Auctions are a great marketing method that works for selling and buying real estate and personal property. You can buy or sell when you’re ready. Auctions are a quick and efficient way of converting property to cash and are great for purchasing property at a great price quickly and easily.
As a potential seller you will meet with the Auctioneer. It’s important to see what the seller intends to have auctioned in order for the auctioneer to understand the seller’s expectations. At this point, the Auctioneer’s services and the seller’s desires are discussed. .
Your merchandise will be evaluated by the Auctioneer and then will present a proposal that details the auction date, location, time of auction, cost of advertising, sales commission and other matters relating to the auction. When the terms of the proposal are agreed upon, a contract is initiated.
At this point, different steps are taken for different types of auctions. Auctioneers also take the responsibility of preparing the merchandise before the auction. Much cleaning, grouping and organizing takes place to ensure the property will be as marketable as possible on auction day.
Prospective buyers have the opportunity to preview the goods being sold and ask questions about particular items. The auction preview enables people to make informed decisions on what they want to bid on during the auction.
When people arrive at the auction, they must first register. They give the auction company basic information including their name, address and telephone number. At this time, they are given a number for bidding.
During the auction, the Auctioneer stands where they can be clearly seen and use a microphone and speakers system so people can clearly hear them. An item is selected and described, then the Auctioneer opens bidding.
As increasing bids are received, the Auctioneer uses a “chant” which is a series of filler words to make the chant more rhythmic. Ringmen assist the Auctioneer to ensure all bids are accurate. When the highest bid has been received, they call out the final amount, ask for any higher bids, and then indicate the item is sold. At this point, the buyer will usually identify himself with the number given to him when he registered. The bid number system is the most commonly used to maintain purchase records in today’s auctions. The clerk records the number, and when the buyer is ready to leave, the cashier is on-hand to receive payment for any purchases made and to release the merchandise to the highest bidder.