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Making The Right Auction Choice

Thursday, July 9th, 2015

Speed is key when it comes to conducting an auction. The faster you sell your possessions, the sooner you can divest yourself of your possessions and collect your money. To that end, there are some different auction types available that can help you clear out your closets, houses, storerooms, and barns, quickly and efficiently. Each auction type has its similarities and differences, advantages and disadvantages, and you will want to consider each auction type carefully before making a decision.

Auction Type 1: The Live Auction

A live auction is the auction type most people think about when they think about auctions. Large crowds, lots of property, and an auctioneer standing up on stage taking bids and encouraging buyers to make a purchase. At the beginning of a live auction, the auctioneer will go over the rules of the bidding and the terms of sale. Live auctions usually take several hours to complete; there is typically a period of time before the bidding begins where attendees are encouraged to inspect the property before it goes up on the block. Once it does, bidding on each item goes quickly. Depending on how many items are in the auction can dictate the amount of time this auction could take.

Auction Type 2: The Live Online Auction

Another auction type is a live online auction. Live online auctions create a real sense of urgency with prospective buyers. This auction type is conducted by a trained and licensed auctioneer who is available to answer bidders’ questions and keep them motivated to make a bid. Further, with the anonymity the internet provides, live online auctions tend to create greater competition as buyers are less inhibited and more willing to make bids on your possessions. Live online auctions can be simulcast with live auctions which can increase the overall number of bidders several times over. The live online auction type allows online bidders and bidders who are physically present to bid against each other.

Auction Type 3: The Timed Auction

A timed auction is one where the possessions you wish to sell are offered up to bidders via an online portal. Bidders are allowed to inspect photographs and descriptions of each item, and then determine whether they want to place a bid. Bidding is open for a set time frame; typically, about a week. There is not an auctioneer present during a timed auction. At the expiration of the bidding window, the highest bidder is the winner of the auction. One primary advantage of a timed auction type is that sellers are allowed to set a reserve price; meaning that if their minimum sales price is not met, they are not required to relinquish possession of the property placed up for auction. This ability to accept/reject offers means that a seller never has to worry about not getting the price they want for the property they are selling.

General Information

For each of these auction types, bidders are required to register prior to the commencement of the auction. This registration will include their name and contact information, payment information, and the signing of an agreement stating they understand and will abide by the terms of the auction and any bids they may win. This process helps protect sellers, bidders, and the auctioneer and helps ensure that the auction will go off smoothly and without any complications.

High Plains Auctioneers in Dalhart, Texas provides complete auction services. For information on scheduled events, click here to see our Upcoming Auctions or send us an email via Contact Us. If you’d rather, give us a call at (806) 244-6776. We will be happy to tell you how to schedule an auction and go over our services with you.