Bid Assistants, Who need’s em!

I attended a friends auction the other day. He was selling 240 acres of farm land that he was dividing into four tracts through a Multi-Par method.  I went mainly because he was using a buyer’s premium which is becoming more & more accepted in the area but not completely accepted. So I wanted to see what the buyer reaction might be to the BP. You can read about my views on the BP in my "Smoke and Mirrors" post.

The BP seemed to be a none issue, but what surprised me was that he was conducting a real estate auction without using bid assistants or ringmen.  Not only was it a RE auction but a Multi-Par real estate auction to boot.( Multi-Par auction formats allow the bidders to pick and choose which parcels or combinations of parcels to bid upon. It’s a wide open format and may take up to 6 hours to complete.)