Questions for Selecting an Auction Company

Questions to Ask When Selecting an Auction Company

With more and more homeowners downsizing and moving into smaller homes, it’s becoming more common for people to turn to auctioneers to sell their items or real estate property that they no longer need. One way to get cash for your real estate or belongings is through auction sales. A huge advantage of selling property at an auction is that you can get an acceptable price. This is mainly because auctioneers don’t place a limit on how much a buyer is willing to pay.

It’s essential that you don’t choose the first auction company you find as you want to get the best price possible for your valuables. If you’re thinking of hiring an auction company to sell anything from small personal items, such as jewelry, to real estate property, here are some helpful tips for selecting the right company that can turn your assets into cash.

What an Auction Company Has to Offer

After narrowing down your selection to a few companies, ask auctioneers what they have to offer. For example, how do they advertise their auctions so that enough qualified buyers will come to bid on your items or property. Ask about fees, keeping in mind that fees can be negotiated. Generally, there are fees for photos in catalogs and mailers, along with transportation fees.

Familiarity with Your Local Market  

Consider that an auction company should be familiar with your local market. In other words, your auctioneer needs to be able to know the prices that are the most realistic to the type of goods you’re selling. Moreover, they need to know the reasons that are motivating you to sell your property in a brief time frame.

Recent Sales Specific to What You Want to Sell

Ask to see recent sales that are similar to the items or property you want to sell. Let’s say you want to sell real estate property in a certain rural area. Therefore, ask to examine sales that have recently sold in this neighborhood. It’s critical that you choose a company that’s been successful in selling your particular kind of property in a specific area.

The Reputation of an Auction Company

When assessing each of the companies you’re considering, find out about their reputation in your local community. This is typically done by asking for references, and then asking a few blunt questions to these prior clients. The more your follow through on references, the more likely you’ll choose the best auction company to handle your goods.

How an Auctioneer Conducts an Auction 

Before making a final decision, it helps to go to one or more auctions held by the companies you’re thinking about selecting. By being an eye-witness, you can get a clearer idea of how they conduct their auctions. While there, note specific actions, such as how an auctioneer draws people to bid and how the audience responds to an auction. In most cases, there’s one auctioneer who stand out over the other candidates.

Other Considerations and Warnings

  • When interviewing auctioneers, ask how long it will take for your items to be auctioned. Although the average waiting time ranges from one to three months, it can take longer, depending on your personal situation.
  • Be sure that any auctioneer you’re considering is licensed because there are some who are not.
  • Make sure auctioneers protect their employees by carrying enough professional insurance.
  • Ask auctioneers if they belong to any professional organizations because this can be a sign that they want to stay educated in their field so that they can give you the best service possible.
  • Get details, regarding a company policies. 

Do you have real estate property that you’d like to sell? At Kaufman Realty & Auction LLC, we specialize in selling real estate at auctions. Since 1975, we’ve been conducting successful real estate and personal property/content auctions in Ohio, West Virginia and Western Pennsylvania. Please contact us and learn more about how we can help you get the best price possible for your properties.

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