Jeff Boone Auction Realty Logo 2024

FAQs

Frequently Asked Questions

For Buyers

Understand the type of auction you are participating in (absolute, reserve, etc.) and make sure to review the complete terms and conditions of the sale. You will want to arrive early to register for the auction. Certain auctions (i.e. real estate) may require a cashier’s check or other payment in advance of the auction to qualify you to bid in the auction.

If you are attending an auction with a live element, you will want to bid in sync with the chant. You should be listening closely and following the increasing bids. Remember: The number the auctioneer is repeating is where the bid is and what the auctioneer is now accepting.

Courtesy of the National Auctioneers Association (NAA)

If you are considering an auction for your personal or business assets, consider the following tips:

Whether it be real estate, art or automobiles, select an NAA Auction Professional with expertise in your particular type of sale. NAA Auction Professionals are at the top of their field in the auction business. Members are professionals well versed in the psychology of selling. Their education, commitment to the NAA Code of Ethics, expertise and networking capabilities stimulate competition among bidders, securing you the highest prices for your assets.

Click here to Find an NAA Auction Professional! Ask for references, attend one of their auctions and learn about auctions firsthand. Take an active role in the marketing and advertising of your assets. Make sure to fully review all contracts, terms and conditions of the auction with a legal expert.

Courtesy of the National Auctioneers Association (NAA)

As a voluntary professional organization that does not have jurisdiction in licensing or regulation, the NAA can only field ethical complaints about our members and does not offer legal recourse, including the recovery of financial or physical assets. If you believe that an NAA member has violated the NAA Code of Ethics , you may file a complaint in writing using this form and submit it to NAA Chief Executive Officer Hannes Combest, CAE, at hcombest@auctioneers.org. You can search our member database here. If your grievance is accepted, a copy will be sent to the accused individual so they may provide their version of the facts.

The NAA’s Grievance Committee will review both documents and render a decision. You will be notified of their decision within 90 days of when the NAA receives your original complaint. For legal and financial recourse, you will need to file a complaint within the state where the auction company is located and/or where the auction was held. For states that require an auction license, the licensing board is the first place to start. For all states, we recommend contacting the consumer protection division of the attorney general’s office as well as local city, county and Better Business Bureau offices.

Courtesy of the National Auctioneers Association (NAA)

Find out about license requirements. While some states require a license to be an auctioneer, others do not. Likewise, some specific types of auctions may require a special license. Find out what is required in your city, county and/or state to make sure you are abiding by all laws.

Get educated. Before becoming an auctioneer, you should seriously consider attending auction school. These schools provide aspiring auctioneers with the training and education needed to learn the art of bid calling, marketing, operating an auction business and more. While the NAA does not endorse or recommend any specific school, you can find a list of known auction school providers here.

Courtesy of the National Auctioneers Association (NAA)

We encourage people to explore auctions by attending one as a spectator. There is no better way to learn about auctions than to watch one firsthand.

Courtesy of the National Auctioneers Association (NAA)

The person you see and hear working amongst the crowd of bidders is known as a ringman. This individual is part of the auction team and is an extension of the auctioneer. The job of the ringman is to convey bids back to the auctioneer from the crowd.

When bids are received in the crowd, the ringman will yelp to signal the auctioneer that they have received a bid and to increase the bid amount. These individuals are also there to help answer questions you may have while the auction is being conducted.

Courtesy of the National Auctioneers Association (NAA)

The art of perfecting the auctioneer’s cry take years of practice, but understanding what auctioneers are saying is simple. The auctioneer’s bid call can be broken into two parts:

– Statement (The Current Bid) – I have five dollars.
– Question (The Next Bid) – Would you bid 10?

Example: I have 5 dollars, would you bid 10, would you bid 10? Now 10, I have 10 dollars, would you bid 15…

The cadence and repetition of words and use of “filler words” vary from one auctioneer to another, but the format is usually the same. Always remember that the number the auctioneer keeps repeating is the dollar amount they are wanting.

Courtesy of the National Auctioneers Association (NAA)

We hear this misconception a lot! In fact, to bid at an auction or for your bid to be received by the auctioneer, you typically need a bid paddle or bid card. You will receive this bid paddle or card at registration and it will have a number on it. This number allows the auction company to know who is bidding from the list of registered bidders.

If you mistakenly bid or the auctioneer misinterprets your movement as a bid, immediately notify either the auctioneer or their staff.

