Issue link: https://viewer.e-digitaledition.com/i/1480637
5 I am very satisfied with the overall results of the auction. I can't think of what would have made it better. I thought the promotion / advertising efforts were effective and clearly generated plenty of interest for a successful sale." Holly, Missouri landowner Thank you for all the help on the sale of my farm. Your service and all the extra work you went through. I know I had a lot of concerns and questions on the sale. They were all taken very seriously by you. They were all answered completely and made me feel very comfortable on the outcome of the whole sale. Thank you very much!" Marilyn, South Dakota landowner to purchase farmland for rental income or bene- fit from appreciating land values. This approach allows Ranch & Farm Auctions to expand the pool of potential buyers resulting in increased compe- tition and potentially higher value for sellers while still providing the highly desired in-person auction event. "Most farmers want to go to a live auction," Gizdic added. "They want to see who else is there and what neighbors are bidding." He noted that an auction could be absolute, meaning the highest bid must be accepted. This almost always draws the most participants and higher bids versus a seller acceptance auction, in which the landowner is not obliged to accept the highest bid if it falls below their minimum reserve price. • Online only auctions are also an option, with bid- ding open to a specific time. Participants can see what other bids are submitted, which retains the competitive aspect in an online bidding format. • Sealed-bid auction is when interested buyers submit a single bid and do not know what other participants offer. This type of auction can gen- erate higher bids. The landowner, however, is not required to select the highest bid. They may prefer to sell their property to another participant, such as a family member or tenant if that bid is not sig- nificantly below the top offer. The Power of Two Brands With a Unified Focus Gizdic said Ranch & Farm Auctions is a highly unique and beneficial auction service. As a division of Whitetail Properties Real Estate, the auction opera- tion offers its clients unparalleled access to potential buyers, land expertise and marketing support to promote client success. This includes Whitetail Properties' national database of buyers and sellers, providing the ability to reach the greatest number of potential bidders in the short- est time, both locally and on regional and national Benefits of Competitive Bidding Gizdic noted that while some farmers and ranchers opt for a traditional listing sale, in most cases, the preferred format for selling income-producing land is through auction. "When it comes to income-producing acreage, auc- tions will reduce time on the market, create excite- ment in the marketplace and have producers and investors competing for the opportunity to purchase that tract of land," he said. "Auctions will determine the true market price of a piece of land through competitive bidding, and sellers have been getting bids above appraised or perceived market values — on average, 15% to 20% higher — as a result of that competition and current market conditions." Ranch & Farm Auctions' Three Main Auction Formats: • Live on-site with online and phone-in bidding in- cludes a live online broadcast of the auction. Gizdic said this is the recommended format because it offers the opportunity to include local farmers unable to attend, local bidders who wish to remain anonymous and out-of-state investors looking " "