An auction can be a good place for you to
sell stuff that you no longer need at a good price. Learning how it works will
help you make the right decisions. A marketing period is often set to match the
specific asset or situation that is being auctioned. Real estate, farmlands, as
well as personal properties usually take around four to five weeks. Some specialized
assets might require a longer period. There are also situations when the
auction is conducted quicker.
As the seller, what you will choose to do
can affect the outcome of any auction. More often than not, many sellers are
not really sure whether they want to sell at an auction before they do. Only
when they realise the enormity of the task do they decide to seek out the
services of auctioneers. If you are thinking of doing the same, here are some
of the things that you should not do when selling at an auction.
Attempt
a private sale
Perhaps one of the most damaging things
that sellers can do when auctioning off assets is trying to negotiate a private
sale for them. When you decide to sell the assets privately, you will be the one
pricing them. That will only ruin the chances of these items getting a good price
when they are sold on auction day.
Sell
to buyers that will cherry pick the assets
There are many instances where people who
have a lot of property to dispose of ended up selling a few pieces to somebody
they know for a very low price. This is especially true when it comes to
estates. This reduces a considerable portion of the pool of buyers who would
have attended the auction. Aside from getting a very low price for the items,
you also end up devaluing the rest of the assets that are being auctioned off
as well.
Place
the assets on social media or other online selling sites
This is something that many sellers tend to
do in the hopes of finding a buyer faster. This does not only cause conflict
when it comes to the actual price of the asset, it may end up putting false expectations
to the buyers out there too. You will only likely end up under-pricing it,
which means you will not be getting enough money for it or you will end up overpricing
it, which can easily turn potential buyers away.
Some people do try some last minute effort
to sell the assets themselves so they can possibly avoid paying any commission.
Commissions are investments, not expenses. They pave the way for accelerated marketing
of your assets as well as ensuring that what you get is top pricing for the
item being sold. So it makes sense that you pay for them.
If you have concerns about asset management
and auction services, Ian Whittock at Evoque Claims and Appraisals will be able
to guide you through the process. As a company that specialises in collecting, restoring,
and reselling salvage items, it has since led the way in claims efficiency.
Get
to know more about Ian Whittock and how he can help you here. Learn more about claims and appraisals by watching Ian Whittock videos here.