Online Auctions: All Your Questions Answered

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Happy young couple winning online auction

When you hear “online auction,” you might think of eBay or Facebook. However, thousands of large online auctions run by highly experienced auctioneers happen worldwide on a daily basis.

You probably have a few questions if you have never participated in an online auction, so let us answer some of the common one’s for you!

Can I Preview an Auction Item?

Most likely, yes. This largely depends on the item you are interested in and the online auction platform. For online auctions, the preview could be limited to online only. Contact the auctioneer and ask for a preview if you don’t see a preview time. In most cases, they’ll get one scheduled for you. The closer to the auction’s closing date, the less flexibility, and availability there might be.

Why Was I Immediately Outbid in an Online Auction? 

When bidding in an online auction, you can set max bids. By indicating how high you’re willing to go, you automatically outbid anyone who bids lower than your max and vice versa. If someone else’s max bid is higher than your current bid, the online auction system will automatically accept the higher max bid.

Are Online Auction Items Guaranteed?

Items at auction are typically sold as-is, where-is. It is up to the buyer to inspect the item and take it in the condition and location it is sold. There may be exceptions to this on a case-by-case basis. Your best bet is to read the auction company’s terms and conditions or reach out to the company directly.

Are Your Items Shipped to You?

Be sure to check the terms and conditions for the auction before bidding. Some companies ship items, and some don’t. If you’re unsure, reach out to the auctioneer, they’ll be happy to provide you with additional information. In cases where the auctioneer does ship, expect to pay the shipping cost, including reasonable handling and packing fees.

At Smith & Co Auction & Realty, we host a wide range of online-only auctions and simulcast auctions. We pride ourselves on ensuring the process is stress-free and simple for people to participate in an auction from the comfort of their homes! 

View our “How to Bid Online” instruction guide for an in-depth understanding of the registration process and check out our current online auctions.

Unique Items That Sell Well at Auction

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selective focus of auctioneer holding gavel and pointing with finger at buyer during auction

It’s fair to assume that common auction items like antiques, cars, artwork, or land will see fast sales at auction, but what about those not-so-common items, the rarities that attract curious eyes and a heaping profit? Items that leave you scratching your head, wondering how people got their hands on these interesting finds. 

Here are a few unique items that guarantee a nice and profitable sale at auction! 

Skeletons

A surprisingly large number of people look for animal skeletons or bones in online auctions to add to their collection of creatures that once roamed the earth. Collect enough individual bones for a species, and you could complete a skeletal puzzle right at home. If you feel a little weary by such a purchase, rest assured that many people use these unique auction items for education and research purposes!

Celebrity Belongings

There is a large market for anything to do with celebrities because of our society’s obsession with the rich and famous. Some of the most sought-after items include locks of celebrity hair, articles of clothing, and other personal belongings. You can even find items that celebrities briefly interacted with, such as bus tickets, hairbrushes, or toenail clippers.

Taxidermy

While preserving the body of a dead animal may or may not be something you’re interested in, there’s no denying the high demand for taxidermy pieces in auctions. The people who buy these items look for the most realistic recreations of living wildlife available. Whether you’re looking for a fierce bear or a graceful deer, you can find one that’s preserved forever at auction.

Ancient Alcohol

A rare, well-aged wine, beer, or liquor can go for thousands of dollars at an auction. One source for these beverages is the sea floor — shipwrecks can be a treasure trove of liquid gold, and some alcohol found is still drinkable!

No matter what unique items you choose to sell at auction, Smith & Co Auction & Realty is the place to go. We hold hundreds of auctions a year, from online to in-person, selling everything from land and minerals to personal property. 

Contact us today at (580)254-3975 to inquire about buying or selling some unique and profitable items at auction!  

A Guide to Live Auction Etiquette

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Planning on attending a live auction but unsure of the proper etiquette? Read on for some helpful tips so that you’ll be ready to start bidding!

People putting up bids at an auctionDo: Bid for what you want

Only bid for items you really want to win. Try not to get caught up in the excitement and bid on something you’re not interested in knowing that someone will bid after you; it will only raise the price higher for the people who really want the item. If you respect other bidders, they will be more courteous when you place your bid on your item of interest.

