Auction Services

On-site Auction | Online Auction | Other Auction Methods | Real Estate

Onsite Auction

The competitive atmosphere and the excitement of the auctioneer’s bid calling are unique to a live, in-person auction. There is something about it that draws us in and captivates us. There are advantages to an on-site auction. It’s tough to beat the live action and competition in bidding that it brings. It also allows bidders to inspect each and every item being sold in person. For some, this is an important factor in their participation in the auction. Some folks will come out just to watch the action. It’s an event! On-site auctions tend to have a core of consistent buyers. In other words, an auctioneer will see the faces of several “regulars” at every auction. This provides a certain amount of consistency.

However, there are disadvantages too. Generally, on-site auctions have a limited draw of 250-300 bidders, maximum. Also, depending upon the venue, logistics can be a significant problem, particularly with regard to parking. If there is insufficient public parking, parking on the property itself will be required. Often, this means potential damage to turf and landscaping, especially if there has been a recent rain. On-site auctions also bring potential for property damage and/or extra clean up that naturally comes with hundreds of people wandering around the property all day long. One of the biggest disadvantages of on-site auctions is the scheduling. Once scheduled, an auction should only cancel or re-schedule as a very last resort. In most cases, auctions go on despite weather: rain or shine, cold or hot. Re-scheduling is discouraged as it tends to cause a drop in attendees and undermines the auction company reputation among bidders. It can also cause problems for the seller due to the delays that come with rescheduling.

Finally, there is a growing number of potential buyers that simply will not take the time to spend the day at an onsite auction. In today’s busy world of “online everything,” more and more people are unwilling to spend a day at a live auction event.

There are definite advantages to having a traditional, live, on-site auction. there are also definite disadvantages. Some auctions are better held on-site and some are better held with a different format. There are many factors to consider. We can help you decide what type of auction will be best for you.

Online Auction

Online auctions have become the norm. They allow bidders to “attend” the auction at their convenience, from anywhere, and anytime within the bidding period. There was a time when buyers were hesitant to bid online. That is not the case today. There is no denying the comfort and convenience people enjoy with online shopping. That phenomena extends to auctions as well. Online auction venues have been highly successful over the years. Many of today’s largest auction companies have transitioned to online-only auctions. Online auctions are the present and the future. There are distinct advantages of holding your auction in cyberspace. It vastly increases the potential bidder count. While an on-site auction is generally limited to 200-300 people, an online auction has virtually no limit to number of bidders; with some auctions reaching thousands. It also allows bidders from outside the area, and even outside the country to participate. It captures the “online generation;” those who are unlikely to attend an auction but will happily bid from their phone or computer. It eliminates problems of scheduling, weather, inadvertent property damage, and clean-up. Auction fees are lower (well…OUR auction fees are lower!) since the auction company doesn’t have to arrange for on-site services, spend one or two days setting up for the auction, or provide staffing for a large event. If your auction is a personal property or specialty auction, online auctions draw bidders that may be interested in only one or two items, but simply will not take the time to spend a day at an auction to bid on just one or two items. In general, an online auction is a great choice and usually provides maximum end results in today’s marketplace.

Ozarks Auction Company is your best choice for holding an online auction. Our team has decades of experience in both online and on-site auctions. While most auction companies don’t do online at all, those that do are new to the game. However, they use one of the generic national online auction hosting services. These are are difficult to navigate and confusing because they throw your auction in with others from all over the country. These services use your auction as an avenue to draw your bidders away to other auctions. Not only that but your bidders’ information is collected and used for marketing, resulting in email full of “spam” and advertisements. Worst of all, you pay extra for this! Third party online auction services make their money by charging a fee, usually a percentage of the sale price. So, you are actually paying TWO auction fees – one for your local auctioneer and one for the online auction hosting service.

We are distinctive in that we have already invested in the technology to host our own online auctions. NO third party online auction service. This means LOWER cost to you…you don’t pay double fees. All of the other negatives of using a third party hosting service also disappear.

Other Types of Auctions

Simulcast
Simulcast auctions are held both live on-site and online at the same time. We have the capability to hold simulcast actions. A common assumption would be that this type of auction is ideal, capturing the advantages of both online and on-site auctions. However, studies have shown this not to be the case. Simulcast auctions do not, in general, increase auction revenue or bidder participation. There seems to be a tension created that puts off both potential online bidders and potential on-site bidders, reducing the number of total bidders. Studies have confirmed that there is generally no benefit to simulcast in either bidder number or final value. There are specific circumstances that make simulcast a viable, if not preferred, option. However, for the majority of auctions and properties, our experience is consistent with the studies that show its ineffectiveness and we don’t recommend using simulcast.

Sealed Bid Auction
In this type, all bids are submitted and sealed to the auctioneer. Bids can be submitted during a bid window, which can be any time frame – 1 hour, 3 days, 2 weeks, etc. Once the deadline for sealed bid submissions has passed, the sealed bids are opened and the highest bidder is determined. The sealed bid auction can be effective for certain types of property, particularly unique or high value properties, real estate, or rare items. This type of auction is occasionally used in fundraisers as well.

Silent Auction
The silent auction is used almost exclusively for fund raisers and charity events. Auction bid sheets, or in some cases online bid sheets, are made available during a certain period of time. It is similar to a sealed bid auction, except that all bids are visible and known. In a typical silent auction, a bid sheet is present during the event. Throughout the bidding window, bidders place their bids on the bid sheet, each successive bid being higher than the previous. It’s like a live auction, except there is no auctioneer calling the bids – it’s silent. At the end of the bid window, the high bidder wins.

There are other more exotic auction methods, but they are not commonly used and we don’t generally recommend them.

Real Estate

Real Estate is our specialty. Our experience with real estate is extensive. As the marketplace changes, the auction industry adapts to current trends, and technology advances, we stay ahead of the curve. In fact, our team was among the first in the nation to begin selling real estate by online auction way back in 1996! Our marketing and auction methods reliably locate and attract the highest number of bidders possible, resulting in higher prices for your property. It’s not uncommon for our auctions to net a higher sales price than comparable properties on the traditional real estate market…without all of the uncertainty and costs of traditional methods. No contingencies, no delays, no inspections, fast and easy closings. There simply is no better way to sell real estate!

We auction residential, commercial, land, and specialty properties. Every property is unique. We don’t do “cookie cutter” auctions. A marketing and auction plan is developed for your specific property, based upon the property characteristics and your particular circumstances. We can even optionally create a website for your property. We do comparable sales analysis, income evaluations, and appraisal studies to help you determine the anticipated price range. We prepare an extensive bid package that is made available to all potential bidders.

We can hold any type of auction you prefer. We can even do multi-part/multi-parcel auctions for land, assuring that you receive the highest possible price for your land or lots.

Commercial, residential, farm land, recreational land, building lots…we have the best plan for your auction to result in the highest number of bidders, which means the highest price for you. On-site traditional auction or modern online auction – our team has the experience, the knowledge, and the tools to provide you a level of service far above the norm in both the auction industry and the traditional real estate industry. No one does it better!l