Made possible by the internet, online bidding is a natural step in the evolution of auctions. Because of the benefits to sellers and buyers, and their success rate, online auctions are increasing in popularity.
- Seller Benefits
- Items are exposed to a larger pool of buyers – potentially nationwide
- Low impact on seller’s property and neighborhood. 100s of bidders may be registered and bidding online, but none have to be on the property while bidding is taking place. After the auction closes, only the winning bidders (a fraction of the total number of bidders) need to come onto the property.
- Alleviates parking and weather concerns for the auction
- Sellers can view their complete inventory online
- The catalog provides a photo record of all items sold
Items to be auctioned will be organized into lots. A lot is a single item (or a group of items that will be sold for one price). Once all the lots have been identified, numbered, descriptions written, pictures taken, and all loaded to computer, the auction catalog has been created.
The catalog of pictures, descriptions and other information is then posted and becomes viewable on our online auction website https://orrellauctions.hibid.com. Along with the catalog, information is included concerning:
- Terms of registration and participation by bidders.
- Auction timeframe
- Beginning date and time
- Designated time for Live Preview or Inspection Period for those who may want to (and are encouraged to) observe and inspect items of interest.
- Ending date and time
- Pay and pick up schedule
At the advertised time, bidding becomes available on the website to registered bidders.
The auction runs for a specified period of time then bidding closes. Winning bidders are immediately notified by email including an invoice and detailed instructions for payment and pick up of their purchases.
Buyers arrive during the designated time to pay for and remove the items they’ve purchased. Generally, pay and pick up lasts one day only.
At the end of the day, your assets have been converted to cash and cleared away! All that’s left to do is sweep up!
In a few short days you will receive
- Your money
- A list of sold items showing how much each sold for
- A settlement statement
If you see an auction in your future, or would like to discuss selling your Personal Property and/or Real Estate at auction, Let’s Talk!
I want to be Your Auctioneer! Jimmy Orrell 870-723-9116
You can view our Online Personal Property, Real Estate, Business Liquidation or Fundraiser Auctions at https://orrellauctions.hibid.com