Auctioneers
Peoples Company’s auctioneer team brings a professional edge to marketing land. This group of professional and certified auctioneers pride themselves on being a part of the land transaction possessing the knowledge and skills to provide clients outstanding results. Our auctioneers are dedicated to professionalism, integrity, and excellence in the auction profession, and our ringmen carry forward the same standards. The auction team supports transactions via a live or online bidding platform or a combination of both.
These team members are licensed as auctioneers and real estate agents in multiple states.
Auction Methods
Peoples Company leverages numerous auction strategies depending on the property being sold, seller’s goals, mix of interested buyers, and market conditions. A core advantage of choosing Peoples Company is our ability to utilize the most appropriate auction method to yield optimal sale results.
Online-Only Auction
An online-only auction allows buyers to bid on a property over a set period from their phone, tablet, computer, or other electronic device. A “soft close” is typically used which allows for an extension of the bidding period if bids are placed within 3-5 minutes. This creates a competitive atmosphere like live auctions and often results in Bidding extending beyond the scheduled auction end time. This method also allows buyers from a wide geography to easily participate in the auction.
Multi-Parcel Auction
A multi-parcel auction is an auction method where a price is established on each tract before opening the bidding up to all combinations. In this method, bidders have the ultimate flexibility in choosing what they would like to purchase, and competition rises between the large combination buyers and the small individual tract buyers. This process may take several hours with bidding ending once no new bid raises have been placed within a certain time frame. The property is sold to the tract combination that produces the highest total sale price.
Live Auction
This auction method takes place on a specific date and time and is often held in a nearby town community center or banquet hall close to the property. These auctions are open to the public and can draw large crowds that generate excitement and encourage a competitive bidding environment.
Sealed Bid Auction
A sealed bid auction involves setting a due date that all offers must be submitted by, typically 45-60 days after the launch of the marketing campaign. This process creates urgency in the marketplace but still allows the seller to receive multiple offers they can analyze and respond to, potentially including post-offer negotiations. The sealed bid method may also be used as a precursor to a live auction to qualify bidders for participation in successive rounds of live bidding.
Choice Auction
When selling via a choice auction, the auctioneer offers the winning bidder the right to choose which parcel or parcels they would like to purchase. If the bidder wishes to take more than one parcel, the same per acre bid price will be used for each tract the bidder selects. This method is often chosen for auctions with similar tract characteristics and creates competition between bidders interested in different tracts. This strategy helps achieve maximum sale prices.
Dutch Auction
A type of auction in which the price on an item is lowered until it gets a bid. The first bid made is the winning bid and results in a sale, assuming that the price is above the reserve price. This contrasts with typical auctions, where the price rises as bidders compete.
Invite-Only Auction
An auction format that is only accessible to a few selected potential buyers. Participants are often chosen through a bid submittal process. These auctions are a modification of live public auctions where sellers can restrict the participation in the bidding process to a few selected potential buyers.