Common Auction Mistakes

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In this day and age, you may be tempted to post photos and information about your items on social media ahead of your auction. But this can put the security of your items at risk, as people will be better able to find out where they are located. This can be an especially sensitive issue if you are auctioning off farmland or equipment. And if you post the price, you may end up turning away potential buyers or cut into earning potential.

Special deals for friends and family

You may feel obligated to let friends and family have first pick on your items or even offer them a cheaper deal. But doing so could limit the buyers’ pool that may have attended the auction. And by selling the items for a cheap price, you may inadvertently devalue the rest of the assets.

Co-owner agreements

If you share ownership of the items, be sure to come to an agreement about how things will be handled. Decide who will be in charge of accepting bids and making other important decisions.  Will it be a team? One person? Being clear about everyone’s responsibilities upfront will help you avoid potential conflicts that could hurt your chances of having a successful auction experience.

At Smith & Co. Auction & Realty, we know how to spot potential problems with auctions and we know how to avoid the mistakes that sometimes arise.  Let us handle your next auction. We have valuable experience serving Northwest Oklahoma for over 20 years. Call us today at 580-254-3975 with any questions you may have!

Auctioneer Terms You’ll Want to Learn

At auctions, you can expect auctioneers talking a mile a minute and buyers waving their paddles in the air. So how are people able to keep up enough to actually make a bid? Knowing common auctioneer terms can be the key to success.Auctioneer Terms You’ll Want to Know

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.

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 20 years selling everything from farm machinery to 3100-acre ranches, and we are Northwest Oklahoma’s choice for all of your land auctions and real estate needs.

All About Auction Chant

Auctions can be exciting to attend, with the anticipation of who will be the highest bidder and the auctioneer talking a mile a minute. But have you ever wondered why they talk so fast? There’s more to it than you might think!

TraditionAll About Auction Chant

Known as “the chant,” auctioneers’ fast-talking styles date back to the 1920s. The chant consists of filler words between bids to keep the rhythm going. Although the chant is done at a high-speed, clarity is also important. Every decade since, auctioneers have considered the chant to be the right way to make a bid call.

Quicker sales

Because of the rapid speed of the chant, items sell quicker. Speaking at a normal pace could cause the auction to go for twice as long while still selling the same amount of items. The fast pace doesn’t give buyers much time to think about their decision, which can result in more buys.

Entertainment

People are always fascinated by auctioneers’ ability to talk fast. Their quick speech naturally creates excitement and anticipation, which draws bigger crowds and more potential buyers. It’s also much different from the speech styles we’re used to hearing on a daily basis, making it even more interesting.

If you’re looking for an auction company with the best auctioneers around, contact us at Smith & Co. Auction & Realty, Inc.! We’ve been in business for over 20 years selling everything from farm machinery to 3100-acre ranches, and we are Northwest Oklahoma’s choice for all of your land auctions and real estate needs.

Do You Know the History of Auctions?

Did you know that auctions have been around for over 2,000 years? The practice of people gathering in groups and bidding to purchase different objects, whether it’s land, jewelry or homes, has been a part of our history for many generations. Ancient Greek records show evidence of auctions taking place as long ago as 500 B.C.History of Auctions

Past

Sadly, the history of auctions began with women being auctioned off for sale as wives to affluent men in Ancient Greece; but a few hundred years later, Romans used auctions to sell family estates, and to sell goods that were won in war.

Quite significantly, in 193 A.D., the entire Roman Empire was placed up for auction by the Praetorian Guard, according to National Auctioneers Association.

The presence of auctions on American soil began with the Pilgrims. Early American settlers sold items like crops, livestock, tobacco and other objects at auctions to townspeople.

Present

In many cities around the world, auctions, especially silent auctions, in which participants write down the amount that they would wish to pay for a certain item or service and the highest bidders are announced later, have become a very popular way to raise money for charities of all kinds.

Some early traditions of auctions, like the selling of land possessed by the state, or the selling of a person’s estate—their goods and their property—when they did not have a will or living relatives, are still very much a part of auction culture.

If you’ve never been to an auction before, but are curious about what it’s like, view a list of upcoming auctions and give Smith & Co. Auction & Reality, Inc. a call today at 580-254-3975. We sell everything from farm machinery to 3100-acre ranches and we are Northwest Oklahoma’s choice for all of your land auctions and real estate needs!