Courtesy of the National Auctioneers Association (NAA)

It is important that prospective bidders read all documents regarding the sale prior to auction day. Cash payment is commonly not required at auctions. Auction companies may accept multiple forms of payment: cash, check or credit card. When attending real estate auctions, auction companies may at times require a specific down payment on-site in the form of a cashiers check to qualify as a bidder.

Courtesy of the National Auctioneers Association (NAA)

This is a major misconception about auctions. The fact is auctions are the primary sales method when selling valuable assets such as vintage vehicles, multi-million dollar homes and priceless pieces of art. The competitive bidding of an auction and the bidding of prospective bidders sets the price and market value of an asset.

The item will not sell for more than the highest bid and will not sell for less than the high bid. You, the consumer, and other bidders determine the market value of an item when you buy at auction.

Courtesy of the National Auctioneers Association (NAA)

There are two different type of auctions: those with reserve and those without reserve (sometimes referred to as absolute). NAA Auction Professionals should consult with their seller(s) to determine the best method suited to the seller.

Absolute Auction: An “absolute auction” is an auction where the property is sold to the highest bidder. There is not a minimum or reserve price that must be met to complete the auction sale.

Reserve Auction: A “reserve” auction means that a price has been set between the seller and the auctioneer that must be met to complete the sale. Reserves are often used to provide the seller with security that they receive at certain amount of money to meet their sale goal.

Courtesy of the National Auctioneers Association (NAA)

A buyer’s premium is commonly used in auctions today as a form of payment for the auction company conducting the auction. The buyer’s premium is an advertised percentage of the high bid or flat fee added on to the high bid to determine the total contract price to be paid by the buyer.

Courtesy of the National Auctioneers Association (NAA)

One of the most common statements made at auction, “as is, where is,” simply means the property is being sold without warranty and that there are no contingencies based on the status of the asset being sold. It is important that you inspect all auction properties before you bid, both real estate and personal property.

Photos may not show all the details or potential faults with the asset and it is your job as a well informed bidder to thoroughly inspect and know what you are bidding on BEFORE the start of the auction. Once you bid and buy an asset at auction, you are the new owner.

Courtesy of the National Auctioneers Association (NAA)

We encourage you to view the property before auction day. Due diligence on the part of the bidder is important with auctions. Contact the auction company managing the auction and inquire about times when open houses will take place, as well as any paperwork available on the property. Auctioneers want you to feel comfortable on auction day. Always feel free to call and ask questions.

Courtesy of the National Auctioneers Association (NAA)

Minimum bids are routinely used at auctions to provide prospective buyers with an initial price range of where bidding will begin. If an auction has a “minimum bid” of $50,000, prospective bidders will know that the auction will start with an opening bid of $50,000 and that the asset will not sell for anything less than $50,000. Often times, auctions are advertised with an “opening bid”, but this should not be confused with a “minimum bid”. An “opening bid” simply means a price where the bidding opens.

Courtesy of the National Auctioneers Association (NAA)

Frequently Asked Questions

For Sellers

Call Jeff Boone Auction & Realty @ 765-779-4000. We will need your name, address, phone number, best time to reach you and a brief explanation of your current situation. Many times, Jeff Boone, Auctioneer will want to schedule a time to meet with you and see the items you wish to sell at auction. After meeting with Jeff, he will then provide you with the customary charges associated with having an auction and his opinion on the type of auction he feels fit your current situation. For instance, on-site where the items are located, our facility Mort’s Auction Field or an online only Auction.

What are the charges associated with having an auction? Auctioneer’s Commission which is typically charged as a flat rate fee for all items included in auction. The Commission charged for a Personal Property, Estate, Downsizing, or Liquidation auction is different than what is charged at Consignment Auctions. Consignment Auction Commissions are typically charged per item and a sliding scale is used. Labor Fees for hauling, organizing, cleaning, and preparing the items to be sold. Advertising Fees to promote the auction both in print, online and by sending notifications to past Buyers in our lengthy database. Restroom Facility charges, Trash Disposal, Coin Appraisals, Facility Rentals, and Auto Detailing fees are also a possibility, but are not always applicable.

What fees will I be required to pay up-front? All fees will be paid from the proceeds of auction, unless previously agreed upon by Seller and Auctioneer and incorporated in auction contract.

We typically begin accepting Consignments 3-4 weeks prior to the auction date. This allows us the proper amount of time to include your items in FREE early advertising and marketing.

