If you’ve never hosted a farm auction before, it might seem a little daunting to plan one. There are many things that need to be planned out beforehand, and if you’re new to the auction game, there are a lot of unknowns. Well, if you’re interested in planning your first farm auction, here are some tips to keep you on track.
The first thing you need to do to prepare for your auction is have a professional team assess the items you want to sell. When having your items appraised, make sure a reputable company with a history working in your field is there to help you out. The last thing you need is a jewelry expert telling you how much your backhoe could fetch at auction. At Wilson Auction & Realty, for example, we are well versed in farm equipment and have the knowledge needed to accurately and fairly appraise your items.
Next, you’ll want to start publicizing the auction. Make sure that your friends in the industry are aware of the auction and can spread the word, but don’t give special people the ability to buy some of your items before the auction. If you promise to sell off the four or five really good pieces before the auction is open to the public, you run the risk of the public not showing up to see the rest of the available items.
Make sure to safely secure and store the items you’re auctioning; if people ask for previews before the auction, that’s fine—but be aware of the value of the equipment you’re holding and take precautions against theft.
Trust Your Auctioneer
And lastly, be honest with your auction attendees, follow your auctioneer’s advice and don’t worry! It’s going to be a stressful thing to plan, but it’ll all work out in the end.
By following these tips, you will be sure to have a successful farm auction and be able to part with the items you’re looking to sell and net a respectable profit at your first auction. If you’re interested in hosting your first auction but aren’t quite sure where to start, contact the team at Wilson Auction & Realty today by calling 866-870-5500 and let us help you get the process started.