You have something you want to sell. Maybe it’s farming equipment. Perhaps it’s some antiques. Whatever it is, there are several ways to go about selling it, right? One of those ways is to auction it off to the highest bidder. You can do this with residential or commercial real estate, intellectual property, machinery, vintage dolls, artwork, etc. You just have to find the right auction company to work with, and that can be a challenge. How do you know what to look for? What questions should you ask? What’s to be considered when searching for “the right auction company?”
Knowledge of Your Needs
Well, for starters, you want to work with people who understand where you’re coming from, why you’re coming to them and what you’d like to get out of the experience. For instance, maybe you own a piece of land that you’re not doing anything with, and it would just be easier to sell it, but you don’t want to put a sign on it and wait months or years for someone to notice and “maybe” consider buying it… so instead there’s the option to connect with an auction company that deals with land auctions “all the time” and has built up a following of people interested in such auctions. That’s who you want to work with, right?
Ideally, choose an auction company that employs people who know and understand your particular market. You wouldn’t ask a motorcycle shop owner to try and sell little girl’s baby dolls, right? But you would ask them to sell custom designed motorcycle helmets you made, on your behalf. So think that way when it comes to auction companies. You can look on websites and ask around, too, to find out which auction companies in your vicinity handle the type of auctions that fit your needs.
When dealing with auction companies, test them out to see if they’re up on market trends related to that which you are selling– do they know local, state, national and even global trends? Ask them questions like, “What motivates buyers and sellers?” or “What strategies do you use to help me get the most money for what I want to sell?” Don’t just ask if they advertise their auctions, but, better yet, how do they specifically advertise their auctions… Do they utilize social media, flyers, text messages, email lists or what? Do they have a loyal following of qualified buyers who come to their auctions and like to buy things? How long have they been in business doing what they do, and what’s their reputation like among buyers and sellers?
You can learn a lot about an auction company based on what people say about it. Whether it’s online reviews or word-of-mouth comments, you can find out if an auction company is old-fashioned or modern, folksy or corporate, friendly or cold toward people, etc. Just like when picking out friends or lovers, it’s important for you to feel good about who you are going to be working with– do they answer the phone, do they seem to care about your needs, etc.
Auctioneers should be networking with others in their industry on a regular basis, and they should have a lot of contacts in the communities they serve. Ask to see their certifications, licenses and/or college degrees to get a good idea of their education and training in the past. You want to find an auctioneer who is familiar with that which you are selling! That can make all the difference in getting paid well versus it being a bust that you’re disappointed in– yikes!
Commitment to Excellence
So what are some keywords that matter when it comes to an auctioneer or auction company’s reputation? Consistency, integrity and likability are all things that matter. They do what they say they’ll do, and they help you reach your goals. They communicate with you well, and you go away from them feeling better, not bitter– that’s what you want.
Don’t be afraid to ask about money matters, how you get paid, and whether or not they’re bonded and insured.
In Bryan, Ohio, Wilson Auction & Realty Co. can handle all sorts of auctions; Want to know more info about the company? Call 866-870-5500 with your questions.