You have something to sell and you want to make a profit if you can. An auctioneer could be the person to help you make money from the thing you want to sell. But before you just choose any auctioneer, there are certain things to consider.
First, when choosing an auctioneer you should ask around to find out about other people’s experiences with various auctioneers– did they like them (or not)? Were they helpful (or not)? And would they recommend them (or not)?
Area of Expertise
Auctioneers tend to have different areas of expertise. Say, for instance, you were wanting to auction a parcel of land… that’s quite different than auctioning livestock, right? So you’d want to find an auctioneer who has the experience and expertise to auction off your specific item or items.
What about an auctioneer’s geographic area? Some have built quite a following in a certain region– they’re the “local” ones you want to consider. After all, name recognition counts!
Depending on the state, an auctioneer might need to be bonded, licensed and insured. Check with them to see if they are, and don’t be afraid to ask to see the paperwork showing proof. Ask for their “State Auctioneers License,” for example.
Other Professional Opinions
Auctioneers work with a variety of people who can be references you consult– so ask for some names of lawyers, banks and others with whom the auctioneer has conducted business in order to find out their opinion of him or her.
The Going Rate
With auctions, there’s a “commission rate.” Basically, that’s how the auctioneer gets paid selling your stuff. Find out their commission rate. Also ask if there will be a “buyer’s premium,” which is an additional fee customers may be charged. Details about what the auctioneer will do for you should be spelled out in a formal contract. Ask if he or she can provide you with one to read and sign.
After Auction Protocol
What about items that don’t sell? How would the auctioneer handle that? Also, if and when something does sell, how long does the auctioneer or auction company take to close out that auction and for you to receive your payment?
These are just some of the questions you can ask a potential auctioneer. If you’re looking for a residential, commercial, industrial or agricultural real estate auctioneer… or you have autos, equipment, machinery or personal property that you want to have auctioned, then consider calling Wilson Auctions at 419-636-5500. Wilson Auctions serves Ohio, Indiana and Michigan.