The Auction

With the formalities complete, bidding begins. Here's what the room looks like in action — and how the M3 system manages the complexity of a multi-tract sale.

The People in the Room

The auctioneer calls out opening bids and drives the competitive pace of the sale. Increments of bidding are at the auctioneer's direction and discretion.

Bid assistants (ring staff) are positioned throughout the room to spot bidders, relay bids to the auctioneer, and answer questions from buyers mid-auction. At a large multi-tract sale, Schrader may deploy 25 or more team members to manage the event — greeting guests, entering data, and offering contract assistance to buyers in real time.

Online bidders participate through Schrader's live digital platform simultaneously with in-person bidders, with a dedicated operator on standby to assist with any technical issues.

How to Place a Bid

Simply raise your hand or make eye contact with a ring staff member. If you intend to bid, inform one of the bid assistants and they will ensure the auctioneer recognizes you. Any tie bids or disputes over who holds the high bid are resolved by the auctioneer, whose decision is final.

How M3 Bidding Works in Practice

Under the M3 system, the auctioneer manages open bidding simultaneously across individual tracts, tract combinations, and the total property. Schrader uses proprietary software — developed in-house — to compute in real time which combination of bids produces the highest total price. The technology ranks every possible combination in descending order of value, allowing the auctioneer to always identify and pursue the highest outcome for the seller.

For a property divided into just 40 tracts, there are over 980,000 different possible ways to sell it. Schrader's system processes those possibilities live on the auction floor.

The property ultimately sells in whatever configuration — individual tracts, specific combinations, or the whole — generates the highest aggregate price for the seller.