Auction creates the Most Exposure in the shortest period of time
Auction provides an Aggressive, Advanced Marketing Program that increases interest in and awareness of a property or item
Auction brings multiple qualified buyers to a point of decision, “Act now or lose the opportunity to purchase.”
Auction generates excitement and heightens buyer interest Auction creates competition among buyers
Auction removes the necessity for Seller/Buyer negotiations….A sale with NO contingencies
Auction realizes True Market Value….price can exceed the price of a negotiated sale…no upside limit.
Seller, not buyer chooses the date property or assets are sold
Seller sets the terms and conditions of the sale
High seller carrying costs eliminated e.g. Interest, taxes and maintenance
A speedy process
There’s no doubt that an auction is the fastest sales process around. It’s quick and efficient and that’s what makes it attractive.
Set Your Own Price and Establish a Value
You are in control at an auction. You decide when to bid and how much to bid - how high or low you want to go.
Certainty of Knowing What You’re Getting
Fun and Excitement
There’s no doubt that an auction is entertainment at its finest. Crowds of people competing for unique property, combined with that lively and rhythmic auction chant make for some great entertainment and fun. It’s an event the whole family can enjoy.
Auction: The Unlimited Marketplace
Auctions allow the public to experience the same type of excitement that is found on the floor of the commodities exchange. After the fervor of the event, sellers know their merchandise sold at prices truly representative of market value, and buyers walk away knowing they paid an amount only one bid higher than what someone else was willing to pay. Everyone wins at an auction.
The auction is not a new marketing method. The first English reference is found in the 1595 Oxford English Dictionary. Evidence records auction activity as early as 500 B.C. and during the Roman Empire.
Although auctions are fun, the reason they have been successful for thousands of years is that they work. It’s hard to imagine anything today that cannot be sold at auction.
The Sellers’ Marketplace
Converting property, possessions or inventory to cash quickly is a major benefit of the Auction Method of Marketing, but sellers also want to be assured they will get a fair market value. That’s why an auction is the best tool to meet that goal. No less important is the flexibility of the auction method. The customer decides when and what to sell. Well-trained auctioneers use established and successful procedures to ensure maximum benefits for the seller. Before the auction takes place, the auctioneer meets with the potential seller to see what is to be auctioned and explain the services available. During this meeting, the auctioneer will ask questions to determine the seller’s expectations.
The auctioneer takes great care to make sure the auction conforms with the Uniform Commercial Code, with any city, county or state license requirements, and to verify title to the property and to notify creditors of the auction.
The Buyers’ Marketplace
Auctions are an excellent marketplace. Buyers actually determine the final price and market value of the items purchased.
For first-time buyers, an auction may appear to be a confusion of people and merchandise, but once they become familiar with procedures, they realize it’s more like a well-rehearsed symphony.
Buyers are provided all the information needed to become informed bidders and realize the auction market sets a fair and reasonable price for property. During the auction, auctioneers stand where they can be easily seen and often use a public address system.
As increasing bids are received, the auctioneer’s rhythmic chant becomes a series of prices. Filler words are used to maintain a pleasant flow to the chant. Information about auctions can be found in newspapers, sale bills, brochures, etc.
Guarantee A Successful Auction
Selecting an auctioneer is the most important part of assuring an auction will be successful. By choosing an auctioneer who displays the TAA Emblem, the seller can be sure of a professional who is dedicated to improving his or her ability -and the profession-through education, integrity and honesty. Keep these traits in mind when choosing an auctioneer:
Motivation and Initiation -to approach the job with energy and enthusiasm. This will be transmitted to buyers, increasing the seller’s profit.
Empathy and involvement - to put themselves in the position of the seller and to evaluate the problems that may arise.
Integrity and Honesty - to earn the trust of both the seller and the buyer.
Adaptability - to respond to the varied needs of sellers and situations.
Flexibility - to be open to new ideas and techniques.
Knowledge - to properly market and sell the product being auctioned.
Selecting the right auctioneer will lead to the success of the auction. To be sure of a quality minded auctioneer, look for the TAA Emblem - behind it you will find a leader in the auction profession.
Auction Tips -
Come early to view the merchandise
Have driver’s license ready
Register with the clerk to receive a number (This is your bidding number)
Look carefully for those hidden treasures
Determine what you would like to pay for an item
Raise your bidding number up high when you want to bid.
If you are not sure where the bid is at, ASK!
You may settle your bill any time during the auction.
