Advertising on social media
In this day and age, you may be tempted to post photos and information about your items on social media ahead of your auction. But this can put the security of your items at risk, as people will be better able to find out where they are located. This can be an especially sensitive issue if you are auctioning off farmland or equipment. And if you post the price, you may end up turning away potential buyers or cut into earning potential.
Special deals for friends and family
You may feel obligated to let friends and family have first pick on your items or even offer them a cheaper deal. But doing so could limit the buyers’ pool that may have attended the auction. And by selling the items for a cheap price, you may inadvertently devalue the rest of the assets.
Co-owner agreements
If you share ownership of the items, be sure to come to an agreement about how things will be handled. Decide who will be in charge of accepting bids and making other important decisions. Will it be a team? One person? Being clear about everyone’s responsibilities upfront will help you avoid potential conflicts that could hurt your chances of having a successful auction experience.
At Smith & Co. Auction & Realty, we know how to spot potential problems with auctions and we know how to avoid the mistakes that sometimes arise. Let us handle your next auction. We have valuable experience serving Northwest Oklahoma for over 20 years. Call us today at 580-254-3975 with any questions you may have!