Don’t: Bid just to raise the price

Like stated above, it’s rude and bad etiquette to bid just to raise the price. Bidding to hurt someone else’s bank account will only cause resentment.

Do: Organize and prepare your budget

Know what you are willing to spend and conduct some research before attending the auction. This way you’ll be prepared with money in hand to get a good price on the item you want to bid on. This is especially important when it comes to real estate auctions where money may be due at the time of purchase or within the next few days.

Don’t: Talk badly about items

Often at auctions, sellers are nearby to witness what their items sell for. Don’t be disrespectful by bad mouthing the items.

Smith & Co. Auction & Realty sells everything from farm machinery to 3100-acre ranches. Browse our upcoming auctions or give us a call at 580-254-3975 to learn more!

Why Do Properties Go Up for Auction?

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A row of coins on a small house model and a law auction hammer

While it’s true that some homes that go to auction are a result of a foreclosure or bankruptcy, most of the property sold at auction has no financial distress and is direct for sellers who have chosen the auction method. For many years, auction has been a preferred method for selling agricultural and rural properties, estates, and senior transitions. Across the United States, more and more pieces of residential, luxury, commercial, farm and ranch, and investment property is trading at auction.

Here are a few reasons properties are sold at auction and why many buyers prefer purchasing through auction.

Level Playing Field

An auction allows all buyers to participate under the same terms and conditions. No buyer has an advantage over another based upon if they are getting financing, asking for inspections, home warranty, early possession, or any other contingencies. Auction eliminates the closed-door negotiations that can leave some buyers at a disadvantage.

Transparency

When buying at auction, you know exactly where you stand. You’re the top bidder, or you are not. In markets where sellers are experiencing multiple offers, the buyers are usually left in the dark. When you make an offer on a property in the traditional market, you don’t know how you compare to the other offers on the table, but it is very clear at auction if you are in the lead.

Clearer Understanding of Price

We have all heard the term “market value,” but how do you determine true market value? Is it what the real estate agent says? An appraiser? Tax assessor? Those are all professional estimates and tools to give an approximate value, but true market value is what the public is willing to pay for a property. When marketed effectively and open to all members of the public, an auction is a true form of price discovery. Buyers can feel comfortable they didn’t overpay for a property when they know there are others in the market just one bid away.

At Smith & Co Auction & Realty, we hold over 100 live auctions a year for land, agricultural, business liquidation, residential real estate, and more! We are professionally trained to make your auction the best that it can be, and we even offer online-only auctions. 

Contact us today at (580)254-3975 to learn more about our auction and real estate services!

Rare Super Mario Bros. Video Game Sells for Over $100,000

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Gaming fanatic or not, you have heard of famed video game character Mario.

With his characteristic plumbing hat, overalls, and mustache, Mario quickly won the hearts of many and shot to heroic notoriety around the world almost instantly.

One of the most classic and known Nintendo Entertainment System (NES) games of all time, Super Mario Bros. was released in 1985 and changed the face of popular video games forever.

Super Mario Bros. hits the auction block

Recently, a group of collectors bought a mint condition original copy of the game for $100,150 at a Heritage Auctions sale.

This group of collectors joined together to make the record-breaking purchase.

They will share both ownership and bragging rights of the treasured game for years to come!

What’s so special about this particular copy?

The sold copy is unopened and very well preserved, looking practically new. The copy comes from one of Nintendo’s earliest test launches of the NES in New York and Los Angeles.

Nintendo reprinted the Super Mario Bros. game several times between 1985 and 1994 and the copy that sold at the auction was one of the first copies, matte sticker-sealed, with a seal rating of A++ and certified by Wata Games with 9.4 Near Mint grade.

This rare Super Mario Bros. game now exists as one of the most expensive copies of a game sold among professionally graded and certified games. With its important history and pristine condition, the game is a rare and exciting find for collectors.

