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!

The World’s Most Expensive Items Sold at Auction

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Items sold at auctions verge on the artistic, the fabulous, the rare, and the iconic.

Some of the world’s most expensive items sold at auctions range from a balloon animal statue to an iconic dress worn by Marilyn Monroe.

Take a look at what some people were willing to pay for the following items.

“Portrait of an Artist (Pool with Two Figures)”

Painted in 1972 by artist David Hockney, the “Portrait of an Artist (Pool with Two Figures)” sold for $90.3 million at a 2018 auction, breaking the world record in price of a work by a living artist. This work takes the place of the previous world record holder, the orange “Balloon Dog” by artist Jeff Koons.

1962 Ferrari 250 GTO

Cars fetch a hefty price in general, but nothing like the 1962 Ferrari 250 GTO, sold at auction in 2018 for $48.4 million. This sale set the record for the highest price ever paid for a car at a public auction.

Marilyn Monroe’s gown

Have you ever had anyone sing “Happy Birthday” to you in the style of Marilyn Monroe?

Monroe’s rendition which she sang to President John F. Kennedy in 1962 is one of the most iconic moments of her star-studded career and the dress she wore that night also gained its own popularity.

Ripley’s Believe it or Not bought the dress for $4.8 million in 2016, making it the most expensive dress sold at an auction to date.

The Pink Star

Weighing in at 59.6 carats, The Pink Star sold within the first five minutes of bidding at a 2017 auction in Hong Kong. The diamond sold for $71 million, making it the most expensive jewel sold at an auction to date.

At Smith Co. Auction & Realty, we strive to bring you the latest and greatest in live auctions around the world. Stay up-to-date on our auction blog and when you’re itching to start bidding, be sure to check out our upcoming auctions here in Oklahoma!

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.

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

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Senior couple standing outside of their newly sold home

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

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

Put Yourself in the Buyer’s Shoes

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

Focus on Your Next Chapter

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

Choose the Right Selling Strategy for You

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

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

Tips for Buying Firearms at Auction

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Rifle and Handgun with Ammunition on Brown Backdrop

Auctions are a great way to get a good deal on all different types of things. You can buy everything from multi-acre properties to farm equipment to used cars and beyond. One of the more popular items that auction goers are often seeking? Firearms—yup, you can buy those at auction too!

Whether you’re looking for a special antique gun or just something new to take to the range, you can find firearms of all kind at consignment, estate, or dedicated gun auctions. Of course, just like buying anything else at this type of event, there are a few things you’ll want to be aware of if you’re planning to buy a firearm at an auction.

Don’t get distracted during the bidding.

When you’re sitting at an auction surrounded by competing buyers, it’s easy to get caught up in the atmosphere or overwhelmed with the choices being presented to you. Take a look at the inventory list the auction house will publish beforehand and narrow down the firearms that interest you. Keep your eye on these alone, so you don’t get swept up and spend more than you planned for or go home with the wrong gun.

Be prepared to follow federal and state regulations.

Some people hold the misconception that auctions are where shady figures go to buy guns illegally. Obviously, this is not true, as all legitimate auctions are subject to normal state regulations and federal laws for selling firearms. Mostly, this just means you have to be of age—18 and older to purchase a long gun and 21 and older to purchase a handgun. If your state requires a license to purchase a gun, you will have to present yours to the auction company. Most auction houses will also require a background check.

Inspect the gun you’re interested in ahead of the auction.

Before auction day rolls around, conduct a detailed inspection of any guns you may or plan to bid on. It is best to do this in person, so you can see if the gun is a good fit for you and inspect its condition closely. Typically, auctions will have a preview period during which you can do this ahead of time. This will be helpful for you to research the value of the firearm and determine what your bidding limit will be.

At Smith & Co Auction & Realty, we are constantly holding auctions filled with high-value items that you have the opportunity to get for a steal. Along with our regular land, real estate, and industrial equipment auctions, we often have consignment or estate auctions that include a long list of firearms in excellent shape.

To stay up to date on our upcoming auctions, check in on our website or contact our team today!

