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.

How Businesses Liquidating their Assets Could Benefit From Using Auction Services

Asset Liquidation When a business needs to close or relocate, they often have to “liquidate their assets,” which is a fancy term for converting their equipment and assets into cash. If and when they choose to do this on their own, the process can take a very long time.

Being in business can be a challenge. Going out of business can be equally challenging and heartbreaking.

One way to lessen the stress of having to “liquidate assets” is to utilize auction services from Smith & Co. Auction & Realty Inc. Smith & Co. helps businesses turn their assets into cash in a quick and efficient way. Rather than deal with returns, repairs, refunds and all that stuff that bogs a business down, an auction can sell inventory “as is.” Buyers come to the auction looking for bargains, and the auctioneer can get people interested in buying lots of items quickly.

A liquidation auction can conveniently be used by a business to pay its creditors. Rather than waiting around to sell items piece by piece, an auction moves a lot of inventory out the door in a timely manner. What could take a business owner months to sell, could take an auctioneer a day! The auction process, therefore, not only reduces stress for a business owner, but could help reduce overhead expenses as well.

How can Smith & Co. help run your liquidation auction? Well, the company markets the auction to interested people who want to buy your items. Items get professionally appraised, inventory is taken, items are priced, and the paperwork involved is taken care of by Smith & Co.

If you need to liquidate assets, call Smith & Co. to discuss a liquidation auction. The number is 580-254-3975.

Why Real Estate is a Smart Investment

Real Estate Auctions The old song goes, “Oh, give me land, lots of land, under starry skies above– don’t fence me in.” That lyric resonates with a lot of people, especially those who call Oklahoma home.

One of the reasons people like living in Oklahoma is that they can don’t have to feel crowded by neighbors if they don’t want to– it’s not like New Jersey or New York City where there’s just too many people crammed together in too small a space.

Smith & Company Auction & Realty, Inc., has plenty of listings for land, as well as residential and commercial properties, in Oklahoma. Smith & Company realtors have an impressive 60 years of combined experience (and love for) selling Northwest Oklahoma.

Why is real estate a good investment? The simple answer is that it helps people build wealth. If done right, it could mean a tax free cash flow thanks to depreciation and mortgage interest deductions if they leverage their capital.

Real estate investing allows people to use a bank’s money to ultimately get a good return on investment, providing conditions are right.

Many people buy real estate properties in order to rent them out to others. This can give them a nice income, and, ideally, a profit. With an overage of tax deductions, an active investor may be able to get tax write-offs against their other income. Some personal expenses can be used as valid business deductions since rental real estate is, indeed, a business.

Furthermore, real estate properties tend to appreciate in value over the long term.

Of course there’s also the wild card reasons to invest: what if the land you buy today becomes the sought-after land developers want to build on tomorrow? Or what if a company wants to buy/lease your land to put up a cell tower? What if oil is discovered beneath the ground on your property?

In Northwest Oklahoma, if you’re thinking of buying or selling real estate, call Smith & Co. at 580-254-3975.

 

Why Auctions are Exciting Endeavors

Auctions Why are auctions exciting endeavors? It comes down to a study of human psychology. We don’t generally tell others that we secretly revel in winning something while others lose, but face it: that’s often the truth!

Auctions give us a chance to potentially acquire something we want for a price lower than we thought we’d pay for it. In some cases, it can become competitive, and there’s the adrenaline rush of bidding against an opponent to see who will ultimately win the item or property. Interestingly, even if we end up paying more than we bargained for, because the competitor bid us up, there’s this sense of “Well, I showed ‘em! I won!” There’s a certain sense of satisfaction that comes with winning an auction.

Auctions bring a diverse group of people together who might not normally be in each other’s presence, so they’re social occasions. Whether online or in-person, auctions typically involve several people, so there’s a sense that you’re part of a group that’s all vying for the same thing. The ultimate question is this: who will get that thing?

Hearts beat faster. People have to catch their breath. Whispers can often be heard at auctions. Decisions must be made, often quickly. Should a person be purely rational in their approach to winning an auction, betting with their head? Or should they be emotional and bet with their heart, as long as their checkbook can back it up?

Since timing is always an issue with auctions, that alone causes excitement. Will a person make a big bid at the last minute, surprising everyone else? Will something that you thought no one would want end up going for more money than you ever thought possible? That sense of unknown coupled with an “anything’s possible” mentality helps make the auction process quite exciting.

Smith & Co. conducts exciting real estate and farm land auctions. Don’t miss out! Call 580-254-3975 to find out when the next one(s) take place.

Never Miss an Auction By Downloading Our App

Auction App Back in 1987, when Smith and Company first got started, the average cost of a new house was $92,000 and the average income was $24,350 a year. Monthly rent for an apartment would run you about $395 and a brand new car cost about $10,300. Can you imagine this: gas for the car was 89 cents a gallon! Fast forward to today and things are different, as you’d expect.

Since 1987, Smith and Company has seen the world change. Remember dot matrix printers and those old Apple II computers from the 1980s? Today people are on smartphones using apps. Smith and Company has kept up with the times, thankfully. The Smith & Co. bidding app, available as an Android App on Google Play or in the Apple App Store (for the iPhone/iPad), represents a commitment to making things as convenient as possible to customers.

This app makes it possible for customers to be anywhere they want– such as watching their kids soccer game, for example– and still be able to easily bid at an auction at the same time! Gone are the days when you had to be physically present at an auction to make a proper bid.

Selling everything from machinery to huge ranches, Smith & Co. seems to always be auctioning off interesting items and properties in and around Northwest Oklahoma. The nice thing about the app is that a person can make a bid on an item/property from near or far– from Oklahoma or New York or California or Canada. It’s very convenient and ensures you can always be part of the action.

Smith & Co. does about 100 to 130 live auctions per year. These auctions take place on site, at a conference center and/or online via a live webcam link. To connect with Smith & Co. with any questions you might have, don’t hesitate to call 580-254-3975 or email smithco@pldi.net.

The Benefits of a Real Estate Auction

Real Estate Auctions Trying to buy or sell a home or property on your own can become a headache and a hassle. What if few, if any, people are interested in it? How are you supposed to inform others that you’ve got something for sale or that you have a certain kind of place in mind to buy? In this case, being on one’s own is not a good thing. It’s like trying to succeed in isolation.

An auction, on the other hand, is about bringing like-minded people together for a purpose, and auctions help draw attention to things.

Smith & Company, for instance, has an intricate knowledge of the local market, helping individuals and families find their dream home. In addition, Smith & Company helps sellers set the best price for their land, so it’s a win-win for both buyers and sellers, with Smith & Company in the middle.

One of the main benefits of a real estate auction is that it involves excellent marketing so people who are interested in buying or selling real estate in Oklahoma know the key details about what’s available, where and when, etc. For instance, Smith & Company is known for creating marketing materials that get the word out about auctions to interested people. Using colorful brochures, flyers, and, of course, the Internet, Smith & Company takes a full-service approach to marketing properties so they’re noticed.

Also, a real estate auction is a smart idea because it involves only qualified buyers. They’re the type of people you want vying for your property– they have the necessary means to afford what you’re selling. The highest bidder wins. Buyers ultimately have the final say in what price they’ll pay, purchasing real estate at its true market value. Again, this is a win-win situation for both buyers and sellers, as Smith & Company helps facilitate the transaction.

Consider a real estate auction; call 580-254-3975 for more information.