Go Go Go, Now Slow Down Already!

June 29, 2011

If you make your living in the auction industry then you know how fast paced and time pressured the world of auction marketing is. For many, myself included, this is one of the things we like most about our business. We are always in high gear working hard to solve problems, sell assets and keep the business headed in the right direction. Every element has a deadline and no two days are ever the same.

This is also one of the biggest challenges we face when we take our auctioneer hat off and go home to spend time with our spouse and children.

Not too long ago I was taking my family to the park to play and have lunch. We stopped at the grocery store to pick up some picnic items. I found myself managing the trip to the store and the park as if it were a time defined auction event. I was rushing everyone around to get what we needed and get to the park so we could “hurry up and play.” Really? Was I expecting to register bidders at the monkey bars?

I am sure that this is not unique to our profession either.

Am I the only one who has a hard time turning off the sense or urgency that is common in the workplace when I get home, while I should be relaxing or focusing on slowing my world down?

What do you do for a living? Do you have this challenge? How do you manage this issue in your life?

For me, the first and obvious step is awareness. The next step is to empower my family to tell me when I am doing this so I can work on slowing down and living a more rich and full life.

My sister Melissa has a saying about quality family time. She calls it “making memories.” I like that.

My hope is that we can all do a better job of leaving our work at the door, and work at home on “making memories.”

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Posted by robmayo

Judging a Book By Its Cover Is Never a Good Idea

June 26, 2011

Recently I was reflecting on a road trip that I took about 10 years ago with my wife Aileen to pick up a truck we purchased online. We bought the truck from an Bay seller in Texas and scheduled to pick it up over Memorial Day weekend.

It seemed like a great way to spend the weekend. We flew one way from Kansas City to  Dallas where the seller picked us up at the airport and drove us to his place of business where the truck was located.

The transaction went smooth, and we proceeded to drive our used Ford F-350 flat-bed truck back to Kansas City. We were making pretty good time, and our only agenda was to get back home by Sunday evening as I had a commitment to fly to New Hampshire early Monday morning for an important business trip.

Just south of Sulphur Oklahoma I noticed the temperature gauge started to creep up to a dangerous level. We pulled over to the side of the road and popped the hood to take a look. What happened next was a defining moment for our weekend. Coolant was spewing all over the road from several areas. Did I mention this was a holiday weekend?

Thank goodness for AAA. We made a call and they dispatched a tow truck to our location. As I finished making the phone call, a flatbed tow truck with a Range Rover on the back pulled up behind us. The driver stepped out and walked up to the front of the truck. This man was tattooed from head to toe, and to be quite frank was a bit intimidating as he approached us.

He did a once over on the truck and informed that my water pump had failed. He then asked me if we had someone coming to give us a tow. I updated him on AAA and we made small talk for a few minutes. We learned that his name was Billy, he lived about 75 miles away and was on his way home. He advised us to have the truck towed to Sulphur and thought it was going to be a challenge getting someone to do the repairs before Tuesday because of the holiday.

Before he left, Billy gave me his phone number and told me to call him if we had a problem getting someone to do the repair for us. He said he would help us out if we needed it. I thanked him and he went on his way.

We ended up having the truck towed to Sulphur and dropped in front of a hotel. After checking in we hit the yellow pages and made at least a dozen calls. Just as we thought, there was no mechanic willing to cancel their holiday plans to help us out.

After exhausting nearly all possibilities and getting ready to call my employer, I decided to call Billy to see what he meant when he said “he would help us out if needed.” What happened over the next 24 hours can only be described as a blessing and a lesson.

Billy said he would be there in the morning at 9:30.  He lived 50 miles north of where we were located, and drove about an hour to be there as promised. He brought his wife Sandy and his tools with him. Billy then drove me 50 miles south to the closest part store that had the water pump in stock. We drove 50 miles back to the truck and he proceeded to remove the bad pump on the one ton Ford truck.

Over the next 4 or 5 hours he worked on the truck, which was no small task working in a parking lot on a large vehicle. We talked, and his wife Sandy and Aileen visited as I handed Billy tools as needed. We learned a lot about each other over the course of that day. Billy’s father was a minister, and despite his hard and intimidating appearance, he was a kind and caring man who valued family first as well as helping others when he can.

After the truck was repaired, we shared a meal together at the hotel, and I offered to pay him for his time and expenses. He refused the money. He was genuinely there to help us get home. I felt obligated, and insisted. He had driven over 200 miles and spent an entire day helping us get back on the road. With reluctance, he accepted .

