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!

Home Staging Tips: Making Your Small Space Seem Bigger

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One of the elements buyers look for most when looking for a home is space. Buyers look for spacious, breathable homes with room to accommodate their families and possessions.

Make your small space appear bigger in your upcoming showings with the following tips:

Let the sunshine in

Well-lit rooms look larger than their dark and drab counterparts. Open the windows and let in the sunshine to give your smaller spaces a boost. Natural light gives your space a light and airy feel. Avoid curtains made of heavy materials and focus on lightweight, breezy fabrics that let in more light. If your space has no window access, use artificial lighting to open up your space.

Use the power of reflection

Like light, mirrors work to make rooms look larger. Mirrors reflect your small space and your room’s light, creating a space-boosting effect. Hang a large framed mirror on your wall to trick the eye into seeing more space. Use mirrors and other reflective surfaces to create depth in your room. Mirrors are both a fashionable décor choice and a way to make your space seem bigger!

Tidy up

Nothing makes a small space feel more unwelcoming and uncomfortable than having too much stuff packed in. Make organization and cleanliness a priority when it comes to your smaller spaces. Keep only a modest amount of items in your small rooms, and try not to overcrowd the room with too much artwork. Instead, create a focal point in the space that draws the eye and creates the illusion of more space.

Go vertical

Emphasize the vertical space in your small rooms to make them appear larger. Find elements to draw the eyes upwards like shelves, long paintings, or fun lighting hanging from the ceiling. Use the vertical space in a room to make the space feel taller and thus more open.

Smith & Co. Real Estate Marketing Professionals LLC  offers top real estate services in all stages of the process of buying or selling your home. Contact us today to get started!

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!

Where Should You Live? 4 Factors to Consider Before Moving

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Moving is a major life decision that typically takes time and research to plan, and most times you’re not entirely sure of where you want to go. Where is the best place for you to settle down and how easy will it be to find it?

Consider the following factors before deciding on where to make your next move!

Climate

If rain gets you down, avoid locations with high average yearly rainfall. If you cannot stand the heat and humidity, try to select somewhere with a more temperate climate.

The climate affects many aspects about where we live, including the types of activities available to us (swimming or skiing, for example) and the types of clothes we will need to wear. Research the climate of the places you’re interested in and remember to consider air quality and allergens during your search.

Culture

The next big factor to consider when deciding where to live is an area’s culture.

Think about the types of activities that you like to do and consider the type of atmosphere that you could experience in your new community. If you like nature and exploring the outdoors, live somewhere with plenty of parks and hiking trails. If nightlife is the culture you crave, head to a big city.

Do you crave activity and stimulation, or are you hoping for a more laid-back culture?

Allow these questions to help you determine the culture that best suits your lifestyle.

Cost

Keep in mind the costs associated with where you are moving. Different cities and towns offer different tax and utility rates. Prices of goods and services vary, such as gasoline and groceries.

Remember to find an area that allows you to live comfortably and within your means.

Neighborhoods in the same town also result in differing costs. Do your research on all potential areas of interest, and make sure your move is within your budget.

Community

Would you like to live in close proximity to friendly neighbors? Are you looking for a small-town feel, or do you value privacy and space?

When deciding where to live, figure out your preferred type of community. If you like getting involved, seek out places with heavy community activity. Check out the types of venues your new city has, such as a recreation center or a senior center. Research the schools in your potential community, and find out about any annual community events. Whether or not you wish for an active community can change where you decide to put down roots!

When you are looking to move somewhere with stunning views, varied weather, ample privacy, and pleasant people, pick Oklahoma, one of the friendliest states to call home!

The team at Smith & Co. Real Estate Marketing Professionals LLC would be glad to help you find the perfect place in Oklahoma to call home! Give us a call at 580-254-3975 today to speak to one of our agents.

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.

Key Considerations When Buying an Executive Home in Oklahoma

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You know you want an executive home—one of the high-end properties in Oklahoma right now—but are you fully prepared to take on the luxury housing market?

Though your definition of luxury may vary, our team at Smith & Co. Real Estate Marketing Professionals, LLC. know where and when to look for the best deal, along with additional factors that are at play in the high-end market.

Here are a few things you must consider before buying an executive home!

Look for a prime location in an area with local amenities

Is your ideal home close to the hustle and bustle of a town or city? Or is it further into the countryside?

Location will play a key role in searching for your future executive home, since part of the draw is the home’s location. If you’re looking for a high-end home with additional land surrounding it, then your search should be catered to more rural areas.

Of course, be sure that the home you fall in love with offers several local amenities. This will help you determine if your potential home is located in a desirable area.

What do executive homes in Oklahoma have to offer?

Executive homes have several features that are enticing to any high-end buyer.

Whether it is smart home technology or a theater room, be sure that your potential executive home meets all of your needs.

Generally, luxury homes come with big amenities; large, spacious rooms; an impressive kitchen with commercial appliances and the latest technologies; and the beauty of complete privacy.

