Bruce Norris is joined this week by auction legend, co-founder of Williams and Williams Auctions, and current president of the National Auctioneers Association, Tommy Williams. Bruce and Tommy discuss how Tommy got involved in auctions and his family’s history in the auction business since the 1800s, how the tradition continues in the family, how Williams and Williams auctions are set up, the team members that make auctions possible, on-the-front-yard auctions, why Williams and Williams chooses not to pursue ballroom auctions, why auctions on the lawn helps obtain true market value, dealing with surprises during live auctions, how bad weather actually makes for a better auction, how long the process takes and how efficient the process has become, how government-backed banks are harder to deal with than private institutions, the readiness of Williams and Williams to grow as the market changes, the different types of auctions and which Williams and Williams chooses to use, how a seller is more willing to change what they will take for a property on auction day, true market value and how auctions show the seller the truth, if sellers today are more willing to accept lower offers, why it’s important to have the seller present at auction, problems with old appraisals, shill bidding in current California auctions, when shill bidding is acceptable and what auctioneers should be doing if it’s a practice they choose to pursue, how some states have licensing laws and other’s do not, Tommy’s thoughts on shill bidding, the stigma to builders considering auction, what any seller will need to consider when considering the real estate auction process, the difference between a loved home and an unloved home, auctions during the peak of a boom and how sellers could see even more gains, the marketplace tells the truth, and finally, williamsauction.com.
Thomas L. Williams is a graduate of Penn State University (B.S. Animal Science) and the Certified Auctioneers Institute (CAI). Representing the third generation of Williams family auctioneers dating back to the mid-1800s, Williams is also a graduate of the historic Reppert School of Auctioneering. He has over 40 years experience in real estate auctions, land development and real estate investment. He currently serves as President of the National Auctioneers Association.
A founding partner of Williams & Williams, Williams served as president from 1986-2000, and became board chairman in 2001. He also co-founded and served as managing partner of Lowderman & Williams Auctioneers from 1965-85. He has conducted over 10,000 auctions in all 48 of the contiguous United States and Canada, and is an advisor to auctions conducted throughout Western Europe, South Africa, Australia and New Zealand.
An avid cattleman, Williams also owned and operated Bradmar Angus Farms from 1965-85, after which he continued to serve as a herd and genetics consultant for many of the nation’s premier Angus cattle breeders.
Williams is a licensed auctioneer and real estate broker in over 20 states, and an active member of the National Association of Realtors.