As we were getting ready to leave he let me know that if his repair failed in any way or something else went wrong, to give him a call and he would put the truck on his flatbed tow truck and drive us the rest of the way home to Kansas City. I am confident that he would have done what he said, but it wasn’t necessary. His repair work was flawless, and we made it home in time to get a good nights sleep before I had to leave in the morning.

As sure as I am typing this message, I know that God sent Billy and his wife into our life for more then one reason. Besides helping us get home to meet our commitments, he also taught us a valuable lesson about judging a book by its cover. I am glad that I had the opportunity to meet Billy and his wife Sandy.

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Posted by robmayo

10 Myths of Real Estate Auctions – Myth 5

June 22, 2011

Myth 5 – The auction company places people in the crowd to bid for the seller.

This is one of my biggest pet peeves. It is called shill bidding and it is WRONG!

There is no need for this type of activity, and a reputable auction company will not plant bidders in the audience.

It is important to read the terms and conditions of the real estate auction to understand what type of bidding is allowed. If a property is being sold ‘subject to owner confirmation,’ and it is disclosed that the auction company can bid on behalf of the seller up to the reserve amount, then this is perfectly legal and acceptable. The key is full disclosure. In this case bidders know who they are bidding against and can make an informed decision as to whether or not they want to increase their own bid.

If the property is being sold without reserve, or absolute, there is no allowance for the auction company to bid on behalf of the seller. This is the purest form of an auction.

Sometimes there is phone bidding, online bidding or absentee bidding at a real estate auction. These bids will be handled by a staff member and it will be known that these are qualified buyers who have filled out the necessary paperwork and made the necessary deposit prior to auction day.

If you do business with a professional real estate auction company, there will be no shill bidding. It is important to examine a company and understand their ethical practices.

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Posted by robmayo

10 Myths of Real Estate Auctions – Myth 4

June 21, 2011

Myth 4 – The only reason people have an auction is because someone died or the seller is in financial distress.

There are a number of reasons why people choose to have a real estate auction. in fact some of the most common reasons have little to do with the sellers financial situation or the settlement of an estate.

Some of the most common benefits include:

1. Negotiations eliminated – Because price is determined with competitive bidding, there is no back and forth negotiating that can sometimes lead to a property not selling after considerable time has been invested.

2. Increased property exposure – Auctions require an aggressive approach to marketing because of a defined time of sale. A professional real estate auction company will be masters of marketing, to ensure a successful event.

3. Accelerated and time defined sale – Sellers love to know when their property will sell. With an auction, the date is set and the marketing begins. Marketing is usually done in 30 days with another 30 days to close. Knowing when your property will sell and close gives you an advantage when making important financial decisions.

4. No contingencies – The auction method of marketing allows to the seller to sell the property in it’s current condition, with full sellers disclosure. This allows for buyers to adjust their price in accordance with any repairs or work that needs to be done, while giving the seller the benefits of a guaranteed sale without contingency upon repairs or financing. All of the due diligence is done prior to auction day.

Time has become a valuable resource in our current society. This has created more demand for sale methods that appreciate the value of time. While real estate auctions have been historically linked to times of depression and used as a last resort, we are seeing more and more sellers choosing the benefits of a time defined auction sale as a FIRST CHOICE!

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Posted by robmayo

Texas Auctioneers and Triage

June 18, 2011

It has been a couple of years since my last visit to the lone star state when I bought a truck from an eBay seller in Dallas. That is a whole other topic for another day.

My first visit was in 1989 when I was assigned to Fort Sam Houston in San Antonio as a fresh US army recruit straight out of basic training.

At Fort Sam I learned the skills of an EMT (Emergency Medical Technician) and Army Medic. One of the most important things I learned was the principle of triage.

Triage is the process of evaluating multiple casualties or patients and applying the necessary treatment in order of necessity.

Although what we do is not life or death, it is very important to our clients.

Understanding triage has helped in my personal and business life in many ways. One example is as busy auctioneers, we often have many projects running simultaneously. These auction events are always time sensitive and our clients depend on our ability to execute the necessary elements in a timely manner for a successful sale of their property or assets.

Having the ability to continuously prioritize and reassess the many elements in each project while remaining focused on providing the best service possible has helped me tremendously in my career as a professional auctioneer.

I had a wonderful time at The Texas Auctioneers Association Convention, and hope that my presentations on auction technology was of value and service to those attending.

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Posted by robmayo

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