The Auctioneers Job and Rules of Auction
Essentially the role of the auctioneer is to control a public negotiation process where potential buyers are competing to buy a property.
The auctioneer has to make sure the process takes place in an orderly and legal manner and they must always conduct themselves professionally. A good auctioneer though stands out from the rest as they use tools like humour and wit to make the buyers feel more comfortable. I’ve found the more relaxed they are, the better the results.
Before the auction commences the auctioneer will introduce themselves and the agency they work for and they will announce terms and conditions in accordance with state law and any rules that surround your auction in particular.
Following this the auctioneer will give a detailed description of your property and list its valuable features and benefits.
Rules of auction
Terms and conditions of the auction are on display before and during the auction and are always available from the agent throughout the campaign.
Bidding at the auction
Following the introduction from the auctioneer, the auction will get under way. The auctioneer will call for an opening bid or in other words the first bid from the crowd.
From this point onwards the auctioneer will control the flow of the bidding and will encourage bidders to go higher, but at the end of the day, each bidder decides how much they are prepared to pay and the seller decides whether they’re prepared to sell at that price.
All bids must be acknowledged and recorded, so there are no misunderstandings over who has bought the property and for how much. And no bid can be accepted after the hammer falls.
Auctions by nature are often emotionally charged, but a good auctioneer knows how to take the pressure out of this very serious process by making the buyers feel comfortable. They have the ability to get the best out of the buyers and to achieve the best possible price for the seller.
We can’t stress enough the importance of choosing a professional auctioneer with a commanding presence as they are the decider in all disputes.