Another technique that I have used to market a great deal of land is a public auction! A public auction can be an excellent tool for selling a lot of land very quickly and very successfully, if it is structured correctly! I've sold 46 lots to different individuals in one day, using an auction! Most people think that auctions are used in distressed situations and sometimes that's true. For more details www.auction-entrepreneur-kit.com However, they can be used for any sale. Auctions can be conducted so that the sales prices are "absolute", which means that any bid is accepted. Or the seller can determine the minimum bid that he would accept and inform the auctioneer, and the auction will be stopped if bids go below that figure. With an "absolutes" auction, the seller is really rolling the dice but with an established minimum bid auction, there is protection. Absolute auctions are normally advertised as such but the established minimum bid auctions are not.
Since an absolute auction is an auction where there is no minimum bid established, the property is sold at any price! This is really risky and in my opinion, is not necessary. The alternative to the absolute auction is an auction where, although it may not be advertised, a minimum bid has been established. If, in the course of the bidding, the bids get too low the auctioneer stops the bidding. This way you have a minimum price set that you will accept for each lot and no lower. I've conducted two large auctions and they definitely are marketing techniques. They can be excellent means of selling a lot of property in a short period of time.
As I have said, I sold 46 lots in one day with an auction AND we had the closings the same day!! Which I will explain later. Should you decide to use an auction there are a couple of things you need to consider. First of all, don't let the auction company talk you into putting all your lots up for "absolute" auction. They may try to get you to do this because they say "it will bring more people out to the auction!" Don't trust them and don't put all your lots up for absolute auction!
Let's suppose that you have 33 lots ready to market. You could advertised 10 lots at "absolute auction", and then have a minimum bid established for the remaining 23 lots. Or you could simply advertise 33 lots for sale at auction. For more details www.mining-auction-gold.com People have a real curiosity about auctions and will come out; you just have to have it set up properly. As I mentioned, the auction company may try to get you to list all your lots at absolute auction. This way they know that everything will sell and they will make more commission.
While participating in an auction might be extremely fun most collections have been formed from acquiring coins in this manner. Typically all auctions are conducted in the same manner, with the exception of auctions they do mailing bid sales. Normally auctions are conducted by licensed auctioneers with the auction itself containing a various amount of rare coins with the majority containing more common coins from a variety of series.
Before the actual auction begins, each coin is first graded and determined if it is desirable. Then some of these coins are sent to an agency where they will be certified. After the all coins have returned from being certified each coin is then assigned a lot number. The auctioneer company will then begin their process of researching and creating a catalogue for the auction. Each coin has to have their pedigrees verified, die varieties confirmed, and any market information has to be studied, which often brings surprising results to all involved.
Once the catalogues are completed, they are then distributed to clients, who are on a mailing list that belongs to the auctioneer company. Soon bids begin pouring in and the auctioneer company will begin posting the bids in preparation for the auction. On the day of the auction itself, clients have the opportunity to inspect the coins they plan to bid on. All floor bids are final, which is why it is important that the clients verify the grade and overall quality of the coins they plan to bid on beforehand.
As the auction starts, a single spokesperson, who is following the mail bids will announce the starting bid according to the bids from the mail, which are typically an advance over the second highest mail bid. After the spokesperson calls out the opening bid, the auctioneer will cry out that they have a bid of a certain amount and then ask for a higher bid. At this point if there is any competition from clients who would like to bid on that particular lot, then hands will begin going up. The auctioneer will continue advancing the amount, until that particular lot is sold to the highest bidder.
If on a particular lot no one within the audience makes a bid higher than the opening bid, then the lot automatically goes to the bidder who mailed in their bid. If a bidder at the auction bids the same amount as the highest bidder who mailed in their bid, then the lot would go to the mail in bid because theirs was received first.
When purchasing coins at any auction be cautious of any coins that are sold under "as is" because once you purchase any coin then more than likely you will not be able to get a refund, unless the coin is actually a fake. It is a wise practice to make sure you understand the terms of sale beforehand, and do not be afraid to ask question of other collectors or the auctioneer company. It will also help you to become familiar with the descriptions that the auctioneer uses.
Another safe guard for any bidder is to determine the price for any lot you are willing to pay in advance, then do not exceed that amount. There are times when bidders do get carried away with the excitement that fills the room and does over bid on a lot that may not even be a good value in the end.
Both Npsawhney & Victor Epand are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Victor Epand has sinced written about articles on various topics from Shopping, Trucks and Interest. Victor Epand is an expert consultant about rare coins, stamp collections, and rare collectibles. Follow these links to find the best marketplace for: rare coins,. Victor Epand's top article generates over 11100000 views. Bookmark Victor Epand to your Favourites.