Think about your ideal layout

Though usually offering a generous amount of space, all executive homes are not created equal. So, before you make a decision based on the square footage, be sure to delve deeper into the layout of the home.

Look through all of the photos available and have your real estate agent schedule a walk-through. Picture yourself in the house as you go, figuring out what you would use each space for.

If the layout doesn’t meet your needs, then onto the next one!

The exterior of the executive home is just as important as the interior

A true test of luxury for your high-end home will be what it has to offer outdoors.

Executive homes for sale in Woodward tend to offer an expansive outdoor entertainment area.

From large, in-ground pools with waterfall features, to outdoor kitchens and fireside gazebos, these amenities create an outdoor oasis that’s all your own.

Enlist a local realtor that knows the executive home search process

Your luxury home search is far from your average house hunting process. Many properties go unlisted as to keep the seller protected and only local realtors know of these homes for sale through various connections.

That’s why we highly suggest that you enlist the help of a real estate professional that knows the area and is fluent in the executive home buying process. A local expert can help you in scheduling open houses since most high-end homes are not as accessible as your average listings, and will also help you navigate the area and value of your location.

Consider looking for an executive home real estate auction

Yes, there is the traditional way of finding your dream luxury home through real estate listings with the help of a trusted realtor.

But there are several different ways of house hunting, one of them being a real estate auction. With a real estate auction, the home for sale is ready to be sold—as long as you’re ready to buy.

What we mean is, buyers at a real estate auction must have the money prepared to buy the home that day. The process isn’t long; however, we do suggest taking the time to do the proper research beforehand!

Upcoming executive home real estate auction in Oklahoma

Smith & Co. Auction & Realty, Inc. is holding a multi-parcel real estate auction on February 20, 2019 at 10 a.m. The executive home sits on 4.83+ acres and there is additional land being offered in combination with the sale of the luxury house.

The opportunity to purchase this home and buy more land around it? We know, it sounds too good to be true, but it is!

The tracts left after the initial bidding on the home will then be auctioned separately to potential buyers, some of which offer great building sites or already-built homes on the property.

Learn more about the auction details on our website and take a look inside the executive home for sale with our photo gallery!

Whether you choose to seek out your dream executive home at auction or would like to purchase the home with the help of a realtor, Smith & Co. Real Estate Marketing Professionals, LLC. can help.

Give us a call at 580-254-3975 today to learn more about the executive home buying process!

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!

Shaping Tomorrow’s Homes: Emerging Housing Trends That Redefine Living Spaces”

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As we navigate through the ever-evolving landscape of the 21st century, our homes are undergoing transformative changes to meet the demands of modern living. From sustainable design to innovative technology integration, the housing industry is at the forefront of a revolution. In this blog post, we’ll explore some of the most exciting housing trends that are shaping the homes of tomorrow.

  1. Sustainable Living: In recent years, there has been a significant shift towards sustainable and eco-friendly housing. Homeowners and builders alike are embracing green building materials, energy-efficient appliances, and solar power solutions. Not only do these choices contribute to a healthier planet, but they also result in reduced energy costs for homeowners.
  1. Smart Homes: The rise of smart home technology continues to revolutionize the way we live. From smart thermostats and lighting systems to fully integrated home automation, homeowners can now control various aspects of their homes remotely. The convenience and energy efficiency offered by smart homes make them an increasingly popular choice for modern living.
  1. Flexible Spaces: The concept of flexible living spaces is gaining momentum, with homeowners seeking versatile layouts that adapt to their evolving needs. Multi-functional rooms, movable partitions, and convertible furniture allow spaces to transform seamlessly, catering to different activities and lifestyles.
  1. Co-Living and Co-Housing: As urbanization continues, co-living and co-housing arrangements are becoming more prevalent. These models foster a sense of community and shared responsibility, providing residents with both private and communal spaces. They also offer a solution to housing affordability challenges in densely populated areas.
  1. Virtual and Augmented Reality in Real Estate: The use of virtual and augmented reality in real estate has revolutionized the way properties are showcased. Homebuyers can now take virtual tours of homes, explore floor plans, and visualize design changes before making decisions. This technology is reshaping the home-buying experience.

Conclusion: The housing trends outlined above represent just a glimpse into the exciting future of residential living. As technology advances and societal preferences evolve, the homes of tomorrow will undoubtedly continue to reflect our changing needs and values. Whether it’s embracing sustainability, integrating smart technologies, or reimagining communal living, the housing industry is on a path of continuous innovation.

As we move forward, it’s clear that the homes of the future will not only provide shelter but also act as hubs for connectivity, sustainability, and well-being. Keep an eye on these trends as they unfold, shaping the way we live and experience our homes in the years to come.

Benefits of Auctioning Your Home

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

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

Here are some of the benefits of real estate auctions:

Fast Selling Time

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

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

Access to Varied Buyers

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

Create Competition

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

Sold as Is

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

Convenience

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

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

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