and Auction Co.

Doug Smith Realty

​​​​How much time can our company devote to the client’s needs?
Our company is a full time operation. We do not do this as a hobby, or a second job. Therefore, we are able to fully invest in the needs of our clients and customers. 

What are the benefits of selling my Real Estate at auction?
Benefits include pre-established terms and conditions, quick turn around and closing times, can be sold in its current “as is” condition (if desired), and no caps on the sale price. All price negotiating is conducted competitively at a “live” auction, with public attendance. An established auction date effectively puts buyers on notice that the real estate will sell at a specific date and time, and that the opportunity to purchase the real estate is now. Finally, real estate auctions attract strong, qualified buyers, due to the terms and conditions of the purchase agreement. 

What options do I have when selling my Real Estate at auction?

There are three options for selling real estate at auction:
Seller Confirmation: If this is the option chosen, the seller can decide if the final bid tendered is acceptable. Generally, the seller has an idea of what he or she would accept for the sales price. Once the bidding has commenced, the auctioneer will look to the seller to see if the final bid is acceptable. This option provides the seller flexibility as her or she can gauge the public’s genuine interest in the real estate, and sell it if they are satisfied. Ranges for the expectation of sales price will be discussed before the auction with one of our staff. 

Reserve Auction: This option has a set, and pre-established, minimum bid. Most often, this is the method utilized for real estate auctions. This allows the buyers to have a set price which will allow for the purchase of the real estate. Further, there is no ambiguity with this method. If the auction brings the established minimum bid, the real estate will sell. As with the Seller Confirmation approach, we will assist in determining an established minimum bid. 

Absolute Auction: This method is one that provides increased buyer enthusiasm, as the real estate will sell regardless of price. Once the auctioneer begins soliciting bids, the property is legally required to sell. Often, this is the method chosen for distressed or inexpensive properties. Selling at absolute auction can still contain the basic purchase contract framework, but without the protection of establishing a minimum sales price.

What is the timetable for conducting a real estate auction?
Generally, one month of lead time is minimal; however, more notice is beneficial. One month typically allows for scheduling of open house/preview dates, and should provide sufficient time to promote the auction. Moreover, any additional lead time can be devoted to further promotion of the real estate. Finally, this is all contingent on the property’s condition, and subject to the need for any additional or suggested repairs, changes, legal work, surveys, et al. 

Should I sell via a conventional listing method?

This method allows for considerable flexibility. Almost anything can be negotiated during this type of transaction. Further, it allows for buyers to purchase in a relaxed setting, with nothing predetermined. Conversely, if the property needs some repairs, or other alterations, this method can encourage those items to be negotiated, or required by a lender, and bring additional expense and time to the closing. 

How do I decide how to best sell my real estate?
Once we meet with the seller, we are happy to discuss all options for the method best utilized for a successful real estate sale and closing. We will consider the seller’s needs and wants, the timetable involved, and the condition of the property. These factors will all have an effect on what we mutually decide is your best option.  

Why should I utilize a Doug Smith Realty and Auction Company agent to represent me as a buyer?
Simply put, we are working for you. There is no conflict of interest in this type of relationship. We have years of experience that will be utilized for your benefit. Our agents can search for properties that meet your needs; will negotiate on your behalf; schedule showings; will assist with discussions between the lenders and title agencies; and generally are paid at closing, by the seller, out of closing proceeds, and through co-brokerage cooperation. 

After deciding to sell my real estate or personal property at auction, who handles the advertising?
Once we have established expectations and signed the auction contract, we will proceed with preparing advertising for your specific needs. Any costs for these will be discussed and explained during our discussions. Generally, we will write the ads, prepare any bidder packets necessary, contact and submit ads to the appropriate outlets, and handle all aspects of this portion of the promotion of your auction. Real estate ads and bidder packs often include property descriptions, tax information, plats, purchase contract, and any disclosures related to the sale of the property. Personal property ads will be posted online and be prepared for any local news media selected by the seller and auction company. The preparation and submission of these are handled by our staff. The following are examples of outlets we may utilize for the promotion of your auction.
www.realtor.com
www.columbusrealtors.com
www.smithsauctions.com
www.dougsmithrealtyauction.com
www.auctionzip.com
Additionally, we may use local newspapers and on-site signage.
 


How much seller participation is required for the sale of my personal property?
This will be discussed during our initial meeting. Any participation that the family or friends can provide is much appreciated and beneficial to the seller. This will help defray additional expense for the seller, as labor is often one of the more significant expenses involved in a personal property auction. Further, our staff will give as much direction as necessary to ensure a successful auction. Additionally, in many cases our company can provide all of the manpower necessary to complete all of the labor needs if the seller is unable to assist with this. This is often the case if the seller lives out of town, or is unable to help for any other reason. Finally, we will coordinate the staffing necessary to conduct the clerking and cashiering for the day of the auction. 

How much notice is required to schedule a personal property auction?

Generally, we would like to have one month minimum. This all depends on the scope of the merchandise and how much pre-auction labor is required. We will discuss this with the sellers and coordinate our schedules, and your expectations, accordingly. Additional consideration may need to be given to the time of year, holidays, or other timing issues. The more lead time a seller can provide, the better, as there will be more internet exposure and more time to properly prepare the items for auction. 

What types of appraisals do we perform?

We have many years of experience in appraisals of real estate, antiques, collectibles, firearms, equipment, machinery, household merchandise, and more. Our staff has several members that are on the approved lists of most counties in central and southern Ohio. Additionally, we have one licensed real estate appraiser in-house. Our company has long standing relationships with attorneys, political subdivisions, courts, banks, schools, and much more.

Why should I choose Doug Smith Realty and Auction Company? 
In two words: experience and integrity. We strive to bring the best results to our clients. Our company devotes extensive time and energy to achieving the highest levels of satisfaction for you. We have years of experience and will honestly discuss all options aimed at providing successful results for you, our client. We look forward to discussing your needs and providing you with proven solutions and positive results.

FAQ

740-927-0000