Exploring Different Auction Types

When you think about an auction, images of a fast-talking auctioneer standing on a stage in front of an audience raising bid paddles are likely to come to mind. But did you know that there are actually several different types of auctions?Exploring Different Auction Types

Absolute auction

An absolute auction is the most common type of auction in which items or properties are auctioned off to the highest bidder. In this type of auction, the item or property is guaranteed to be sold because there is no minimum price that the seller is looking to hit. This creates a lot of interest and competition among bidders.

Minimum bid auction

In a minimum bid auction, the bidding begins at a minimum price that the seller is willing to accept. This price is published ahead of time in brochures and advertisements, and is announced at the auction. Holding a minimum bid auction is a good way for the seller to ensure they will be compensated with an amount they consider to be acceptable. But the price must be chosen wisely in order to ensure that as many bidders as possible will still be interested in attending the auction and not feel priced out.

Reserve auction

In a reserve auction, the seller comes up with an ideal price, but does not disclose the price to the bidders. In the event that this reserve price is not met, the seller has the opportunity to reject the highest bid. This gives the seller a chance to walk away if they aren’t getting what they want, but this type of auction can turn some bidders off, as there’s no guarantee they will get the item or property even if they’ve made the highest bid.

Multi-par auction

When selling several tracts of land, auctioneers may choose the multi parcel method of selling. This method allows the buyer to have control of any tracts or parcel throughout the auction. The buyer selects the lots they wish to purchase and bids on them, first by acre and then in whole dollars. After a per acre price is established by individual tracts for the entire acreage, any bidder may add to the total amount bid on any tracts in present dollar amount established at the beginning of the auction or as new bids are posted. The lots will be announced closed if no advance of bid is made within a certain time frame.

If you live in the Northwest Oklahoma area and are looking to hold an auction for anything from farm machinery to ranches, Smith & Co. can help! We have over twenty years of experience, and our experts will make sure you are in the best position to achieve your desired results. Contact us today!

Tips for First Time Auction Goers

Heading to your first auction? You’re in for a treat! You’ll be enjoying one of America’s most popular pastimes while finding some great deals on unique items you can’t get anywhere else. If you’re new to auctions, however, there are a few things to keep in mind to make your experience as smooth and enjoyable as possible.Tips for First Time Auction Goers

The early bird gets the…

Well, not the worm, but the chance to find a parking space easily, not to mention the opportunity to do your research on the items you might bid on. 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.

Learn the lingo

Buyer’s premium, reserved vs. unreserved, choice out … these are all terms you’ll encounter at an auction. If you don’t know what they mean, make sure to familiarize yourself with them before the action starts.

Chose wisely

Items at an auction are sold as is. If you’re in doubt, bring a friend along who might know better than you do whether an item is in good condition. And remember, unlike at your neighborhood big-box chain store, there are no returns at an auction. You’ll 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. We hold as many as 80 live auctions each year and we post our upcoming auctions so you never miss an opportunity. Give us a call today at 580-254-3975 to find out more!

Tips for Choosing an Auction Company

Holding an auction can be a great way to sell all kinds of things, from homes to antiques to farm equipment and more. To have a successful auction, you’ll want to go through a reputable company. But how do you know what to look for?

Here are some top tips for choosing the right auction company:

Experience

You’ll want to make sure the company has a strong history of holding auctions. Find out how many they’ve held, and how long they’ve been in business. Also make sure they belong to accredited organizations like the National Auctioneers Association. While you might save money going with a newer company with less experience, you might not be able to sell your items for as much as they’re worth, or even at all. Smith & Co has been in the auction industry for over twenty years, selling everything from farm machinery to ranches in the northwest Oklahoma area, so you can trust that we have the necessary experience to hold a successful auction.

Resources

Many people don’t realize how much is involved beyond the auction itself. You’ll need to be set up with attorneys and lending agencies to help finalize the deal, and good auction companies will do this for you. If issues arise after the auction, you’ll want the auction company you worked with to be able to step in and help.

Marketing

Leading up to the auction, a good auction company will start creating buzz about your items. They should be transparent about their marketing plans and their strategy for getting the most people to attend the auction as possible. Make sure the plan isn’t one-note: a good marketing plan will be a diverse one with outreach on various platforms.

