Online Auctions: Changing How We Buy and Sell

As an experienced auctioneer, I'm often asked about the differences between live and online auctions. Both formats have unique advantages, and understanding these can help you decide which is best for your needs, whether you're a buyer or a seller.  Meares Property Advisors, Inc. can conduct live auctions, timed online auctions, or simulcast auctions, which blend these.  Read on...

Live Auctions: The Classic Experience

There's nothing quite like the energy of a live auction. The rapid-fire calling, the tension in the room, and the thrill of raising your bidder's paddle create an atmosphere that's hard to replicate. Live auctions offer:

• Immediate assessment: Buyers can inspect items in person, which is crucial for certain goods like antiques or art.
• Personal interaction: Face-to-face communication with the auctioneer and other bidders adds a social element.
• Instant gratification: Winning bidders can often take their items home immediately.
• Limited competition: Only those present can bid, potentially leading to better deals.

However, live auctions require physical presence, limiting participation and potentially affecting selling prices.

Online Auctions: The Modern Approach

Online auctions have revolutionized the industry, offering convenience and expanded reach. They provide:

• Global access: Bidders worldwide can participate, potentially driving up prices for sellers.
• Extended bidding time: Auctions can run for days or weeks, allowing for more considered decisions.
• Lower overhead costs: There is no need for a physical venue, which can mean lower fees.
• Detailed information: Extensive item descriptions and high-quality photos can be provided.

However, online auctions also have their downsides. The lack of physical item inspection and the absence of that live auction 'buzz' can be significant drawbacks.

Making the Choice

As an auctioneer, I've seen success with both formats. The best choice depends on various factors:

• Type of items: Unique or high-value items often do well in live auctions, while common goods suit timed online formats.
• Target audience: Consider where your potential buyers are and how they prefer to bid.
• Urgency: Need a quick sale? Live auctions provide immediate results.
• Budget: Online auctions generally have lower operating costs.

In many cases, a hybrid approach works well. We often use online bidding platforms during live auctions, combining the best of both worlds. Ultimately, live and online auctions have their place in today's market. As an auctioneer, my goal is always to match the right format to each unique situation, ensuring the best outcomes for both buyers and sellers. 

Please reach out to us today to assess your auction needs - 864-947-2000.