Throughout past generations the auction block has allowed buyers and sellers to meet at a central location to market their goods and determine the market value of a product through competitive bidding. Today the use of the auction method has become an essential tool for individuals and entities to market their assets in the most effective and efficient manner possible.
So Why Auction?
From a Sellers Prospective there are many reasons that the auction process is superior to other sale methods :
- The Auction method Can allow the Seller to exceed the asking price.
- The Auction method offers a reduction of holding costs
- The Auction method is a faster more efficient alternative to the traditional listing. In many auction situations a given property can be effectively marketed, sold, and closed in a total window of 75 days or less.
- Auctions are time limited, which gives the buyer more incentive to act. Not allowing the buyer to merely wait the seller out.
- The atmosphere at an auction brings out the competitive spirit in buyers, which raises the excitement level, thus resulting in a higher price for the property.
- The Auction method is flexible; in the sense a seller can market several different properties at one time and sell all properties at one location. The flexibility of the process also allows the Auctioneer to shape the marketing plan of each property differently to best serve the seller.
- The Auction method also has many different alternatives to the type of auction the seller may wish to pursue, ranging from the Absolute Auction, Reserve Auction, Subject to Confirmation Auction, Sealed Bid Auctions.
- The Auction marketing method is effective with a wide range of products including Real Estate, Timber, Equipment, Personal Property, Antiques and Collectibles, Business Liquidations and more.
Questions to Ask an Auctioneer
Selecting an auctioneer is the most important part of assuring that an auction will be successful.
When looking for an auctioneer, look for these traits:
Motivation and Initiation - to approach the job with energy and enthusiasm. This is important as they can generate the same enthusiasm in buyers.
Empathy and Involvement - to be able to put themselves in the position of the prospect - and evaluate the problems and needs.
Integrity and Honesty - to earn the trust of both the seller and the buyer.
Adaptability - to respond to needs of prospects and situations that may arise.
Flexibility - to be open to new ideas and techniques.
Knowledge - to properly sell the product being auctioned. Many auctioneers specialize in certain products and gain a reputation through their ability to sell these products. General auctioneers, on the other hand, have knowledge in a wide range of products. Although product knowledge is important, an auctioneer with the ability to learn quickly and research items can overcome initial lack of product knowledge.
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