Auction Platform

Selling land via public auction is a staple in the agriculture industry, and can be particularly effective for high-quality, tillable tracts, properties in high demand with multiple buyers interested, and when properties need to be sold on a specific timeline. Our award-winning land auction team executes on every detail to ensure each auction is a success.

Auction Timeline

When selling a property, Peoples Company believes there are three vital components to creating a comprehensive plan to optimize value and meet client objectives: due diligence, marketing strategy, and closing execution. Our typical timeline includes a 15-day due diligence period which includes marketing preparation, a 45-day marketing period before the auction, and 45 days post-auction for closing execution. A detailed view of a typical auction timeline is available at the link below.

VIEW TIMELINE

Boots On The Ground

Throughout the marketing period, our team makes several trips to the property area to execute our local strategy. The local strategy is focused on scheduling meetings with local lenders, attorneys, co-ops, etc. to market the property and engage clients who may have interest in the sale as well as educate them about Peoples Company and how the auction process works. A key element of a successful auction is building awareness and rapport within the community.

Sale Day

In the days leading up to the auction, we review the marketing activity report with you and discuss expectations as well as sale day procedures. On sale day, our team implements a cohesive plan to ensure bidders are educated on the process and armed with the property data to inform their bid. Auction day materials are distributed to all potential bidders and include brochures, tract maps, auction procedures, and terms and conditions. Our auction setup revolves around our multi-parcel software, and our bid assistants and auctioneers keep all in-person, online, and phone attendees up to date on the current high bid and runner-up positions. Peoples Company’s level of understanding and sale-day execution is unmatched in the industry.

Mobile App And Online Bidding

Through our versatile mobile app and online bidding platform, Peoples Company gives buyers the ability to bid and follow auctions in real-time from their computer or mobile device. Our mobile app is an innovative solution for buyers who are unable to be in attendance on auction day. This mobile auction bidding tool is available from the Apple App Store and/or the Google Play Store. The mobile app and online bidding platform greatly benefit sellers as it increases the buyer pool by removing the requirement that buyers be physically present on the auction day.

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.