Contact Smith & Co. today and let us help you with your next auction! We are always available to offer personal help to some of the biggest decisions you will make in your life!

Reasons to Sell at Auctions

These days, there are so many different ways to sell your personal property due to advancements in technology. The options may seem endless, but the best way to sell your items, including antiques, farm equipment and even real estate, is at an auction.The best way to sell your items, including antiques, farm equipment and even real estate, is at an auction.

Need some convincing? Let us tell you why you should be selling your belongings at auctions:

You’ll reach a large audience of enthusiastic potential buyers
Auctions aren’t just a way of buying and selling things – they’re also a form of entertainment. More than half of all Americans have attended a live auction, and 75% of them bring the entire family when they go. Why do so many people enjoy attending auctions? According to a recent survey by the National Auctioneers’ Association, 83% think they’re “an exciting way to get good deals,” and 65% go to find “exciting items they wouldn’t otherwise purchase.”

It’s a quick, efficient way to sell
Auctioneers do a great job of getting the word out about their sales, generating interest in the items you want to auction. Instead of wondering when and if your item will sell, an auctioneer will set a specific time and date for the sale. What’s more, there’s no haggling or negotiating – the auctioneer determines the starting price, and things can only go up from there!

If you’re interested in selling items at auction, Smith & Co. can help. We hold up to 80 live auctions a year, and have the staff, equipment and experience to make them a success. Give us a call today at 580-254-3975 to find out more!

Proper Steps to Buying Farm Equipment at an Auction

If you are on a budget, buying farm equipment at an auction is a great way to save money. At auctions, it’s typical to find good bargains where farmers can get high-quality equipment at a lower price than buying retail.

Try not to go to an auction blindsided. If you follow these three steps, you should be set:

Do your homework If you are on a budget, buying farm equipment at an auction is a great way to save money.

If you are planning on buying farm equipment at an auction, it will help if you prepare beforehand. What do you want to buy? What is it worth new versus used? What is the quality, price and brand’s reputation like? There are several things to take into consideration while doing your research before attending an auction.

Look for warranty information

One important thing to look for at an auction is if the machinery has a warranty. Many pieces will have a warranty that covers a certain amount of usage hours. If you purchase fairly new farm equipment, you may still have some valuable warranty left, which is a nice perk.

Maintenance your farm equipment

Congrats! You purchased a new tractor, now be sure to take care of it to extend its life. Replace any batteries needed, watch for low tire pressure and manage other parts as needed. If you maintain your machinery, your purchase will be worth the money and you can keep it working longer.

One of the main reasons auctions are so popular is because they offer farmers a way to save money on purchases. Bidding on equipment can also be a fun experience, since you are seeing if you will “win” at the price you would like to pay.

Smith & Company sells everything from farm machinery to 3100 acre-ranches. Our experts will make sure that you are in the best position possible to find your desired results. Contact us today at 580-254-3975 with any questions you may have, we look forward to helping you!

Our App Will Ease the Bidding Process

As the common saying goes, “there’s an app for that” and yes indeed we have an app for auctioning.

According to Think With Google, apps are now an integral part of our daily lives, with people spending an average of 30 hours per month on them. As the common saying goes, “there’s an app for that” and yes indeed we have an app for auctioning. We are thrilled to offer you our Smith & Co bidding app to help ease the bidding process.

Our app will help you in the following ways:

Stay informed
After you download the app and open it, you can sign up for an account to get notifications for new auctions. You have the option of receiving bidding notifications via email as well, so you will never miss a beat.

Bid no matter where you are
Are you looking for a specific piece of farm equipment but have a very busy schedule? Fret not, you can get notified and bid on an item or property no matter where you are or what your schedule looks like. The app allows you to be part of the action while in your own preferred setting.

How to get the app
Now that you are convinced that our app will help you in the bidding process, simply go to Google Play and download the Android App if you are an Android user. If you are an Apple user, go to the Apple Store and download the app. The best part is it’s free for all users and very convenient.

Smith & Co holds 60-80 live auctions a year and has the staff, professional equipment and years of experience to ensure successful auctions. We also have experienced realtors who sell land, commercial and residential real estate. Download the app today and contact us at 580-254-3975 with any questions you may have.