Frequently Asked Questions
Curious to find out more details? See our FAQs below or give us a call with your specific questions.
Prospective Client FAQs
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 firm’s 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?
Real Estate closings determine the disbursement date and are dependent on multiple factors but typically no later than 15 days following contract acceptance by the Seller or confirmation by the appropriate Court of law.
Personal property auction settlement is typically ten (10) business days following the auction. The Disbursement will itemize all advertising costs commission, labor expenses, and any other fees that were contractually agreed upon and/or approved.
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.
Professional auctioneers carry liability 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.
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.
Our 16-acre facility located at the corner of I-44 and Pine Street is ideal for live auctions of vehicles, equipment, or other assets that need to be moved. We will have ample parking, seating and indoor restrooms. For onsite auctions, we have the tables to display assets for sale, seating for bidders, and forklifts for loading assistance. At large auctions, concessions are available. At smaller auctions, there is water and snacks available.
Real estate: The Seller always has the right to accept or reject an offer in any real estate transaction.
Personal property: 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 considerably 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 on personal property sales. This can be intimidating to some sellers, but our personal property bidders KNOW this has been our policy for over 6 decades. They trust that what they are bidding on will sell and that there is nobody in the crowd shill-bidding for the hidden reserve.
We have a marketing strategy that can be customized to the specific auction, by using a combination of internet, social media, direct mail, flyers, and newsprint to reach the most prospects possible. Our website has a wide following, along with our online platform that reaches a nationwide audience.
Every auction is different, but there is no bad time to have an auction. Our professional, experienced auction personnel will consult with you on a type of auction and schedule that will help ensure a successful outcome.
Our staff includes two full time auctioneers and several contract auctioneers. Mr. Ed has been the Real Estate Managing Broker for over 6 decades. Michelle Johnson and Zach Vierheller are also licensed brokers with over 3 decades of experience. We also have multiple licensed associates that assist with real estate transactions in various capacities. Our support staff includes experienced professionals who strive for excellence in every project we do. We are active in the Oklahoma Auctioneers Association, National Auctioneers Association, Certified Auctioneer’s Institute, Tulsa Executives Association, Rotary Club International, Tulsa Homebuilder’s Association and various other organizations. We value education and are always current with 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 began business in 1960. Since that time, we have handled thousands of auctions including residential and commercial real estate, farms, machinery, business liquidations, bankruptcy assets, school and government surplus, firearms, antiques, collectibles, households and estates.
Then, by all means, give us a shout! We’d love to talk to you. You can reach us by email at email@example.com, call us at 918-266-4218, or come by-1.5 miles east of Hwy 66 on Pine Street in Catoosa, OK.
Our Customer FAQs
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.
Real estate auctions will always be live with online absentee bidding available. Personal property auctions may be online or in person depending on the situation.
Our auctions start on time! For live auctions, please arrive at least 15-20 minutes early to register onsite. You will need a driver’s license to register and if you are tax exempt, please bring your information from the state upon registration so we can make a copy and get that saved in your customer record.
Online Auction FAQs
Buyer’s premium is an additional charge paid by the buyer to the auction company after winning the lot, normally it’s a predefined percentage of the winning amount.
If you are attending a live auction, there is no Buyer’s Premium. If you are bidding online, there is typically a 15% Buyer’s Premium.
In an online only auction, if a bid is placed on an item in the final minutes before the lot closes, the auction will automatically be extended for an additional 3 minutes to prevent ‘auction sniping’. The extension will continue until all the bids have stopped.
In an online only auction, let us bid for you by providing us with a Maximum Bid. A maximum bid is the highest amount you are willing to pay for an item, but also ensures that you will only pay the lowest amount possible to win the item. For example, if you place a bid for $50 and place a maximum bid of $100, our software will bid for you up to your max, as needed, to keep you in the lead. You will be notified by email if your max bid is exceeded. If that happens, you can place a new max bid if you wish to continue bidding on the item.
In an online only auction, all winning bids will be charged to the Visa or Mastercard you registered with. If the auction ends on Sunday evening, we will cash out winning bids on Monday, email customers a copy of their paid receipt and pick up address and instructions. Pick up will be the day after we cash out the auction (Tuesday for this example). If you don’t see your email by early afternoon on cash out day, please check your spam and/or junk mail. On occasion they end up there.
We typically do not offer shipping for our auctions. We always specify the pick up location, usually by city and/or zip code, in advance, so that customers can ensure their ability to attend the pick up.
If you get an error when attempting to login to HiBid, it’s possible that you have forgotten your password. On the login screen, click “Forgot your password?” This will take you to a page where you can reset your password. Keep in mind that passwords are case sensitive – for example, if you make your password “High_Bidder!” you must type it in the exact same way every time.
We are unable to reset your password for you. If resetting your password does not work, please call the HiBid Help Desk at 844-775-4774.
I'm getting an error that says my billing address is incorrect, even though my financial institution confirms I'm entering it correctly. How do I fix this?
There is a known issue with HiBid where it will not recognize certain addresses. If you get this error, try re-entering your address using only the first set of numbers.
For example, if your address is 123 S. Main St., enter only “123” in the address field. If your address is P.O. Box 789, enter only “789”.
If this still does not resolve your issue, please email us so we can look into this further for you.
What's the difference between Webcast Live Bidding, Internet-only Bidding, and Internet Absentee Bidding?
The HiBid platform supports three different types of bidding:
• Webcast Live Bidding – allows internet bidders to bid live against floor bidders.
• Internet-Only Bidding – for auctions conducted completely online.
• Internet Absentee Bidding – used for pre-bidding prior to a live, in-person auction.
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