Continue reading »]]> We’re all familiar with estate auctions. They are typically conducted on behalf of the family of a deceased individual. They are traditionally open to the public, and sometimes the family attends on bids on items against the public. However, within the last month, we conducted an estate auction for the family that was completely closed to the public, and only open to four family members. Let’s take a look at the results of each scenario.

This spring we had an excellent estate auction that included the real estate and all personal property. In my consultation with the family, we discussed how it was to their advantage that all the property be on the auction, and if they were interested in an item, to be present at the auction and purchase it there. Not only would allow all interested parties an opportunity to purchase, it also would set a fair market value for items in which the family was interested. Not surprisingly, the family was interested in the large items (guns, boat, motorcycle, appliances, et cetera). Interestingly enough, at the auction, the family purchased very few of the larger items (a few guns, some coins, and not much else). Needless to say, the auction was a success. There was a large crowd, prices were strong, and the larger items were hot commodities. Values were based on supply and demand, and very little emotion. In the end, the overall results were close to what I expected.

Fast forward to the last month. We were contacted by a family to conduct an estate auction. The catch, as I mentioned, was that the auction would be closed completely to the public, and would only be open to four family members. The family set the auction up just as normal, except nothing was removed from the house. Everything was put on tables, beds, any flat surface we could find. Each family member was given a fixed amount to spend, or not spend at the auction. Any funds not spent were part of their inheritance. What transpired that night was truly amazing. Value was based primarily on emotion, and very little on supply and demand. Items that normally would sell for good money at auction, sold for little to nothing, while items that normally wouldn’t sell very well sold for amounts that far exceeded the typical market value. In the end, the overall results were close if not more than I would have thought the sale would have totaled.

Would we do the private, family only, estate auction again? In both cases, we were paid for our services, and provided staff to work the auction. Our overhead was much smaller for the private estate auction. However, our fees were smaller than a typical estate auction and based on a flat fee. For the work we did, it was worth the effort. In a public estate auction, our overhead is much greater as we need more staff, but our fees are higher and based on a commission. Again, for the work we did in the above example, it was worth the effort.

Heading into the private, family only, estate auction, I wasn’t sure what to think. Looking back, I’d say we’d conduct another one if asked. It’s a nice little income stream, and it’s another tool in our toolbox to help the seller solve a problem. In fact, the family is thrilled with the results. Each family member had a fair opportunity to purchase items from their parent’s estate, and each had a level playing field of money. Our business is about solving problems, and we’ve now learned that a private estate auction is a viable tool in the toolbox.

Continue reading »]]> I’ve been a user of Facebook for over a year.  At first it started out as just connecting with my family and friends.  Now, it’s grown to connecting with friends of friends, business associates, and extended family.  Oh, and don’t forget the long lost high school friends.  The impact of Facebook has been interesting in my life.

I now regularly communicate with family members and friends that I normally would not see or talk to on a regular basis.  Now, I’ve got regular ongoing conversations about random events in life from a wide variety of friends and family.  The conversations are not necessarily deep, but they are revealing.  They get a peek at my life through status updates, photos and commentary, and I get the same in return.  You could say facebook is the ultimate connector.  At any given time, any of my connections can see what I’m up to, or  insert commentary about a photo or comment on my status, and I can do the same in reverse.  In the end, Facebook has created a new social circle made of up random friends, family, and associates all interacting with each other towards me.  Perhaps, it’s the narcissist factor, and how much it feeds that “need” of people that makes Facebook so addicting and popular.  Whatever it is, it’s by far the site I spend the most time at each day.

With that in mind, we launched a Facebook page for our business earlier this year.  I’ve got it setup to automatically collect our feed.  So, when a new item is posted to our website, it is automatically posted to Facebook.  We’ve currently got 21 “fans” on Facebook.  Most of them are friends, family or employees.  I’d like to figure out a way to leverage Facebook to create a legitimate financial return, and obtain more “fans” that are  on the fringe rather than in the inner circle of our business.  In the end it’s all about notoriety, and being seen, and seen being.

If you’re interested in connecting on Facebook, feel free to add me as a friend [my profile].  See you on facebook!

Continue reading »]]> Somewhere along the line I began to use Facebook on a daily basis to stay in contact with my friends and family.  While a lot of my friends are not on Facebook, I do have a fair amount of family and friends that are on Facebook.  At first, I used the site mostly as something fun, and an easy way to stay in touch with people.  However, my use has started to evolve to something meaningful in my life. 

1. It’s almost always the first place I go when I want to send a quick message to several of my friends at once.  The messaging functionality is very easy to use and quick.  All the messages are threaded and privately made in the confines of an inbox.
2. I’ve started to use it to engage some of my friends in conversations about books I’m reading or about topics in the news.  It’s easy to add links to sites and engage in a back and forth conversation about various topics.  In fact, just tonight, I engaged in a rather short but educational discussion about Vladimir Putin with one person, and another discussion about an upcoming movie with a set of four friends.
3. I have several family members (brother, aunt, cousins) with which I’m friends.  Most of the family members I’m in pretty good contact with on a regular basis.  However some of the cousins and my aunt, I rarely see and talk to even less.  With Facebook, I feel like I’m getting to know them again, and we’re growing closer.  They see what’s going on in my life both in words and pictures, and I get to see the same about them.  It’s been fun to reconnect!
4. With the status updates, I’m able to keep in touch with the goings on of my friends and family.  It’s like I’m connected to them without the necessity of calling to hear the details about everyday goings on of my friends and family.  If it’s something big or important, a quick message or phone call is easy to make.  But the daily routine is interesting to see.

I’m thinking that use of Facebook and similar sites will continue to evolve.  I see it as a very useful networking and marketing tool.  It’s easy to see what someone is doing in a quick glance.  With this constant information, my friends and family are able to remain at the forefront of my life.  The same applies to business contacts with whom I’m friends.

So, if you’re on Facebook or thinking of joining, look me up.  I’d be happy to add some friends!