Frequently Asked Questions

Q. Should I have an Auction or a Tag Sale?
Q. What is the First step in starting the Auction Process?
Q. Before I consider an Auction, What should I do?
Q. What should I look for at an Auction?
Q. Should I run a Sale before we have an Auction?
Q. What if no one shows up?
Q. How much money will my Auction bring?
Q. What about Reserve or Minimum Bid Items?
Q. What is the Auctioneer's Responsibility?
Comparisons
References
 

Q. Should I have an Auction or a Tag Sale?
A.  Some of this is from a Colleague!

Many people are convinced that Estate Sales are the way to go…the reasoning…we'll have more control. we can ask any prices we want, etc. In Auction School, I frequently engaged and riled my auction instructor about the huge merits of household sales using the same old arguments. He chastised me for not doing a good service to my clients, in not getting the best money for their possessions by using the AUCTION method of marketing and sale.

Having experienced many successful years in the auction profession, let me show you. if you're considering a Estate / Tag Sale vs. Auction. Some examples of why my Auction Instructor was absolutely right! You may not have the most famous estate in the world like Jackie Onassis or Barbara Streisand, but can you imagine their items being offered in a tag sale?

Most of our Estate Auctions bring between $ 6,000.00 and $ 15,000.00 and this return is completed in about 4-6hrs with everything sold and the entire home emptied. Every piece of Real Estate (House) offered between September through January of this year has SOLD at the Auction.

What will you do with the leftovers? A Estate / Tag Sale is like a glorified Garage Sale…loads of stuff left over after it's done! Someone will get the leftovers for a pittance.

At Auction, everything sells, even your nuts, bolts, screws, plastic, etc. What you may have lost on a piece of furniture, you'll make up with the money you receive from the junk! You'll have the satisfaction of knowing the public bid on your items FAIRLY and no employee had a chance to buy it first and stash it in a closet!

If you are the Administer of the Estate, it’s your responsibility to obtain the most for the estate in a fair and reasonable manor. Accountability to other family members and the courts should require a detailed inventory and accounting of what’s sold and who purchased it.

Finally, ask yourself two questions:

1. "Why do Dealers sleep in front of a house about to open for a Estate / Tag Sale?" It's because they know they'll be able to "steal" it (get it for less than it's worth) at an unfair price from your estate or home.

2. Would you rather have ONE person, usually the tag sale manager, price your possessions, or would you rather have a HUNDRED people bidding up the price and giving you the truly Fair Market Value of your items at Auction?

Think about this:  At a garage / tag sale,  the average price per item is $16.32.  The average auction lot brings $48.18.  This is the difference between offering what you have to 2-3 people or 100-150 people.

There's a reason why the Internal Revenue Service and the Uniform Standards of Professional Appraisal Practice considers Auctions as the source for comparables in determining FAIR Market VALUE.....and not Estate Sales!
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Q. What is the First step in starting the Auction Process?
A. We need to set up an appointment and view what you have to sell. What you have and the Reason for the sale are KEY FACTORS. This will determine if you have enough to draw a reasonable crowd of Buyers and where we can conduct the Auction Sale.
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Q. Before I consider an Auction, What should I do?
A. A month or two before you would like to sell, go out in the Community or within your area and attend as many Auctions as you can. Particular Auctions may not have the same type of inventory you have, but observe each Auctioneer, their System, Methods and their adequate Staff.
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Q. What should I look for at an Auction?
A.  Notice how the Auction is setup, tagged and look at the item list provided to the bidders. Ask to see a pictured brochure and get the Auctioneers Web Site Address. Ask several Bidders how they found out about this Auction and why they attend Auctions conducted by this Auctioneer. Observe how the Auctioneer conducts the Auction and look for a lot of Bidder participation. 
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Q.  Should I run a Sale before we have an Auction?
A.  Peoples perception after you have had a sale is that all of the good merchandise is gone and only leftovers remain. In order to draw enough Buyers to the Auction, we need the complete inventory so that the more Desirable items will be the drawing cards and allow them to purchase the less expensive items while they are waiting. The bottom line is to obtain a Fair value for everything, including the more Desirable items.
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Q.  What if no one shows up?
A.  This is why you need a reasonable budget for Advertisement. It takes a lot more than newspaper to attract enough Buyers. Our Extensive Direct Mailing Lists covers most related Businesses along with our detailed Web Site. Having the expertise and resources to relay enough information to the Right Markets is the key to a Successful Sale.
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Q.  How much money will my Auction bring?
A.  Each type of inventory has new, current, antique, junk and specialized values. Some markets are strong, some weak and some no longer exist. Supply and Demand in your marketing area will determine the response. Proper Advertisement has to be done to assure a reasonable number of Buyers will be notified and will be at the Auction Sale and it’s worth their time to stay.
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Q.  What about Reserve or Minimum Bid Items?
A.  In today’s world TIME is really important. Buyers travel many miles to have the opportunity to get a bargain.  They will not come or stay long if they do not have the opportunity to purchase your merchandise. An Experienced Auctioneer can bring in enough Quality Buyers to turn a bargain to the Buyer into a reasonable return for the Owner. All Auctions in the Texas of State are sold with Reserve unless you advertise No Minimums or Reservations.
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Q. What is the Auctioneer's Responsibility?
A.  More than you realize because 75% of the Auctioneers work is not visible to the Public or Owners. We are paid based upon taking your Assets and turning it into cash, Years of Experience, Ability to attract Quality Buyers, Days and Weeks of Preparation on Site and behind the scenes. We must have Product Knowledge, the Ability to properly Market your Inventory and utilize up to date Advertising Methods. We are responsible to provide and have a user-friendly System capable of handling large crowds and Liquidating your Assets in 1-day. We provide an Honest, Knowledgeable, Friendly and Experienced Staff, Account for the Proceeds, Collect the State Sales Taxes, Check out Buyers and run a smooth Professional Auction.

You know, Buyers don’t just show up, Items don’t just get numbers on them, Item List don’t just get printed and Photos don’t just appear on our Web Site. What and where items are placed within the Auction to attract and keep Buyers doesn’t happen without Effort, Product Knowledge and Experience.

The Majority of the Auctions we conduct are from Referrals by Banks, Bidders, Past Clients and Institutions.  These people have compared and have Confidence in the Auction Method and us. They have seen the measures we take to have a Successful Auction. We share in the risk and place our Reputation on the line at each Auction Sale. Like you, we have family and others that depend upon us to support them.

Like Attorneys and Doctors, your Auctioneer should be a Full-time Professional that knows your Market and fully understands this Auction Business. You may have an Auction once. We understand that each Auction involves a Lifetime Business, your Past and Future or your Parent’s Estate that’s full of Memories. We still treat each Auction Sale as if it was our own. In other words, we’re happy when the Owner’s happy.
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Compare and ask these Questions!

Check out Our References:

Del Mar College Purchasing - Mr. Chuck Tines (361) 698-1561

Sutherlands Lumber Co. - Mr. Mike Riddle (918) 296-4334 Ext. 232

 Auctions are the Fastest, Fairest and most Efficient way to generate immediate
cash and obtain real values in a timely manner, through Competitive Bidding.
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