Top 50 Questions about Farmland
Yes, the auctioneer matters greatly when it comes to selling farmland. The auctioneer’s ability to read the crowd, process information quickly, and make split-second decisions can significantly impact the outcome of the sale—and ultimately, the price you receive for your property.
Why the Auctioneer Matters
-
Real-Time Crowd Engagement:
- The auctioneer is having a one-sided conversation with a room full of potential bidders, interpreting signals such as body language, eye contact, and pacing
- Their role is to keep the momentum and energy in the room alive while ensuring every bidder has an opportunity to participate.
-
Reading the Crowd:
- A skilled auctioneer can sense hesitation or interest in the crowd.
- Example: If a bidder is on the verge of raising their bid, the auctioneer might take a break to allow them time to decide, increasing the chances of securing a higher bid.
-
Maximizing Value:
- The auctioneer’s ability to recognize when additional bids are possible can add significant value.
- For example, just two extra bids on 300 acres at $100 per acre could add $60,000 to the final sale price.
-
Managing Complexity:
- Auctions involve managing in-person, phone, and online bidders simultaneously.
- The auctioneer ensures no bid is missed and that all participants feel engaged, regardless of location.
-
Representing the Seller:
- The auctioneer works fiduciary for the seller, ensuring that the property is sold at the best possible price while maintaining fairness and transparency.
Key Takeaways
- The auctioneer’s role is critical to the success of your sale—they ensure that no opportunity for higher bids is missed.
- A skilled auctioneer can read subtle cues and take strategic actions, like breaks, to encourage more bidding.
- The right auctioneer doesn’t just sell your property; they maximize its value through expertise and crowd engagement.
David Whitaker | Iowa Land Guy
