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.
A Safe Option For Land Sellers We've had several auctions over the past couple months where the sellers have mentioned that the results "changed their lives", that they were "moved to tears", or that they were "overjoyed" with the prices they achieved for their land....
The Land Market and The Election Election day. While we may not know the official results for a few more days, today is the day the nation casts their vote. This day may also cause come uncertainties and raise questions surrounding the agriculture market, land...
Founder, Auctioneer, Broker, and Agent at DreamDirt, Jason Smith is a lead farm real estate professional in the Midwest. He has achieved the pinnacle of auction education earning the CAI designation and is one of only 11 CAI auctioneers in Iowa. Jason graduated from...
Selling Your Family Farm Is An Emotional Time This could be the most difficult subject anybody could try to tackle in a blog post. Just putting it bluntly, it is a horrible experience to sell the family farm. Over the years we have handled so many sales of family...
Everything A Seller Wants - An Easy, Safe, And Effective Land Auction! Picture this: You send me a message about selling your farm and want to get it sold as soon as possible. We agree to an online land auction with bidding open for 30 days. The morning of the auction...
Questions About Selling Farmland Myself, along with all of our agents and staff, get a number of questions every day from interested sellers. Over the past decade, we have noticed the same questions pop up from nearly every seller we work with! We took to Facebook...
If You Have Something To Sell, We Have A Solution To Sell It DreamDirt is an auction, real estate, and marketing company. We were an early adopter of online auction technologies, and now we are a developer of online auction software and online auction best practices....
Methods For Selling Farmland In today’s technologically advanced world, there are so many options and opinions available that people believe selling a farm should be easy. With that being said, many also believe that its possible to avoid paying any commission to an...
Iowa Farmland Sales Volume For 80% Tillable Farms Farmland Prices In Iowa For October 2019 Curious what farmland prices looked like in the state of Iowa during the month of October? DreamDirt tracks the sales of 80% Tillable farmland and above, year round!...
Can I Set A Reserve On My Farm Auction? No pun intended, but absolutely! Setting a reserve takes careful consideration, but it all comes down to this: If you set a reserve too high or too close to market value, you can hurt your final price. If you set it too low,...
CAI Auctioneer, Land Broker
Founder, Auctioneer, Broker, and Agent at DreamDirt, Jason Smith is a lead farm real estate professional in the Midwest. He has achieved the pinnacle of auction education earning the CAI designation and is one of only 11 CAI auctioneers in Iowa. Jason graduated from the World Wide College of Auctioneering, and has achieved the PRI designation from the Professional Ringmen Institute. Jason and his wife founded DreamDirt in 2005, and the company continues to be a leader in the farm auction space and prides itself in offering extensive land seller and buyer information.
Email: firstname.lastname@example.org | Phone: (515) 537-6633