KIKO recently sold this beautiful 28.9-acre farm in East Sparta, Ohio (Tuscarawas County) for $997,975.
"It was previously listed for about six months and, according to our seller, had little activity," explained Auctioneer/Realtor Geno Kiko. "Although the seller originally wanted to list the property ‘for sale’ with KIKO, I explained our options and the Multi Par auction method we use to attract more bidders. Ultimately, she decided to auction the property."
In real estate, a Multi-Parcel Auction is a method of selling that offers land in separate parcels, as a whole entire tract, or in various combinations to serve its best use and sell the way it brings the most money.
The East Sparta farm was auctioned in two parcels: 11.6 acres with a cape cod style home and outbuildings; and 17.5 acres of tillable land. The winning bidder bought both parcels together as an entirety.
"We had a lot of activity on the property, a lot of calls prior to the auction," shared Geno. "Our marketing efforts - from KIKO auctions website and Facebook advertising to signage and custom drone videos - drew in the bidders. The auction method worked, and we sold the property for more than its previous listing price."
Betty Frank, the seller, has worked with KIKO since the 1960s. In fact, Betty and her late husband, Edward, originally bought the house and nearly 29 acres at a KIKO Auction back in 1965.
Betty recently shared more about her auction experience with us:
Betty: KIKO has an excellent reputation. Eddie was always at an auction, looking for some piece of farm machinery.
I have known Geno Kiko a long time. He was honest and helpful. Whenever I called with a question, Geno would immediately call me back. If he didn't have an answer, he would find the answer for me.
Betty: The price it brought at auction and the fact that it was all done that day. There was no haggling over price. It was a big weight off my back. After my husband died, the property was too much for me to take care of.
There were 46 registered buyers and more than 100 people at my auction. I was very pleased. KIKO does a great job with marketing and has very visible signage.
Betty: I was scared to have this auction. But when Geno explained the auction benefits, I decided to trust the process and the KIKO team.
Some auction companies put out a minimum bid (reserve auction), but I wasn't interested in that. I just don't think that's the way to do an auction. If you're going to have a minimum, you can list the property.
Betty: Don't be afraid of absolute auction if you hire KIKO. They will answer your questions truthfully, they will provide excellent marketing, and they are good people.
Don't even look at anyone else. Call KIKO. I have no regrets at all.