Frequently Asked Questions
What are your fees?
This is probably the first question asked by a potential client. In reality, it should be the question asked when all the other questions have already been answered. “You get what you pay for” applies to auctioneers and auction firms like any other service or product. There is no standard commission charged by all auction firms. It is important to check out the auction firms reputation and track record. Ask for references and prior clients to determine if they were satisfied with the results. Fee cutting or less than customarily charged fees usually equates to less than customary services. The auction firm that quotes the lowest fee may turn out to be the most expensive. Which would you rather have… 90% of $1,000 or 95% of $900?
When do I get paid?
Settlement is typically ten (10) business days following the auction. The settleout booklet will itemize all advertising costs, including dates and placements of publications (samples are included when available), commission, labor expenses, and any other fees that were approved.
Who will be working at the auction and who provides the auction employees?
Depending on the size and needs of your auction, the auction staff may include one or more auctioneers, ring employees who will catch bids, checkout assistance and security, clerks, cashiers and more. These employees are skilled and specifically trained for their positions. They are responsible for recording all sales and collecting all proceeds from buyers.
Who is responsible for insurance?
Professional auctioneers carry liabilty and medical insurance protecting the seller against accidents on auction day and before. We have ample insurance including bailee’s insurance, Garage Keeper’s Insurance and Workman’s Comp. PROTECT YOURSELF. Do not hire an auctioneer without adequate insurance.
Who is responsible for bad checks?
Checks at the auction are made payable to Mr. Ed’s Auction Company, Inc. All proceeds are deposited into our Clerk Trust account. The personal property agreement will state whether the seller or the auction firm bears the responsibility of insufficient funds checks. However, bad checks are not a large problem at our company. Our policy is to only accept checks when accompanied by a guaranteed bank letter of credit signed by a bank officer. We also accept cash, Visa, Mastercard and bank wire transfers.
What types of facilities are available on auction day?
At large auctions, we have clean, reasonable and GOOD concessions available. At smaller auctions, there is always water, sodas and some snacks available for purchase. We will have seating and a tent available if needed. We have our own clean portable toilets, if needed. All of these services are provided to keep guests comfortable and keep them at the auction!
Can I set minimums or reserves?
Every seller has a concern about the selling price of a few select items. Experience has shown that buyers will pay a fair market value, however some items will sell for considerable more than expected whereas others will sell for less. These items usually balance each other out. Mr. Ed’s Auction Company, Inc. has a no minimum and no reserve policy. This can be intimidating to some sellers, but rest assured that our customers KNOW that this has been our policy for over 56 years. They trust that what they are bidding on will sell and be available for them to take home. They KNOW there is nobody in the crowd shill-bidding for the hidden reserve. That is why we have such a huge following and customers who are willing to bid a little more.
What about advertising?
A good advertising plan is probably the most important element in your auction. It is as important as the anything else that happens in the course of your auction, including auction day! We are marketing specialists. We look at your merchandise or property from every possible angle to ensure that we have a market for competitive bidding on the day of the auction. An auction firm’s mailing list is its most prized possession and most valuable asset. We have over 56 years of experience meeting the right person for every possible item – whether commercial or residential real estate, farms and ranches, firearms, antiques, machinery, collectibles, surplus business equipment and inventory – whatever! Our list of potential buyers is maintained and regularly updated to assure reaching qualified, interested buyers. We can reach buyers from your community or New York City! Properly placed ads in area newspapers, trade magazines, and on the internet are essential. Our email mailing list is over 1,000 members with more requesting to be added everyday. This internet and email marketing are at NO extra cost to you.
When and where should I have my auction?
Every auction is different. Nowadays, there is no season, day or time that is any slower than another in the auction business. Our professional, experienced auction personnel will consult with you to find out your specific needs in order to ensure a successful event.
How is Mr. Ed’s Auction Company, Inc. staffed?
Our staff includes two full time auctioneers and several part-time award-winning contract auctioneers. Mr. Ed is a licensed Real Estate Broker and we have three licensed real estate associates that work along side him. Support staff includes three full-timers in the office, and a couple of part-timers; clerks; cashiers; full-time set-up personnel and auction project managers with a combined experience level of over one hundred and fifty years. The staff of Mr. Ed’s Auction Company, Inc. is very active in the Oklahoma Auctioneers Association and National Auctioneers Association, Certified Auction Institute, Tulsa Executives Association, Rotary Club International and their home churches. We value education highly and strive to attend seminars and classes to stay current on changes in our industry.
How much experience does Mr. Ed’s Auction Company, Inc. have selling real estate and personal property like yours?
Mr. Ed’s is celebrating their 45th year serving as auctioneers. We have handled literally thousands of auctions including farms, residential and commercial real estate, machinery, business liquidations, bankruptcy assets, school and government surplus, firearms, antiques, collectibles, households and estates. Whether it is a prized gun collection, art glass or a large tract of rural real estate, we have sold it at auction.
What forms of payment do you accept?
We accept good old fashioned cash, of course! Visa or MasterCard, Bank Wire Transfer, or a personal or company check as long as it is accompanied by a bank letter of guaranty. For a sample letter to take to your bank, please click here.
What if I don’t see my question here?
Then, by all means, give us a shout! We’d love to talk to you. You can reach us by email at firstname.lastname@example.org. Call us at 918-266-4218. Fax us to 918-266-4261. Or come by-1.5 miles east of Hwy 66 on Pine Street in Catoosa, OK.