The Auction Process

Category: Education

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Unit 1: The auction process:

SOPs of an auction business Unit 1: The auction process Module 6

Business Basics:

Preparing for success Business Basics

Three Basic Auction Types:

Three Basic Auction Types Live Simulcast Online Only

Standard Operating Procedure (SOP):

Standard Operating Procedure (SOP) KISS Keep It So Simple Outline company processes Develop company procedure to accomplish processes Acquaint all staff (employees, contractors) with processes Test Refine See the article from Cornel University under resources for more information

Pre-Auction Preparation:

Pre-Auction Preparation

First Steps:

First Steps Same process for live and online auctions. Contracted by seller Personal Property Real Property Inspect all items/assets Catalogue Items Photos & Descriptions Lot Strategy Identify & Implement Marketing Strategy Begin bidder pre-registration

Auction Day:

Auction Day

Event Considerations:

Event Considerations Live Auctions Parking Amenities Bathrooms Food & Drinks Traffic Flow Plan for non-sold items Staff assignments vs. vendors Check-out process/Item handling

Event Considerations:

Event Considerations Online Auctions Detailed item descriptions/photos Clerking connected Good platform Determine distribution method How is the shipment cost handled?

Payment Method:

Payment Method Today Cash only sales, checks made to ____ , credit cards Prepaid budget for advertising Pre-established fees for crew or other related expenses to be deducted from the proceeds such as set-up fees 14 business day closing (check individual state laws) Use if you are going to: Guarantee checks Have substantial expenses to be reimbursed Have additional post auction services you are to provide Pay early Deliver check along with auction summary report and or closing statement. Delivery Methods and telephone confirmation Include photos taken which can be shared with the family This is your chance to cement your relationship for future business



The Next Opportunity:

The Next Opportunity Each transaction provides the opportunity to increase your “sphere of influence” Each transaction brings with it many opportunities for you to have a referral made to you for future business The auction summary report and or closing statement is one of those opportunities Make certain it is accurate and provides the full description of the services you have provided for the client Consisting of: Expenses for marketing, pre and post auction services This is your opportunity to show where the “value added” is in the services you provide

Unit 1: The auction process:

COMPLETE. Unit 1: The auction process