Why should we sell our surplus property at Auction?
There are a number of advantages to selling your
municipality’s surplus property at a live auction. Auctions bring interested parties to the same place at the
same time, creating a competitive bidding process to bring the
highest dollar for your property. Also, public auctions give
citizens the chance to witness the sale of government property,
adding transparency to the process, as well as their being able to
bid on the property themselves.
Why is a live auction better than “sealed bids”?
The solicitation of sealed bids is a commonly used auction
method for the sale of surplus property, particularly in instances
when you are selling a small amount of property.Sealed bids, however, are just that: sealed, which prevents
losing bidders, who may have been willing to bid more, from
increasing their bids.
Online auctions seem to be growing in popularity. Is there an advantage to holding a live Auction?
While online auctions continue to grow in popularity, they
may not be the best way to sell your surplus property. Online formats can be convenient for the buyer, allowing them
to bid from their home or office, but it limits their ability to
inspect the property and can affect how far they are willing to go
in the bidding process. Online
auctions also lack the excitement of a live auction where multiple
bidders are at the same place watching each other’s every move.
Instead, we have the ability to
combine the ease and versatility of online solutions with the live
auction process, allowing you to reach potential buyers at any
distance, giving you the best of both worlds.
What if we lack enough surplus property to hold an
auction of our own?
L.W. Benton Company recognizes that many municipalities
simply do not have the resources to turn over large amounts of
property at one time. That
is why we encourage the combination of multiple government entities,
even across county lines, in one sale. While combined sales obviously increase the number of lots to
be sold, they also allow for greater advertising exposure across a
broader market. It has
been our experience that more people usually equates to more money.
I have seen auctions that combine both public and
private property. Is this something L.W. Benton Company is capable of doing?
Absolutely, and in most instances we recommend it. Again, the more quality property a sale has to offer, the
bigger the draw to potential buyers. The key, of course, is to ensure that those private
consignment items are quality items that will not detract from the
rest of the auction, which is the sole responsibility of L.W. Benton
Company.
