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 The benefits of selling by auction are many. Of course,
converting property, possessions or inventory to cash is one of the major
ones. But, people don't want to sell unless they get fair market value
and that's where the auction comes in. An auction outperforms any other marketing
method for whatever people have to sell. The competition created among
the buyers stimulates prices and establishes current market value.
And finally, the auction method is flexible. The
customer decides when to sell and what to sell. Anything in real or
personal property can be sold.
Well-trained auctioneers use established and successful procedures to ensure
maximum benefits from an auction.
Step 1
First, the auctioneer meets with the
potential seller to see what is to be auctioned and understands the
seller's expectations. The auctioneer's services and the seller's
desires are discussed. This process includes determining what type of
auction will be utilized.
Step 2
The auctioneer will then present a proposal
which details the auction date, location, time of auction, cost of
advertising, sales commission and other matters. When the terms of the
proposal are agreed upon, a contract is initiated.
Step 3
At this point, different steps are taken for
different types of auctions. Today, with more and more strict regulations,
many background checks take place to assure that the auction will
conform with the Uniform Commercial Code, any city, county or parish and
state license requirements, to verify title to the property, and to
notify creditors of the auction.
Step 4
Next, an advertising campaign is prepared to
help assure good attendance. Newspaper ads, handbills, posters, direct
mailing pieces and radio and TV advertising are commonly used. A well-planned
advertising program is essential to the success of the auction.
Step 5
According to the sellers' wishes,
auctioneers may take the responsibility of preparing the merchandise
before the auction. Much cleaning, grouping, organizing and often
repairing and painting take place so that the property will be more
marketable on auction day. | 
