There are several factors to consider outside of past auction results and references. The first concern for most sellers is the commission. But that should only be one of many factors to take into consideration. Are you looking to save money or make money? What is that auction company providing for that commission rate? Compare auction company services, technology, and marketing strategies, not just commission rates.
How extensive is their existing client base? Do they have global exposure on the Internet? In this age of computers, laptops, tablets and smart phones, technology is extremely important. Do they have an online bidding platform and an easy to navigate website? What kind of web traffic are they receiving? Most buyers look for convenience, as they may not have the time to attend a live auction. An auction company will consult with you on the best auction method for your property. Years ago the only auction method was a live event. Today the direction has gone to online auctions or live auctions with Internet simulcast bidding to reach the most buyers possible. Make sure the auction company you choose is current and effective with their technology and systems.
Most auction companies specialize in certain types of auctions or have multiple auctioneers on staff in order to specialize in a variety of auctions types. Look for ones that specialize in what you are selling. They will best know the value and how to attract the most interested buyers for your property. Marketing is crucial to bring the most value for your property.
Have the auction company provide a Marketing Plan. Are they using a variety of advertising methods? Newspapers and flyers posted around town may still be needed to bring exposure to your auction but, are they providing maximum exposure through internet advertising, email campaigns, targeted media campaigns and industry publications as well. Make sure their marketing plan is reaching the end buyer. The more targeted the campaign, the better results you will have for the least amount of advertising expense. The auction company you choose needs to be innovative and creative marketing experts.
Auction companies have plenty of success stories to share, but ask for referrals. Past clients will give you what you want to hear. Do they have a reputation for integrity, honesty and fairness? Did they demonstrate professionalism and have knowledgeable staff? Verifying a record of service satisfaction is key.
In addition to reputation, licensing and certifications are needed. Many auctioneers belong to professional organizations such as the National Auctioneers Association, Illinois Auctioneers Association and have completed training certifications such as CAI (Certified Auctioneers Institute). By hiring and auctioneer with these memberships and credentials you know they have invested in their education and training to provide the best auction service to their clients.
Once you have completed your homework and narrowed your selection of auction companies, watch them in action. Get on line and watch an online auction close, attend a live event and watch how the auctioneer engages with the buyers in attendance. A great auctioneer entices buyers to participate but, all the other factors mentioned to help choose the right auction company for your property, are imperative to making your auction successful.
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