St. Martin Parish Farmland
Multi-Parcel Auction Method
The Bonnette Auction Company method allows the buyer to maintain control of any tracts or combination of tracts throughout the auction. With this system, the bidder select the tract(s) he/she wishes to purchase and bids on them. Bids are tracked by a computer software system and posted in the front of the auction room.
First, the tracts are auctioned until each tract has a high bidder. Following this process bidders may bid on a single tract, or combine one or more tracts in a custom comination. Bids on individual Tracts and combinations are continued until there are no further requests and the auctioneer declares the bidding closed. Boards are used to display the high bids and the bidder’s number to keep you informed.
Advantages of the Auction Process
· No one is out of the bidding, until the Auctioneer closes the Auction.
· You may combine any or all tracts in any grouping throughout the entire auction as well as post new bids on any single-tract bid or combination bids already posted.
· You can look at the lots displayed on the large boards at any time in order to see the high bid to determine whether you have control of a particular tract.
· Since everyone who is participating in the auction can choose which property they want to buy and the price is set by the bidders, everyone has the same opportunity to buy.
Need Help Bidding?
· The Auction Staff is here to help at any time.
· Bid on the Tracts you want to own. If you want a single tract, then bid when it is available. If you want multiple tracts, then bid when combinations of tracts are permitted. Remember all bids posted are considered “active” and could be back in winning position at any time.
· Don’t wait to bid. Prices don’t go down. Waiting only invites more people to jump in at the last moment,or add the tract you are interested in to their combination. Remember that it’s better to defend your position than to take the position from someone else.
· Determine your buying strategy prior to the auction. Decide what you want to buy and how much you can spend.