Why Should I Have An Online Auction?
What Driving in the Fog Taught Me
For the longest time, I struggled to explain the benefits of Timed Online Auctions to potential sellers. It was frustrating, especially when I felt an online auction was the best option to sell their farm. It was one of those concepts I could easily comprehend, but I couldn’t quite find the right words to help explain to clients.
I specifically remember one auction where I knew the farm tenant was planning to sit in the front row. This not only had the potential to cause other bidders to feel pressured but, ultimately, deter them from bidding. In the end, the sellers barely achieved their reserve by a mere $17 per acre. At DreamDirt we represent the seller, so this result was just as much of a disappointment to us as it was the family. I couldn’t help but wonder what the results would have been if they had taken our advice to use a Timed Online Auction.
Online Auctions and…Fog?
It wasn’t until I was experiencing a very stressful, foggy drive at night that I found the right words to explain Timed Online Auctions.
After driving two hours at 35 mph, my knuckles were as white as the ghostly, thick fog that blew in front of my headlights. My speed made me nervous- someone could rear-end me, but at the same time I might run into a slower vehicle ahead. As I approached a particularly bad spot I leaned forward, squinted my eyes, and reached over to turn the radio down so I could see better.
Wait, what? Why did I just turn the radio down to SEE better?
At that point, there was no time to analyze it- but the thought stuck with me.
Upon reaching my destination, I turned to Google for answers. I learned that I wasn’t alone in turning down the radio to see better. In fact, the action is referred to as “cognitive load”. I came across a study that further explained the act of reducing noise to improve a person’s vision. The article stated how the human brain strives to minimize distractions in order to concentrate on the task at hand.
The Perfect Correlation to Online Auctions
All of a sudden, it clicked! Driving in the fog is a stressful process. Attending a live auction where a bidder might spend $500,000+ is stressful. Live auctions produce social pressures, bidder friction, and stress. We are asking a person to perform just one task – bidding. However, during the process a bidder makes math calculations, contemplates bidding strategy, and more. What’s even more daunting, this must be performed in the framework of the bank’s rules, societal rules, and familial rules – all the while considering the cost and risk analysis of the transaction.
Whew, that’s a lot.
Driving in the fog taught me that the more stress we are able to remove from the experience, the better our customers and clients could perform at their highest cognitive levels. They would be able to bid free of those thoughts and stresses!
Want to learn more about online auctions, or dig deeper into how this option reduces bidder stress?
Request a Free E-Book
You’ll find our E-books are jam-packed with dynamic information covering topics about selling land, online auctions, and everything in between. Whether you’re ready to start the land-sale process, or even toying with the idea, we hope this will help guide your thoughts on the next best steps for your land.
You only get one opportunity to sell land the right way, mistakes last forever! You should be as knowledgeable as you can be when you are selling something so valuable and important.
These are completely free to download and will help you avoid the pitfalls you can encounter when selling your land as well as how to navigate the fast paced world of technology now intertwined with it.
Related News
Farmland For Sale in Shelby County, Iowa | 71.22 Acres
Farmland Auction in Shelby County, IowaAuctioneer: Jason Smith | (515) 537-6633 Location: Tennant, IowaFarmland Auction Details in Shelby County, IowaThis farm is an easy investment with one year of interest-free seller financing. The full payment will be due over...
Unlocking the Value of Minnesota Farmland: A Comprehensive Guide to Current Land Prices and Expert Insights – October 2024 Report
Welcome to Our Monthly Minnesota Farmland Value Report In this monthly report, Jason Smith, Land Broker and Auctioneer dives into Minnesota farmland values, helping you understand the factors that determine what your farm is potentially worth. Our goal as auctioneers...
Unlocking the Value of Nebraska Farmland: A Comprehensive Guide to Current Land Prices and Expert Insights – October 2024 Report
Welcome to Our Monthly Nebraska Farmland Value Report In this monthly report, Jason Smith, Nebraska Land Broker and Auctioneer dives into Nebraska farmland values, helping you understand the factors that determine what your farm is potentially worth. Our goal as...
Unlocking the Value of Illinois Farmland: A Comprehensive Guide to Current Land Prices and Expert Insights – October 2024 Report
Welcome to Our Monthly Illinois Farmland Value Report In this monthly report, Rachel Tiffany, Land Broker and Auctioneer dives into Illinois farmland values, helping you understand the factors that determine what your farm is potentially worth. Our goal as auctioneers...
Unlocking the Value of Iowa Farmland: A Comprehensive Guide to Current Land Prices and Expert Insights – October 2024 Report
Welcome to Our Monthly Iowa Farmland Value Report In this monthly report, we dive into Iowa farmland values, helping you understand the factors that determine what your farm is potentially worth. Our goal as auctioneers and farmland real estate agents is to provide...
Farmland For Sale in Clarke County, Iowa | 271.84 Acres
Farmland Auction in Clarke County, IowaSellers: James E. Poppe Revocable Trust Auctioneer: Tom Bradley | (515) 202-7687 Location: Osceola, IowaFarmland Auction Details in Clarke County, IowaThis farm lies southwest of Osceola, in Clarke County, Iowa, with several...
Farmland For Sale in Cerro Gordo County, Iowa | 64.85 Acres
Farmland Auction in Cerro Gordo County, IowaSellers: Mark Nauman and Marta Mueller Auctioneer: Jason Smith | (515) 537-6633 Location: Rockford, IowaFarmland Auction Details in Cerro Gordo County, IowaThis quality farm has access on hard surface road, southeast of...
Unlocking the Value of Minnesota Farmland: A Comprehensive Guide to Current Land Prices and Expert Insights – September 2024 Report
Welcome to Our Monthly Minnesota Farmland Value Report In this monthly report, Jason Smith, Land Broker and Auctioneer dives into Minnesota farmland values, helping you understand the factors that determine what your farm is potentially worth. Our goal as auctioneers...
Unlocking the Value of Nebraska Farmland: A Comprehensive Guide to Current Land Prices and Expert Insights – September 2024 Report
Welcome to Our Monthly Nebraska Farmland Value Report In this monthly report, Jason Smith, Nebraska Land Broker and Auctioneer dives into Nebraska farmland values, helping you understand the factors that determine what your farm is potentially worth. Our goal as...
Unlocking the Value of Iowa Farmland: A Comprehensive Guide to Current Land Prices and Expert Insights – September 2024 Report
Welcome to Our Monthly Iowa Farmland Value Report In this monthly report, we dive into Iowa farmland values, helping you understand the factors that determine what your farm is potentially worth. Our goal as auctioneers and farmland real estate agents is to provide...
Jason J Smith
Auctioneer & Land Broker
Jason is an experienced farmland broker and auctioneer with extensive experience in farmland sales across this Midwest. Jason has worked with hundreds of clients to create advantageous outcomes. If you are selling land schedule a consultation with Jason by calling or using the calendar.
Phone: 515-537-6633 Email: [email protected]