The auction advantage
Auctions are unique in experience, in sound, and in practice. Many auction attendees find the experience addictive—there's nothing quite like the thrill of finding something they want and then bidding against others who want the same thing.
During a live auction, each bid reinforces the market value of the real estate, which encourages continued bidding. In conventional real estate sales, buyers negotiate sellers down. At auction, a buyer can win only by outbidding the competition for the desired property.
Our real estate auctions thrive in strong markets where determined bidders push prices up. Knowing the auction audience comes to buy, sellers enjoy clear advantages.
Seller benefits
Multi-parcel auctions
At Iron Horse Auction Company, we do auctions differently than most. We were one of the early innovators of the "Open Forum Method" — better known as the multi-parcel auction. In a multi-parcel auction, a single large property — such as a farm, ranch, or subdivision — is divided into a variety of tracts, parcels, or lots.
This gives buyers the opportunity to purchase a single unit, all of the units, or any combination of units in between. To make this possible, Iron Horse uses the Ultimate Choice bidding system — a web-based platform that allows true combination bidding in real time from anywhere.
How it works
Individual bids
Bid on one specific parcel to purchase it outright.
Combination bids
Bid on a custom group of parcels to be purchased together.
Total bids
Bid on the entire property as a whole — the entirety.
As bidding progresses, the system continually compares the combined total of the leading individual and combination bids against any bid for a larger grouping or the entire property. The combination that produces the highest overall total stays in the lead. Bidding continues in rounds until no bidder is willing to raise any combination — at which point the highest total determines the winners.
Multi-parcel auctions have rapidly gained favor with buyers and sellers over conventional real estate marketing, and they are now the method of choice for determining the highest selling price for real estate. They attract more buyers by allowing the purchase of select parcels rather than requiring the whole property. More options mean greater flexibility for both sellers and bidders. The number and amount of bids increase when buyers can bid on different combinations — intensifying competition and generating excitement.
This competitive, flexible environment is why our auctions often sell property for considerably more than it would bring through conventional real estate sales.
Tips for bidders
- 1 Know your value. Decide what each parcel — or combination — is worth to you, and be prepared to raise your bid more than once to stay in the lead.
- 2 Watch the whole board. Pay attention not just to your parcel, but to how the combinations and total bids are stacking up.
- 3 Stay engaged until the close. Standings can change right up until bidding ends.
- 4 Ask us. Our staff is available before and during the auction to explain where the bidding stands and how it affects your position.