How to Hire an Auctioneer to Sell a House
When selling a house at auction, hiring the right auctioneer is the most important thing you can do. An auctioneer can make or break your house sale, and much of your success at auction depends on him. Here are some tips to help you hire an auctioneer.
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Instructions
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Do your homework first. Look for any upcoming local house auctions and watch how they are advertised. Check for ads in newspapers, real estate flyers, mailings or TV and radio ads. Call the auctioneer to ask questions about the house to be auctioned. Make sure he is knowledgeable about the house and returns phone calls in a timely manner.
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Go to a few house auctions using different auctioneers. Take notice of the signs leading to the auction, how many people are at the auction, the excitement the auctioneer generates during the auction and if the house sells for a good price.
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Talk to several auctioneers to determine their fees and success rates. Some auctioneers have a sales rate above 90 percent while others may only have a 75 percent sales rate. Consider hiring the most successful auctioneer, even if his fee is higher. Ask for references, and call the references about their experience.
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Discuss the type of advertising the auctioneer will do to generate interest and sell your house. Some auctioneers advertise on TV, radio, newspapers, online and in trade papers. Other auctioneers will only advertise locally and on the Internet.
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Ask how long the house should be advertised before the day of the auction. Most auctioneers advertise between 30 and 90 days before the auction. The shorter the period of advertising, the more "urgent" the sale feels to potential buyers. A well advertised house auction that has been advertised for 45 days could create a lot of interest.
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Read the auction contract thoroughly before signing it. Make sure the advertising is spelled out to your satisfaction, as well as any reserve price you set. Make sure all fees are written in the contract so there are no surprises when the house sells.
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