Auctions are a great way to purchase real estate, antiques, and rare items.
If you are new to auctions, however, there are a few things to keep in mind to make your experience as smooth and enjoyable as possible:
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. Be sure to thoroughly check any items that you want to bid on, ensure there are no defects unless otherwise noted.
After doing your research on what items you will be bidding on, make sure to stay focused on your bidding items.
Learn the lingo
There are a few key terms that you may not understand if you are attending your first auction. Terms like provenance, hammer price, and absentee bids can help you have better success at the auction. If you don’t know what they mean, make sure to familiarize yourself with these terms before the action starts.
Establish Your Limit
Auctions can be very exciting, but it is important to remember to stick to a budget. It is easy to get swept up in the excitement of bidding but be sure to stop once you have reached your spending limit.
Items at an auction are sold as-is. Remember, unlike at your neighborhood big-box chain store, there are no returns at an auction. You will 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. Auction & Realty, Inc. We’ve been in business for over 30 years selling everything from farm machinery to ranches, as Northwest Oklahoma’s premier choice for land and real estate auction needs! 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 to find out more!