JAMES T. SMITH
 AUCTIONEER
1 1/2 Mile N. of Prairie Creek on HWY 63 to Bowen Dr. or From Terre Haute,
11 Miles S. of I-70 on 63 to Darwin Ferry Rd., then 1 Mile W.

"THE PROBLEM SOLVERS"
 











 


Some Common Concerns and Frequently Asked Questions About Auctions

I am worried that some of my items will sell too cheaply.  How do I guard against this?

Many times we tend to focus on one or two items, when in reality we need to look at the overall picture.  Some items may sell for less than you feel they are worth.  However some will sell for more than you thought.   In a properly advertised and professionally conducted auction, fair market value will be received.

I could have a yard or tag sale and avoid paying the auction commission.   That should save me money.

You can conduct your own yard or tag sale.  Much of what you offer will not be sold due to improper pricing or being less desirable merchandise, or for some other reason.   If you have your own sale, the best you have will be picked over. What is left may be less desirable or damaged.  At this point, you may now want an auction firm to sell what you have left.  A reputable firm will not take these left items and you have done yourself a tremendous disservice, and not achieved your goal of converting all your assets to cash.  Not to mention, at your sale you have not created the competitive market of the auction, and therefore, not received full market value for your items.  Always remember, IT DOES NOT COST TO HIRE A PROFESSIONAL, IT PAYS!

What items should I sell at Auction?

Any real or personal property you would like to convert to cash quickly are items that can be sold by the auction method of marketing.  Always bear in mind that the auction marketing method offers you, the seller, the ultimate unlimited marketplace.

Should I offer my Real Estate with a Realtor before offering it at Auction?

If you have Real Estate to sell, offer it at Auction first.  It is better to have several interested buyers competing for the privilege of owning your real estate, than having buyers coming at you, the seller, one at a time with offers trying to get you to lower your price.  Have realistic expectations.  Set realistic reserves.   The process of selling Real Estate at Auction is less time consuming, and fair market value can be realized.

How do I know which Auction Company to hire?  Should I hire the Auction Company with the lowest Commission?  Why?  Why not?

Choosing an auction company should be done with the utmost of care.   Remember these are your assets, your savings and should not be entrusted to a firm that is not qualified to convert your merchandise to the most cash available.  Make sure the firm you choose is a full time company, not one that has to fit your auction schedule around their regular job for their convenience.  Look in the local papers at the auction ads for several weeks.  Find out who is having the auctions.   Inquire if your prospective firm are members of any professional organizations, such as IAA, or NAA.  Firms belonging to these organizations are more apt to be updated on any legal changes, and any marketing updates or trends that could possibly affect your auctions.  Ask for references.

Should I hold my auction on my property, or should it be moved to another facility?

At Prairie Creek Auction, we can hold your auction on your sight, move it to our auction facility, or some other locality as the circumstances dictate.  We have everything needed to assure you of a successful auction.

These points and others can be discussed with you in confidential detail.
  We would be glad to do so at your convenience.
 

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