We Sell Farm & Ranch Real Estate...Differently

What is Needed For An Auction to be Successful

For Reck Agri Realty & Auction, the auction process is the sale method of choice…not the last resort. 

Auctions are often associated with foreclosures and forced sales, and have been known as the sale method of last resort. Unknown to the general public, however, this reputation evolved from underlying fundamentals that weren’t properly considered and/or exercised which, in turn, doomed auctions to fail.

Because every seller deserves market value and every qualified buyer deserves the opportunity to purchase, we appreciate the flexibility, transparency and price discovery that the auction process provides.

Specifically, we embrace, implement and practice the following fundamentals for our auctions to be successful:

Serious and realistic seller committed to the sale of the property – We recommend properties to be sold either by absolute auction, auction based on a published minimum bid, or auction based on unpublished minimum bid whereby the seller reserves the right to accept or reject bids. The auction format builds buyer confidence by making a public statement of the seller’s commitment to sell the property and demonstrating that the auction will be handled with integrity at every turn. Additionally, the published minimum bid or the unpublished minimum bid allows the auctioneer to find the money to initiate the bidding and create momentum, and allows the bidder verification that they are bidding just higher then the last bid.

Buyer confidence that property will sell – Buyers aggressively participate in an auction if they are confident that the property will sell and that they will be treated equally and fairly.

Well-informed buyers prior to auction
– One of the greatest sales tools for an auction is accurate and detailed information that fully answers buyer's questions.

Well-advertised auction – The advertising and marketing of a private treaty sale may span from 1 month to a year. In comparison, our customized auction marketing plan is a concentrated 6-8 week period, with a definite ending date. We average 76 days from signing of the listing agreement to closing. We showcase the property through printed brochures, media coverage and effective use of Internet technologies to bring the greatest number of interested buyers to the table.

Mulit-round, multi-parcel bidding format – Every buyer has a minimum and a maximum price they are willing to pay. When sellers offer their properties for auction in parcels, combination, or as a single unit, it exposes their property to the broadest base of available buyers of property types and purchasing power. Our multi-round, multi-parcel bidding format, tailored to your property, provides buyers every opportunity to purchase property, which creates value.

Potential problems must be identified and dealt with up front, prior to auction – This is crucial, as problems can easily slow the momentum of the auction, and delay and/or prevent the closing of the transaction.

Professional auction-day presentation and format – Buyers’ attention spans are typically limited to 4-5 hours before they start losing interest. It’s our job to set the tone of the auction and maintain their interest…to do so, we take great pride in providing an auction-day presentation and format that is professional, informative, efficient, simple and straightforward. Our customized presentations – including multi-parcel spreadsheets – are projected onto screens to allow all buyers in the room to know where the bidding is at all times. Our experienced auctioneer structures the auctioneering chant to control the crowd, while being as clear as possible so that all participants have the opportunity to be engaged. As well, our ringmen are professional, discrete and respectful of the bidders, while creating and maintaining excitement in the crowd.

The bottom line:

At Reck Agri Realty & Auction, we understand that sellers want the highest available price and buyers want the opportunity to buy. When completed in a professional manner, there is a no more positive sales experience than a well-run auction to accomplish these goals. 

Our most gratifying reward is to see competing bidders shake hands after an auction with no hard feelings, and to hear such positive feedback from auction attendees as “The only reason I didn’t buy today was because the price was higher than I was willing to pay, but I know I had every opportunity to buy” – or – “I know you squeezed out every dollar you could, as fairly as you could.”