Prospective Client FAQs

What are your fees?

• One of the most common questions we receive is, “What do you charge?” While important, it’s a question best asked after understanding the services, reputation, and results an auction firm delivers. Like any professional service, you get what you pay for — and auctions are no exception.

  There is no industry-standard commission; fees vary based on the scope of services, marketing strategy, and experience of the team. It’s essential to choose a firm with a proven track record. Ask for references, review past results, and evaluate the quality of service offered.

  Keep in mind, the lowest commission doesn't always equal the best value. A firm that charges less may deliver less. At the end of the day, would you rather earn 90% of $1,000 or 95% of $900?

When do I get paid?

• For real estate auctions, payment is typically made within 15 days of contract acceptance by the seller or confirmation by the appropriate court. Timing can vary based on title work, financing, and legal processes involved in the closing

• For personal property auctions, settlement is usually completed within 10 business days after the auction. You’ll receive a detailed disbursement statement outlining all agreed-upon expenses, including advertising, commissions, labor, and any other approved fees.

Who Will Be Working at the Auction?

• The team working your auction will be tailored to fit the size and scope of your event. Depending on your needs, staff may include auctioneers, ring personnel (bid catchers), clerks, cashiers, checkout staff, and security.

  All auction staff are highly trained and experienced in their roles, ensuring a smooth and professional event. Our team handles everything from accurate recording of sales to secure collection of proceeds, so you can rest assured your auction is in capable hands.

Who is responsible for insurance?

• Hiring a professional auction company means protecting yourself and your assets. At Mr. Ed’s, we carry comprehensive insurance to give our clients peace of mind. Our coverage includes general liability and medical insurance to protect against accidents on auction day and during the preparation period. We also maintain bailee’s insurance for items in our care, Garage Keeper’s insurance, and workers’ compensation for all staff members. Not all auctioneers are properly insured — protect yourself by choosing a company that is. At Mr. Ed’s, we prioritize professionalism, safety, and your protection.

Who is responsible for bad checks?

• All payments collected at auction are made payable to Mr. Ed’s Auction Company, Inc. and deposited into our Clerk Trust account for secure handling of funds. The personal property agreement will outline whether the seller or the auction firm is responsible for any insufficient funds; however, bad checks are rare due to our strict payment policy.

• To protect all parties involved, we only accept checks when accompanied by a bank letter of credit signed by a bank officer. We also accept cash, Visa, Mastercard, and bank wire transfers to ensure a smooth and secure transaction process.

What types of facilities are available on auction day?

• Our 16-acre auction facility, conveniently located at the corner of I-44 and Pine Street, is perfectly suited for live auctions of vehicles, equipment, and other movable assets. The property offers ample parking, bidder seating, and indoor restrooms to ensure a comfortable and efficient auction experience.

• For onsite auctions, we provide everything needed to run a professional event — including display tables, seating, and forklift assistance for loading. At larger events, full concessions are available, while smaller auctions include complimentary water and snacks for guests.

Can I set minimums or reserves?

• Real estate: In all real estate transactions, the seller retains the right to accept or reject any offer. This ensures you remain in full control of the sale process from start to finish.
• Personal property:  It’s common for sellers to be concerned about the final selling price of certain items. Over time, we’ve seen that while some items may sell for less than expected, others often exceed expectations — and in most cases, it balances out. At Mr. Ed’s Auction Company, Inc., we maintain a strict no minimum, no reserve policy on personal property auctions. While this may seem intimidating at first, our loyal bidders trust this approach. They know that every item will sell and that there are no hidden reserves or shill bidders — just honest, competitive bidding that’s been the foundation of our business for over 65 years.

What about advertising?

• We offer a customizable marketing strategy tailored to each auction. By combining targeted online advertising, social media campaigns, direct mail, flyers, and traditional print media, we ensure your assets reach the widest audience possible.

• Our website and online bidding platform attract a strong local following and a nationwide base of serious buyers, helping maximize exposure and results for every auction.

When and where should I have my auction?

• Every auction is unique, and while timing can vary based on your goals, the truth is — there’s no bad time to hold an auction. Our experienced team will work closely with you to determine the best auction type and schedule to help ensure a successful outcome. From planning to execution, we're here to guide you every step of the way.

How is Mr. Ed’s Auction Company, Inc. staffed?