4 Great Reasons to Buy Used Farm Equipment

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Tractor Plowing Scenic Farm Field in Woodward, OK

When it comes to bigger purchases, buying new versus used is always a top consideration. Farmers are a category of professionals who often face this dilemma.

The costs of farm machinery add up quickly and can break the bank before you know it, but some farmers are still hesitant to buy used and risk sacrificing quality or efficiency. Let’s take a look at a few reasons why buying used farming equipment is often the superior choice!

1) Cut startup costs.

For farmers who are just starting out, there are a lot of expenses you’ll need to cover to get your operation going. Used farm machinery is an excellent solution for saving on startup costs while still getting all of the basic equipment you need to get off the ground.

2) Keep spare machines on hand.

Every farmer knows there are a few key pieces of equipment that they wouldn’t be able to function without. If that vital machinery malfunctions, is damaged, or is offline for scheduled maintenance, you’re losing valuable time and profits until it’s fixed or you’ve secured a new one. Having used backup equipment on hand, at least for your major pieces, is a cost-effective solution for preventing that and providing extra security for your business.

3) It’s easy to determine if you’ll get your money’s worth.

The lifespan of farm machinery is easily gauged based on its current condition and the number of hours logged on it. This allows experienced farmers to accurately identify which used pieces are worth their cost. You’re not taking the same gamble you do when you buy other used items, such as a car.

4) Expand your operation.

Many farmers have come across the issue that because farm equipment is so expensive, some crops are not worth the production versus yield costs. Used machinery offers a more affordable option if you’re interested in more seasonal or niche harvests. This way, you can pursue other avenues of interest and profit without losing money on a brand-new machine you only use a few weeks or months out of the year.

If you’re a farmer in the Northwest Oklahoma or Kansas area, you can find premier used farm equipment, farmland, and more at one of Smith & Co Auction & Realty’s live or online auctions! When you buy your used farm machinery at auction, you get a say in the final price and will know you’re getting your equipment at true market value.

Head over to our website to be on the lookout for the equipment you need and stay up-to-date on our upcoming auctions!

Why You’ll Love to Live in Oklahoma

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Real Estate and Auction Company in Woodward, OK

Unless you grew up here, Oklahoma is not typically one of the first locations people think of when they consider a move. But as a company of employees that have lived and worked in Oklahoma for several decades, Smith & Co can tell you confidently that this wonderful state has a lot more to offer than you might think.

If you’re looking for a new job, new home, new scenery, or just a new adventure, here are a few reasons to consider Oklahoma for your next destination!

Low cost of living

The cost of housing, food, utilities, and transportation in Oklahoma are all lower than the national average by quite a bit. The median price for a house in Oklahoma is about half that of the national average, and renting costs are among the lowest third of states. The amount of local food production and manufacturing helps keep costs low as well.

Constant growth

Oklahoma has been growing financially, culturally, and in infrastructure consistently for many years. The local economy is strong—it was one of the first to bounce back from the recession—and small businesses and job seekers often find success here. We also have a thriving nightlife, rich and innovative art and culture scene, and progressive infrastructure development.

Fast commute

Residents of big cities such as New York or LA often name the traffic as one of the biggest disadvantages of living there. In Oklahoma, you can enjoy live in a mid-big city living without the hassle of impossible transportation. Our bigger cities, like Oklahoma City and Tulsa, have some of the shortest commute times of all major U.S cities. This is thanks to our well-developed infrastructure and public transit system.

Desirable climate

In Oklahoma, you can enjoy the best of all four seasons. With a gorgeous spring, summer, winter, and fall, there’s a good balance of weather and a lot you can do in terms of outdoor recreation. Our diverse landscape and natural terrain make for some fun adventures like hiking, ziplining, river rafting, and more.

If you’re interested in discovering just how incredible life in Oklahoma is firsthand, Smith & Co Auction & Realty can help you find the perfect house to call home! Our licensed real estate professionals will be happy to get you set up with a property in Woodward or surrounding areas that fits your needs. You may even find your next home at one of our upcoming auctions.

Contact us today for more information about our real estate and auction services!

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

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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

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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

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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!