First appearing in 1981 in the arcade game Donkey Kong, Mario is nearing almost 40 years of video and arcade game fame. As he continues to dominate the video game scene, collectors should stay on the lookout for more priceless Mario-themed games in the future.

Check back on the Smith & Co. Auction & Realty our blog for all the latest news in the auction industry! And to satisfy your live auction appetite, be sure to check out all of our upcoming live auctions in the Oklahoma area!

The Advantages of Selling Land at Auction

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“Land for sale” sign on empty plot of land with blue sky and sun setting in the background

Selling land can often be a lengthy process. Utilizing a land auction to bypass the back-and-forth negotiations of traditional real estate sales is a practical option to consider when selling your land. While auctions are often used to sell distressed properties, they can also be a fruitful way to sell non-distressed lots and land.

Here are a few advantages of selling land at auction that you should consider for your next big sale.

Committed Buyers

Negotiating with buyers can be time-consuming. It can be frustrating if the buyer decides to delay or even back out of a deal after lengthy negotiations. Auctions speed up the sales process by providing buyers who are committed to purchasing your property. This is a tremendous benefit to the landowner because you feel confident that the buyer is committed to the purchase and won’t back out of the deal.

Shorter Timeframe

While traditional sales can take months or years, auctions typically close in as little as 30 to 45 days. If selling quickly is a must, auctions may be the best way to close a deal promptly. The hastened timeline can also be very attractive to potential buyers. Due to the timed deadline element of an auction, buyers won’t have to worry about investing an abundance of time negotiating on a property only to have the seller announce that they are no longer willing to sell.

Market Focus

Experienced auction houses are skilled at marketing real estate to potential buyers. Most use a full campaign of marketing, public relations, and direct sales efforts to notify a broad pool of qualified buyers who would be interested in the auction of your property. When you sell vacant land at an auction, it’s key that the marketing efforts reach lot and land buyers, which is a more distinct audience.

Here at Smith & Co Auction & Realty, we have a niche for marketing and have successfully sold and auctioned off thousands of acres of land throughout Northwest Oklahoma and Kansas over the past 30+ years. We are committed to ensuring a smooth and successful process for buyers and sellers.

Give us a call today at (580)254-3975 to learn more about our auction and real estate services!

Benefits of Buying Used Restaurant Equipment

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McDonald's Logo

Whether you are opening your first restaurant or looking for spare equipment for your current food establishment, buying used commercial products is a great option. Why spend a fortune when you can find the same, high-quality equipment for a fraction of the price?

Here are some of the major benefits of buying used restaurant equipment and furnishings that will save you a ton of money and time.

You Will Save Big Bucks

Special equipment is one of the costliest parts of having a restaurant of any kind. You need specific kitchen appliances to create the food that brings in customers. The easiest solution is to buy used commercial kitchen equipment. You will save tons of money, and you’ll still have the tools you need to run a successful restaurant. 

Equipment Quality Built to Last

People don’t buy used equipment because they don’t think the quality will be good enough. Restaurant machinery is made to be durable and is built to withstand years of usage. If someone is selling kitchen equipment after only a few years of use, that equipment is basically new and will still last for years to come.

You Will Have Extra Funds 

With the extra money you saved from investing in used equipment, you can buy additional items for your restaurant to make your space even more efficient. You will have money for other areas like food, supplies, and funds to pay your workers. You might even come out with a bigger profit for yourself.

Room for Negotiation

The costs for used restaurant equipment are not rigid. This means you can easily bargain with sellers to get a better price. Don’t hesitate to counter-offer because it could spare you many dollars.

The easiest way to get your hands on some used restaurant equipment is through an online auction. Smith & Co Auction & Realty currently has an online auction for McDonald’s restaurant equipment. An old McDonald’s is being demolished, and everything inside must go. Lighting, windows, tables, restaurant equipment, bathroom sinks, toilets, and more items are online right now and open for bidding until February 11th, 2022!

Head over to our website to learn how to participate in an online auction and begin the bidding process to get your hands on some quality restaurant equipment and supplies.

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

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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

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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!

How Technology Has Changed Auctions

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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 as 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