Frequently Asked Questions
We know you may have some questions and we will do our best to answer them here. As always, please feel free to call us at 614-314-0298 or simply fill out the contact form and we will respond right away.
How do I bid on an item?
First you need to register. Registration is held during preview times that are generally 1 to 2 hours before the auction starts. As the auctioneer is calling bids, you simply raise your hand or bid card when you are comfortable with the amount being requested by the auctioneer. If you are the winning bidder, hold your bid card up high so your bidders number can be recorded by the auction clerk.
How much do things sell for?
There is no simple answer to this question. Sale price depends on the merchandise (car, truck, equipment, jewelry, etc). Such things as condition, appeal and uniqueness all play a part. Also, the prices bid generally depend upon how badly two people at an auction want an item.
What do you charge?
Michael Hoffman, Auctioneer works on a commission plus expenses basis, with no money up front. We believe our commission rates are fair and reasonable. The advertising, labor and any other expenses will be settled after the auction and paid directly from the auctions proceeds. Michael is bonded in favor of the State of Ohio to handle the funds in escrow, so you can get on with your life. In order to expedite the settlement, the State of Ohio requires that auction settlements be issued within 15 days from the date of the auction, so you get your money fast!
What do I have to supply?
Virtually nothing! Whether it’s an on-site auction or at a local auction facility, we have the necessary supplies on-hand to make your auction a success. If you choose to pack your own merchandise, to save on labor expenses, we’ll be glad to show you how. Or, at a nominal cost, we will be happy to pack your items and prepare your furniture for the auction.
If we are going to have your auction on-site, we’ll get an early start to set up the auction. The furniture and boxed items will be staged for a quick exit out of the house, garage, or barn. We’ll be prepared with enough hands to make the job light. Other than the auctioneer, the auction crew consists of a well prepared cashier, one or two ringmen, and a very capable clerk to record all items being sold.
Do you buy items or estates?
Yes! We do occasionally buy items, or full estates, when the opportunity is beneficial for everyone involved. We prefer to take all such items to auction, but we recognize that sometimes time is of the essence and folks may need cash today. We may be able to help in those situations.
How to bid and buy at an auction?
- Register in advance: Most auctions require bidders to register in advance, either online or in person. This will give you a bidder number that you will use when placing your bids.
- Understand the terms and conditions: Make sure you read and understand the terms and conditions of the auction before you bid. This will outline the rules for bidding, payment, and any other important details.
- Set a budget: Before you start bidding, it’s important to set a budget for yourself. This will help you avoid overbidding and spending more than you can afford.
- Inspect the items: If possible, inspect the items you’re interested in before the auction starts. This will give you a better idea of their condition and value, and help you make an informed bidding decision.
- Ask questions: If you have any questions about an item or the auction process, don’t hesitate to ask the auctioneer or staff. They will be happy to assist you.
- Know your bid increments: Most auctions have set bid increments, which are the minimum amount you can increase your bid by. Make sure you know what these increments are so you can place your bids accordingly.
- Pay attention to the auctioneer: The auctioneer will announce each bid and the current high bidder. Make sure you pay attention to these announcements so you know when to place your next bid.
- Bid confidently: When placing a bid, do so confidently and clearly so the auctioneer can hear you. Don’t hesitate or mumble, as this can lead to confusion and missed bids.
- Watch for counterbids: After you place a bid, keep an eye out for any counterbids. If you’re outbid, you’ll need to decide if you want to place a higher bid or drop out of the auction.
- Pay promptly: If you win an item, make sure you pay promptly according to the auction’s payment terms. Failure to do so may result in late fees or other penalties.
What forms of payment do you accept at your personal property auctions?
If you are a winning bidder, the method of payment is cash, Visa and Mastercard.
Is there a warranty for any items purchased at an auction?
No, All merchandise is sold “As Is”, “Where Is”. There are no warranties, no guarantees. As there are exceptions to almost every rule, when selling items that must be plugged in to see if they will work (such as power tools or TV’s ) we will generally allow a winning bidder a couple of minutes to test the item. If the item does not work, we’ll scratch the clerking ticket.
How is an Auction different from a tag sale, or a garage sale?
At an auction, almost EVERYTHING will be sold. An auction is a means to sell property of all types by verbal exchange or written exchange in which the property is offered and sells to the highest bidder. At a tag sale, often, only the items that are seen as under priced sell to the first interested party. An auction employs open, enthusiastic and competitive bidding to secure the highest possible market price for your merchandise.
There is nothing like the power of auction marketing. We can sell your personal property (antiques, household, equipment, vehicles, etc. ) on-site or at local auction facilities. Real estate auctions are usually conducted at the property to be sold. It all begins by giving us a call.
How soon can we book an auction date?
Give us a call today to discuss it! We generally request at least three to four weeks, at a minimum, to allow for premium promotion and maximum exposure of your property. We understand that often our clients need to sell their property (both real and personal) as quickly as possible. We are prepared to provide individual attention to your needs. It all starts with a phone call. Call us today at 614-314-0298.
Who will attend the auction?
As we conduct both personal property and real estate auctions, it depends on the type of auction being conducted. Real estate auctions bring in real estate investors, first time home buyers, etc. Personal property auctions bring out people from all walks of life such as dealers looking for merchandise to stock their stores, re-sellers, and people looking to buy merchandise at fair market value.
Other frequently asked questions?
- What is an auction? An auction is a public sale in which goods or property are sold to the highest bidder.
- How do I participate in an auction? You can participate in an auction by registering as a bidder, either in person or online, and placing bids on the items being sold.
- How do I register as a bidder? To register as a bidder, you will need to provide your personal information and payment method, either online or in person at the auction site.
- What is a reserve price? A reserve price is the minimum price that the seller is willing to accept for an item at auction. If the bidding does not reach the reserve price, the item may not be sold.
- What is a buyer’s premium? A buyer’s premium is an additional fee charged by the auctioneer to the winning bidder, usually a percentage of the final sale price, to cover administrative costs.
- How do I pay for items I win at auction? You can pay for items you win at auction either in person, by wire transfer, or through the auctioneer’s online payment system.
- What is an absentee bid? An absentee bid is a bid placed by someone who is unable to attend the auction in person. The bidder specifies the maximum amount they are willing to pay for an item and the auctioneer or their staff will bid on the bidder’s behalf up to that amount.
- What is a reserve price auction? A reserve price auction is an auction in which the seller sets a minimum price for the item being sold. Bids are only accepted if they meet or exceed the reserve price.
- What happens if I win an item at auction but change my mind? In most cases, winning bidders are obligated to complete the purchase. Failure to do so may result in legal action or being banned from future auctions.
- Can I inspect items before bidding at an auction? Yes, most auctions allow for inspection of items before bidding begins. It is important to thoroughly inspect items to ensure they are in the condition described and to identify any potential issues before bidding.