• Our team is led by Zach Vierheller, Managing Broker and grandson of our founder, Mr. Ed. After over six decades at the helm, Mr. Ed officially passed operations and leadership to Zach in 2024. With a lifetime of experience in the auction and real estate industries, Zach continues the legacy with integrity and innovation.

  We proudly staff two full-time auctioneers and work with several trusted contract auctioneers, along with licensed real estate associates who assist in transactions across various areas. Our dedicated support staff is made up of experienced professionals committed to delivering excellence in every project.

  As active members of the Oklahoma Auctioneers Association, National Auctioneers Association, Certified Auctioneer’s Institute, and organizations like the Tulsa Executives Association, Tulsa Investors Club, and Tulsa Homebuilder’s Association, we are deeply engaged in our industry. We place a strong emphasis on education and staying up to date with trends, tools, and best practices to better serve our clients..

How much experience does Mr. Ed’s Auction Company, Inc. have selling real estate and personal property like yours?

• Established in 1960, Mr. Ed’s has over 65 years of auction experience.
• Since our founding, we’ve successfully managed thousands of auctions across a wide range of categories — including residential and commercial real estate, farms, heavy equipment, business closeouts, bankruptcy assets, school and government surplus, firearms, antiques, collectibles, household contents, and full estates. Our depth of experience allows us to confidently handle auctions of any size or complexity.

What if I don't see my question here?

• Have questions or ready to get started? Then by all means, give us a shout — we’d love to talk with you. You can reach us by email at info@mredsauction.com, give us a call at 918-266-4218, or stop by in person. We’re located just 1.5 miles east of Highway 66 on Pine Street in Catoosa, Oklahoma.

Our Customer FAQs

What forms of payment do you accept?

• We gladly accept cash, Visa, MasterCard, bank wire transfers, and personal or company checks — provided the check is accompanied by a bank letter of guaranty. 

Where are auctions held?

• All real estate auctions are conducted live, with online absentee bidding available for those who cannot attend in person. Personal property auctions may be held either online or onsite, depending on the assets and circumstances of the sale. Our team will determine the best format to maximize exposure and results for each auction.

When and where do I register?

• Our auctions start on time, so we recommend arriving 15–20 minutes early for live events to complete onsite registration. Please bring a valid driver’s license for verification. If you are tax exempt, be sure to bring your state-issued exemption documentation at registration so we can make a copy and add it to your customer record.

Online Auction FAQs

What is a Buyer’s Premium?

• A buyer’s premium is an additional fee paid by the winning bidder to the auction company, usually calculated as a percentage of the final bid amount. At live auctions, there is no buyer’s premium.
• However, for online auctions, a 15% buyer’s premium typically applies. This fee will be clearly noted in the auction terms prior to bidding.

What is Soft Close?

• In an online-only auction, if a bid is placed within the final minutes before a lot is scheduled to close, the bidding for that item will automatically be extended by 3 minutes. This prevents "auction sniping" and gives all interested bidders a fair opportunity to respond. The extension will continue until no additional bids are placed and bidding activity has ended.

What is Maximum Bid?

• In an online-only auction, you can let us bid on your behalf by submitting a maximum bid—the highest amount you’re willing to pay for an item. Our system will automatically place incremental bids for you, only as needed, to maintain your winning position up to your maximum amount.
• For example, if the current bid is $50 and you set a maximum bid of $100, the system will automatically increase your bid as needed to stay ahead of competing bidders. If your maximum is outbid, you’ll receive an email notification, giving you the option to place a new max bid if you wish to stay in the race.

I won! Now what?

• In an online-only auction, all winning bids will be charged to the Visa or Mastercard used at registration. If the auction ends on a Sunday evening, we will process payments (cash out) on Monday and email each winning bidder a paid receipt along with the pickup address and instructions.

• Pickup typically takes place the day after cash out—in this example, on Tuesday. If you don’t receive your email by early afternoon on cash out day, please check your spam or junk folder, as messages occasionally end up there.

Do you offer shipping?

• We typically do not offer shipping for our auctions. The pickup location is always clearly stated in advance, usually by city and/or ZIP code, so that bidders can confirm their ability to attend before placing a bid. Please review pickup details carefully to ensure you can meet the scheduled time and location.

I'm having trouble logging in to my bidding account. Can you help?

• If you receive an error when trying to log in to our bidding platform, you may have entered an incorrect password. Simply click “Forgot your password?” on the login screen to reset it.

  Please note that passwords are case-sensitive—for example, if your password is “High_Bidder!”, it must be entered exactly that way each time to log in successfully.