The Journey of Finding the Right Auction Company for Your Needs
You have something you want to sell. Maybe it’s farming equipment. Perhaps it’s some antiques. Whatever it is, there are several ways to go about selling it, right? One of those ways is to auction it off to the highest bidder. You can do this with residential or commercial real estate, intellectual property, machinery, vintage dolls, artwork, etc. You just have to find the right auction company to work with, and that can be a challenge. How do you know what to look for? What questions should you ask? What’s to be considered when searching for “the right auction company?”
How to Use Liquidation Auctions to Your Advantage
If you visit a flea market, you might encounter some stalls or tables filled with various household products like bottles of shampoo, toothpastes, picture frames, etc. And there seems to be a whole lot of them, and they’re really cheap. How did those items get there? Chances are the flea market seller attended a liquidation auction, whereas a company, such as a store, needed to raise funds to satisfy their creditors… and they may or may not have gone out of business. Or perhaps a store bought too many items– they thought they’d sell 1,000 “widgets” but only 200 sold and now they’re stuck with 800 just sitting on shelves gathering dust, so they sell them at a liquidation auction. Someone comes along and scoops them up for a really great deal– “a steal!” Then they take those items and resell them at a place like a flea market, hoping to make a decent profit.
Why Farm Equipment Auctions Are Mutually Beneficial to Buyers and Sellers
If you own a farm, you know farm equipment is expensive if you buy it brand new. Certain machines can cost tens of thousands of dollars. And farming isn’t always that profitable. Some years are leaner than others, depending on how crops do and/or how much money certain animals can fetch in the market. With that in mind, most farmers are frugal people. They know the value of a dollar and they don’t tend to be extravagant or wasteful. They tend to be practical and smart with their time and money.
A Guide to Winning Auctions Without Overpaying
Auctions can be fun, exciting and unpredictable. Once in a while there’s something up for auction that is rare or odd enough that several people want it, and are willing to pay extravagant amounts of money to “win” it. Of course, that’s not usually the case, but it does happen, especially with rare pieces of art, cool cars no one else has or one-of-a-kind properties where there’s a “dream home” or something special few others have, like waterfalls in the yard.
Now how can you win at auctions without overpaying? That’s something most people who attend auctions will ask themselves. Just as the auctioneer says “Going once, going twice,” there could be that one person who holds up their hand and makes a last-minute bid. And it feels like a scene from a movie. People gasp in the crowd. All eyes are on that one person making that bid. And maybe you’re the other person bidding and you thought you’d win. Now someone’s competing, and they seem to have come from out of nowhere to mess up your plans. What do you do? Bid higher? Walk away? It’s an emotional moment for sure.
Ideally, you don’t want to get into a position at an auction where you feel trapped or forced to do something, especially if that something will put you in debt. You want to be in control and win without overpaying, right? How is this possible? Is it possible?
Here’s Why You Should Consider Participating in Farm Equipment Auctions
Farm life is not for the faint of heart. Working on a farm is literally hard work. It involves long hours, animals, dirt, food and ever-increasing costs. Of course, most farmers want to find ways to save money, right? And when there comes a time that new or replacement farm equipment is needed, does it always make sense to spend the big bucks and buy things brand new, from a store? No! Sometimes it makes fiscal, budgetary sense to buy farm equipment at an auction, like the ones given by TurnKey Auction & Realty Co. of Bryan, Ohio.
Common Silent Bid Issues
If you’ve ever been to Dave & Buster’s where they have lots of video games you’ll probably notice a table full of movie, TV and sports memorabilia, often autographed. These items are part of a silent auction whereas you can write your name and information on a sheet of paper in front of the item you’d like to bid on, along with the amount you’d pay. If you’re lucky, after a certain time the auction is over and you might win what you hoped to win. Or you might be outbid.
Typically, silent auctions are used to raise money for charities and nonprofits. Bidding is usually done using paper bid sheets though some are done using mobile bidding software these days.
So what are some common silent auction “issues” that occur?
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