What I saw and what I learned at the NAA Conferece

I just returned from the National Auctioneers Association Conference and Show in Greensboro, N.C., this weekend. This conference is the largest association and convention of auctioneers in the United States, and, as always, it gave me an opportunity to talk with old friends and hear what other auctioneers are dealing with in their businesses and their markets.

What I Learned

After I took some time to talk with auctioneers from coast to coast, my overall assessment of the real estate market is that it is still extremely soft all over the country. The early part of 2010 was slow for real estate auction firms all over, it seems, and that’s not excluding J. P. King. Fortunately, we all seem to be experiencing increased sales activity in the third quarter.

Not only are prices still flat across the industry, but most sellers also require their bank involvement in some manner, which is especially true for developers. The only real exception I’ve seen is agricultural land, which it still holding its value with a combination of short supply and strong demand, specifically in the Midwest.

Most of us seemed to agree that the increased sale activity is in part due to sellers not seeing potential for an improved market on the horizon, so they have decided to cash out now. Most agreed that, in this market, we auctioneers are seeing an even greater need for marketing to reach those that are actively buying, while sellers want to cut costs where they can and invest less in marketing and advertising. There are some user buyers out there right now, but the investor base and price levels are well below what the users will pay for the properties, so even more needs to be done to reach that pool of buyers at auction.

Some progressive real estate professionals are embracing the auction method of marketing for their clients, though. Fuller Western, a top ranch brokerage firm in the Rocky Mountains has recently partnered with J. P. King to assist their clients in reaching their market.

I think auctioneers will continue to play an important part in this real estate market correction as more ordinary sales processes are simply not accomplishing the goals of today’s sellers.

What I Saw

It was great to attend the conference with several other J. P. King employees. We travel together often, but the conference is always a special occasion. Several employees were asked to make presentations, including myself and our in-house attorney Steve Proffitt.

Two of our own were also elected to positions serving in the NAA. First, Christie King, a J. P. King principal and also a benefit auctioneer, was elected to the office of vice president. She is the first female to be elected to this office, and she will assume the duties of president at next year’s conference in Orlando.

Bryan Knox, an auction marketing specialist at J. P. King was elected to a three-year term on the Board of Directors. I personally completed a four-tear term as a director on the NAA Foundation, where J. P. King was a sponsor this year.

We’re proud to be so actively involved in the NAA, and we can’t wait to see everyone again next year in Orlando!


~ by Craig King on July 21, 2010.

One Response to “What I saw and what I learned at the NAA Conferece”

  1. Great to see you at the Conference and Show, Craig. Thanks for the insightful summary as well.

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