Ever wanted to hire an auctioneer? Auction professionals work all around the country selling all kinds of assets. So, if you have assets to sell or a complete business to liquidate, there’s an auction professional ready to help you sell it.
If you want to hire an auctioneer, you might not know where to start. The following six steps will assist you in making an informed decision about an auction professional.
7 Steps to Hire The Right Auctioneer
Type of auctioneer to contact
Start searching online for an auction company that has knowledge of comparable auctions. Look at the types of auctions they have conducted by visiting the prior auctions area of their website. Businesses that have sold comparable equipment in the past will have buyers in their database and will be familiar with that asset class.
Develop an inventory
What do you have to sell is one of the first inquiries an auction expert will make. You may find the appropriate expert much more quickly by making some form of inventory. This list could be very broad or quite detailed. You might include precise information about the asset in your inventory if you sell real estate or other high-value items. Take pictures that will help the auction professional as you compile the inventory.
Consider how soon you want to sell
During this week, this month, or this year do you need to sell something? Thinking about how quickly you want to sell something will help you respond to the auctioneer’s queries and make the process go much more smoothly.
Consider the involvement
How much will you be a part of the sales process? While some sellers want to sign a contract and forget it, others want frequent feedback on each stage of the auction. Your mental health will benefit from your awareness of your communication preferences and inclinations. A successful auction requires hundreds of decisions and acts, and auctioneers are ready to share as many or as few of these with sellers as they like.
Decision making process
Who else is required to decide whether to sell? Does your partner in business, spouse, or family member have to be involved in the decision-making process? You can avoid holding additional meetings by identifying these individuals and having them present at the start of the auction process.
Questions to ask the auctioneer
You have gone through all the process already. Now it’s time to ask few question to the auctioneer. Here are five general inquiries to make when speaking with an auctioneer on the phone or in person at a scheduled appointment.
Does the auctioneer belong to the National Auctioneers Association?
Ask your prospective auctioneer if they are a member of the National Auctioneer Association (NAA) to assure a high-quality and consistent experience. The education and ethics of NAA Auction Professionals enable them to assist you in selling anything. The greatest global network of auctioneers is made up of NAA members. They contribute to your project the combined wisdom and expertise of about 3,000 members. Additionally, auctioneers could belong to organizations for distinct asset classes or state auctioneer associations.
Does the auctioneer adhere to a code of ethics or best practices for auctions?
The NAA Code of Ethics and Standards of Practice are voluntary commitments made by members of the National Auctioneers Association. Ask them what that means for bidders, purchasers, and you as the selling. The fair treatment you receive from the auctioneer is ensured by a code of ethics and norms of practice. Additionally, it guarantees that all fees and costs are clarified up front and listed in the auction contract.
What kind of training and expertise do they have in selling at auctions?
There are basics to the auction process that continue to be important even though each property, collection, and object is unique. Inquire of your auctioneer for a general overview of previous auction outcomes and business history. The National Auctioneer Association’s members frequently participate in career-specific training. They are happy to discuss their educational backgrounds and dedication to ongoing professional development.
How enthusiastic will the general public be about bidding on your asset, possession, or collection?
Realistic and fair expectations about the level of interest your auction will generate can be established with the aid of an auctioneer. It can be challenging to consistently estimate with accuracy how much an object will sell for in a public auction. You will be able to comprehend the market with the aid of the ideal auctioneer.
Does the auctioneer have the necessary time and labor?
Every size and style of auctioneer has a particular level of capacity or capability to manage your auction effectively. Any auctioneer should be questioned about whether they have the necessary time and effort available. This could therefore be the deciding element when comparing auctioneers and auction companies if all other factors are roughly equal.
You may improve your auction outcomes and make more informed decisions by asking these five questions. A excellent approach to sell stuff at fair market value is through auctions. By following these instructions, you may contribute to a seamless and open procedure. That’s all about how to hire an auctioneer.
Would You Like to Talk to an Auctioneer?
A representative of Jones Swenson Auctions would be happy to review your potential auction situation. Call (512)261-3838 or go to JonesSwenson.com for a no obligation consultation.
