why do you need my credit card information?

Just like with a live auction, we must verify that you have funds available to make a purchase. Your credit card information is kept secure; we do not share this information. We will run an authorization charge of $1.00. Once the credit card company has approved this authorization, the $1.00 is refunded back to your card and you will be granted permission to begin bidding. In the event that you are a winning bidder, we will charge purchased items to the credit card on file.

How do I bid?

Once you have completed the registration process and have your secure bidder number and password, select the auction you wish to bid on. Click the large button that says “Click Here to Bid Now.” Once the new page has opened you may type in your bid amount to place and, if you would like, a maximum bid amount. Then, scroll down to type in your bidder number and password. Click “Submit Bids.”

Please carefully review that the information you have entered for accuracy before submitting bids. Once you submit the bid, the bid cannot be canceled and is binding.

Do I have to pay any fees to participate in an online auction?

No, you are not charged any fees to participate. However, to register to bid, you will have to provide credit card information so we can run the listed authorization amount of $1.00.

Do I need to register for each online auction?

No. Once you have registered with us your account will remain active. You will only need to log in with your username and password that was created during the registration process. Terms will vary with each auction though, so when bidding in a new one you will have to accept the terms and conditions for that particular auction.

How do I know if I am winning a lot?

When viewing the online auction, you will see your name at the top of the form. Hover over your name and a drop down menu will appear. Click on the current bids and you can see the status of your current bids.

What if I get outbid just before the lot closes?

Most of our online only auctions are set to “soft close.” This means that if someone bids in the last 2 minutes before the item closes the bidding will be extended by 2 minutes so you will be have additional time to place another competing bid.  This mimics a live auction setting. 

*Note: You have to be viewing the auction item as it is closing to notice this.

What is a maximum bid?

By placing your maximum bid, the system will automatically place bid increments for you in predetermined amounts (as explained in the auction terms). This will increase your bid if your original bid is topped by another bidder. The maximum bid feature speeds up the auction process and assists you with your bidding. If another bidder bids higher than your maximum bid, the system will stop increasing your bids and you will have to increase your maximum bid amount in order to continue competitive bidding.

Can I cancel an unwanted bid?

No, bids cannot be cancelled once they have been placed. By placing a bid you are entering into a binding contract. There are no refunds or bid cancellations. The registered bidder is personally responsible—legally and financially—for all auction items bid upon, whether representing one’s self or acting as an agent.

An online bid accepted at public auction is a legal and binding contract to purchase. Any bidder who fails to consummate a purchase will be banned from bidding at all future seller auction events and may be pursued for civil and/or criminal violations.

How do I know if I won a lot after it has closed?

You will most likely see a notification ‘may have won’.  This is because the software has to process all bids before confirming ‘sold’.  Once all items have closed and the online auction has ended, you will receive an email from Smith & Company Auction & Realty, Inc. that will confirm items won and a paid receipt. 

*Note: This email is typically received 1-2 hours following the close of the auction.

What if I cannot bid online?

Please contact our office and we will be happy to assist you through the bidding process. 

Can I inspect real estate/personal property prior to bidding?

Yes! We offer preview days for all of our personal property auctions.  If you wish to preview real estate, Ira Smith is happy to assist you and can be reached at 580-334-6001.

What is the buyer’s premium?

A buyer’s premium is a percentage paid by the buyer to the auction company on top of the winning price. While some auction companies charge upwards of 15%, at Smith & Company we try not to gouge you for purchasing at our auctions. Our buyer’s premium is 3% for personal property. We never charge a buyer’s premium for real estate!

If you are interested in bidding in one of our auctions, online or otherwise, please visit our upcoming auctions page for updates. If you have any questions about online or mobile auction bidding, contact the Smith & Co Auction & Realty team today and we will be happy to help!