13 Tips to Help You Choose the Right Auction Company
An auction company arranges, hosts and holds auctions for its clients. These companies handle every aspect of the auction from advertising to item presentation to the auction caller. Most specialize in specific areas and choosing the right auction company can mean getting the best prices for all items.
Although numerous auction companies exist – both amateur and professional – the best companies conduct the majority of auctions. According to auctioneer and land specialist Tom Bradley, 20 percent of auction companies conduct 80 percent of all auctions. Use the tips in this article to pinpoint those experienced, savvy auction companies that can provide you with the best return on your items for sale.
- Look for auction companies that specialize in the type of items you want to sell. A vast difference exists between an antique auction, a farm auction, a property auction, etc.
- Locate a company that conducts auctions in your chosen venue, such as an estate, public auction house, or an online auction.
- Check the company’s reputation and check multiple references. The company normally offers a set of references, but ask to see a list of recent auctions. Choose two at random that are not among the provided set and request contact information for them. Companies choose references that reflect their best work. Choosing at least two random references provides you a better picture of the company’s performance.
- Choose a company with an auction team that holds Professional Ringmen’s Institute certifications and an auctioneer trained by the Certified Auctioneers Institute. Ringmen work live auctions, providing the auction team with accurate information on buyer interest and participation.
- Choose a company that holds membership in the National Auctioneers Association and follows its professional code of conduct.
- A high quality auction company requires its staff to complete continuing education to hone and update their skills. Ascertain the continuing education required by the company for its staff.
- Look for a company with nationwide or regional resources and contacts including related professional associations, attorneys, lenders and closing companies.
- Attend an auction hosted by each company you consider before choosing who to use. Look at company efficiency, the auctioneer’s ability to draw in bidders, their level of professionalism and people’s response.
- Choose an experienced company that conducts auctions frequently. Companies that run weekly or monthly auctions are common.
- Inquire about the company’s reach. It should combine live auction techniques with online auctions to produce the best sales levels.
- Look for a technologically advanced auction company that offers a bidding app. This can aid live auction and online auction sales. It should offer both an Android and an iPhone/iPad version of the app.
- Consider each candidate’s marketing system and public relations team. The company should use a combination of advertising media, including direct mail, fliers, mailers, newspapers, radio, signs, social media, radio and websites.
- Ensure the auction house director will meet with you to document each item you provide them to sell and include the list as a part of the auction contract.
- Ask if the auction company uses a <a href=”http://www.prweb.com/releases/heavyequipmentauction/howtosell/prweb11223462.htm“>seller’s premium</a>, a percent of the sale price that goes to the company. Also, ask what its administrative and listing fees are. These vary from 5 percent to 15 percent of an item’s sale price.
Once you’ve chosen your auction company, you’re ready to sign the auction contract. Sign the contract before transferring possession of the items to the auction house. Include a signed copy of the inventory for the auction house and the consignor with each piece packed.
Hiring the right auction company means having an experienced staff that helps you earn the most from your sale items. The right company takes the hassle out of holding an auction by handling all aspects of advertising, planning and execution.
At Kaufman Realty & Auctions, we enjoy providing Pro-Tips and insights for real estate owners in Ohio, West Virginia and Western Pennsylvania. Properly cared for hunting land can be an excellent investment as well as provide enjoyment that goes far beyond dollars and cents. If you have questions about what is best for you real estate please contact us.