About Auctions and Choosing an Auction Firm

June 6th, 2021 by dayat Leave a reply »

If you’re planning to buy/sell merchandise, or have bought one before, you know how hard it is to snap a deal and how stressful this process can be. We all have something to learn about auctions. It makes no difference if you never attended an auction or never participated in an online auction or you are a seasoned veteran of both. An auction is not just about buying/selling merchandise, it’s about meeting your business goals. Live auctions might seem like simple affairs lasting a few short hours. But for the Auction Firm, there’s a lot of groundwork involved. So be careful while choosing an auction firm they must know about your merchandise, your market and your expected auction proceeds.

Consider the following when choosing an auction firm

· Is the auction firm experienced?

· Are they professional & ethical?

· Are they well respected and recognized in their profession?

· Have they established a large clientele of satisfied customers?

· Do they have an adequate staff of full-time professionals?

· Have they got a spacious live auction facility?

· Can they work closely and understand you better or have clear understanding of your business processes.

· Have they got a huge buyer database (with the potential to find serious buyers for every item), contacts with local businesses make for excellent word-of-mouth publicity?

· Do they provide consistent, superior service to both buyer & seller?

· Can they easily conduct an on-site auction and still offer the latest in technology?

· Do they use every possible communication technology like radio, the Internet, direct mail, newspapers, and effectively use other print media to generate your auctions.

· Are they a member of their State and National Auctioneers Association? Some auctioneers aren’t acceptable to the Associations. (Worth investigating)

· Do they attend continuing education class to better serve you and to keep up dated with what is happing in the auction industry?

· Can they produce record-breaking results and obtain top dollar for your items?

What to do during auction day

· When you register ask for a copy of the Conditions of Sale and thoroughly inspect them.

· Ask the auctioneer or the Auction Alliance team any relevant questions before the sale.

· Ask relevant questions at the designated question time.

· Watch, listen, ask and bid only when you feel comfortable to do so.

· Some auction houses are notorious for their complicated fee schedules, which make it easy to tack on hidden charges later. So discuss everything openly before hiring an auction firm.


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