Choosing An Industrial Auctioneer
Choosing An Industrial Auctioneer
Choosing An Industrial Auctioneer
Choosing an industrial auctioneer to sell your manufacturing equipment is an
important decision and one that can dramatically affect the retirement funds of many
manufacturers. Here are some of the most important things to consider when shopping
for an auctioneer:
1. WRITTEN CONTRACT: The auctioneer should supply a written contract
outlining the responsibilities of each party. Most importantly, when does the
Seller get paid? The contract should be specific on both the timing and manner
of payment.
2. ADVERTISING: Your contract should include advertising specifics; what
newspapers or trade publications, what size brochure and how many will be
mailed. If it's not in the contract, the auctioneer is not obligated to do it. Good
advertising makes for a successful auction. Know what you're getting for your
advertising dollars.
3. REPUTATION: Ask industry professionals and associates what they think of the
auctioneer. Does the auctioneer have a reputation for running quality auctions?
Do they have a strong local, national & international customer base?
4. REFERENCES: Ask for references and follow-up! We recommend running a
credit report on the auction company. This will show if prior clients have had
legal disputes with them, or difficulty collecting funds due them.
5. EDUCATION: Choose someone that has professional training as an auctioneer.
Some states require licensing while others do not. The auctioneer should know
the law for the State in which they're doing business and be able to answer any
questions you might have. Also, in some States auctions are governed by
municipal law. The auctioneer should be responsible for obtaining any local
permits required by law.
6. ASSOCIATIONS & MEMBERSHIPS: Is the auctioneer a member of the
National Auctioneer's Association and/or their State Association? Why is this
important? Members of these associations are held to higher ethical standards.
Involvement in these associations indicates that the auctioneer is involved in
continuing education and ongoing improvement of their trade skills.
7. COMMUNITY: Does the auctioneer make donations of their time and auction
skills to community events or worthwhile charities? While not necessarily an
indication of his or her qualifications to conduct your auction, it does speak to
the character of the individual.
8. LICENSED REAL ESTATE BROKER: If you are selling your real estate at the
same time, consider hiring an auctioneer that is also a licensed real estate broker.
If your equipment advertising is already reaching a highly targeted audience, it
makes sense to alert these potential buyers to the availability of the real estate.
Choosing your auctioneer to sell the real estate portion of your business can
substantially add to your bottom line. Typically when real estate is sold at
auction there is NO SELLER COMMISSION. The auctioneer is paid by the buyer
via the "buyer's premium".
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