How do I arrange to have an auction and how long does it take to set up?
Most important is that you take inventory of the items that you plan to sell at auction. Keep in mind the condition of the items and be realistic about their value. Then call Amazing Auctions (320) 384-7132 to arrange a sales date. We will then review the items with you and help set up cost provisions and time elements to help maximize their exposure.
Allow at least 2 or 3 weeks of lead time to allow advertising to take effect. Take some of that time to clean or repair any items to help improve their value.
Once it’s set up, how do people find out about the auction?
We use several methods to help potential buyers find out about your auction.
--Flyers: we will prepare an attractive professional looking flyer advertising your sale. In many markets this is the most effective means of getting the word out to those most likely to attend an auction.
--Internet web site: we place information on the internet on this and other web sites to help promote your sale. This is fast becoming a favorite place for people to search quickly for auctions in their areas.
--Newspapers, radio and mailing lists: when appropriate we will add newspapers or radio advertisements to help people learn about your auction. We also have a client list of people who like to attend auctions.
Absentee Bid-A procedure that allows a bidder to participate in the bidding without being physically present. Absentee bids are usually handled under an established set of guidelines by the Auctioneer or their representative.
Absolute Auction- An Auction where the property is sold to the highest qualified bidder with no
limiting conditions or amount. The seller may not bid personally or though an agent.
"As is" Property
(Auction without reserve) - is sold without any warranty as to its condition and/or fitness for a particular purpose. Buyers are solely responsible for examining and judging the properties condition. Also known as "As is, where is" and "In the present."
Auction- A method of selling property in a public forum through open and competitive bidding. Also referred to as: public Auction, Auction sale or sale.
Auction Listing Agreement-
The contract executed by the Auctioneer and the seller which authorizes the Auctioneer to conduct the Auction on behalf of the seller and sets out the terms
of the agreement and the rights and the responsibilities of each
Auction with Reserve-An Auction in which the seller or his/her agent reserves the right to accept or decline any and all bids. A minimum accepted price mayor may not be disclosed.
Auctioneer- The person (or firm) whom the seller engages to direct, conduct, or be responsible for a sale by Auction. This person mayor may not actually call or cry the Auction.
Bid- A prospective buyers indicating or offer of a price he or she will pay to purchase property at Auction. Bids are usually in increments established by the
Buyers Premium- An advertised percentage of the high bid or flat fee added to the high bid to determine the total contract price to be paid by the buyer.
CAI- The professional designation awarded by the NAA Educational Institute to practicing Auctioneers who meet the educational and experiential standards set by the Institute.
Client- The party for whom the Auctioneer sells the property, it is often synonymous with "seller".
Customer- The party who attends the Auction for the purpose of buying the property offered for sale.