NOTE: We stop accepting Consignments 1 week prior to Saturday’s auction. Specific drop-off dates and times will be posted under the Upcoming Auctions tab.

Please call for each Auctions specific schedules and timing. (765)779-4000

Consignor checks will generally be handed out 10-12 days following auction day, between the hours of 2PM and 5PM EST. If you cannot make it into pick-up your check, we will place all remaining checks in the mail the following morning. Please check with us on a per auction basis, as it could change by a day or two.

For every auction, we customize a marketing and advertising strategy to assure maximum buyer participation and exposure for your consignments. Typically, our Auctions are promoted in Farm World, and online at JeffBooneAuctions.Com, Facebook, HiBid, and AuctionZip.

Jeff Boone & Associates Auction & Realty is a very diverse auction company with multiple specialty areas. Our Consignment Auctions are locally known for Farm Tractors, Implements, Tillage Equipment, Grain Trailers/Semis, Utility Tractors, Side x Sides, XUV’s, Golf Carts, Motorcycles, Cars, Trucks, SUV’s, Trailers, Campers, and Tools. We have also had much success with antique and collectible auctions, coins, firearms, cast iron cookware, Ball jars, and general household items.

Our auctions are held at the location of the items being sold; house, building, or business location or on-site at our Facility Mort’s Auction Field located at 4377 E. US Hwy 36 Markleville, IN 46056

On average 25-30 auctions per year.

We have a large database of customers obtained from the information provided at auction check-in. This information is then transferred into lists which allows us to mail out and/or text over 8,000 notifications.

Reviews

670 XC670 XC
00:56 13 Dec 23
Nice place,never had been there before
Susan SchroederSusan Schroeder
01:39 12 Dec 23
Would highly recommend this company. Gunner and Caleb worked tirelessly to organize and catalog all the items in my late husband’s workshop. They know tools and equipment and were able to identify and label even the most obscure items. They have a large customer base and are the best choice to help you get top dollar. In addition to their professionalism - you will not find more caring decent young men. I will be forever grateful to them for their kindness at such a difficult time. They are the best.
EvanEvan
13:26 10 Dec 23
Class A auction, stayed on track with minimal local interference.Excellent communication.EvanForTrex Nutrition LLC
Amber JohnsonAmber Johnson
20:29 09 Dec 23
Very helpful and friendly auction staff!
zachary kellyzachary kelly
18:55 09 Dec 23
I had a discrepancy on a bid I placed called in and spoke with Caleb he watched the online bidding and saw the same issue Caleb helped me resolve the issue great customer service
AJ StewartAJ Stewart
17:00 30 Nov 23
I have bought and sold with Jeff and the crew in 6 different auctions. Have had a great experience every time. Highly recomended.
Chris ChrismondChris Chrismond
17:04 17 Nov 23
Caleb was so kind and attentive. Helped walk us through the process of selling our home with multiple back and forth conversation with the buyer. Would highly recommend!
lee, thomaslee, thomas
00:41 26 Sep 23
We took our vehicle there to sale. We had a easy and quick check in, everyone was extremely friendly and helpful. Our car didn’t sale but it wasn’t because of them. When we had to pick up our vehicle they were very accommodating and flexible in making a time to pick it up.
Erika OstrowskiErika Ostrowski
18:50 18 Sep 23
Jeff Boone is a great example of a well organized auction house. Always friendly staff and questions answered promptly and respectfully. I've bought and sold with Jeff Boone and would recommend any one to give them a try.
Spencer BaledgeSpencer Baledge
16:52 09 Sep 22
Great staff, goes above and beyond to draw in a good crowd and awesome items. Have personally sold items here on consignment and couldn’t be happier with the results! Thanks for the great service Caleb, Gunner, and Jeff!
Jason Lisa MillerJason Lisa Miller
22:54 12 May 22
Their inventory was outstanding. I wish I could have been there live, but I was still able to obtain some things I have been looking for at a reasonable price on-line.
joe welchjoe welch
15:01 20 Mar 22
Great service! Bought from more then 500 miles away. They were great to work with! Thank you
Kenny HilbertKenny Hilbert
15:30 12 Mar 22
I should have give them a five-star rating from the start it was just one of those days I have been going to Mort's auction field since the mid-90s watch it grow to at least three times the size that it was then have got a lot of wonderful great deals at great prices they've always been wonderful to me keep up the good work guys keep making it better I never miss an auction with you guys anymore
js_loader
Jeff Boone Auction Realty Logo