What Not to Do When Selling at an Auction

November 07, 2017

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.

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