Key takeaways: When hiring an auctioneer, verify they hold proper state licensing, have proven experience with your property type, employ comprehensive marketing strategies (including both traditional and digital methods), and offer both live and online bidding options. Additionally, ensure transparency about their commission structure and all associated fees.

Table of Contents:

When it’s time to sell your home or other personal property, you want to get the highest price possible with the least amount of stress.

With real estate auction services, hiring the right auction advisor plays a large role in maximizing your return.

You want someone who feels like the right personal fit. Before making your decision, it’s also a good idea to ask the following questions.

Are You A Licensed Auctioneer?

It’s easy to assume that an auctioneer’s license is active and up to date, especially after setting up a meeting. However, requirements vary from state to state, and it’s important to confirm what may seem like the obvious.

In Ohio, for instance, to sell personal property (also called chattel) at auction, an auctioneer must be licensed by the Ohio Department of Agriculture. If real estate is involved, the auctioneer must also hold an Ohio real estate license.

To stay current, Ohio auctioneers are required to complete eight hours of continuing education every two years.

Confirming an auctioneer’s licensing status is vital to ensure they are operating legally and up to industry standards.

What Is Your Experience?

When hiring an auctioneer, it’s essential to seek someone with a proven track record. Don’t hesitate to ask for references or examples of prior auctions that align with the property or assets you wish to sell. While years in business can be a good indicator, experience doesn’t always equate to length of time in the industry.

What’s more important is the auctioneer’s depth of knowledge regarding the type of asset you want to auction. For instance, if you are selling a farm or multi-unit property, an auctioneer with specific experience in these areas will better understand the nuances involved.

What Is Your Marketing Method?

Marketing is key to the success of any auction. A well-executed marketing plan ensures that you reach the right buyers, at the right time, and at the right price.

From physical signage to digital marketing strategies, your auctioneer should utilize a broad spectrum of tools. Effective marketing may include print ads, direct mail, social media campaigns, and email marketing.

At the same time, an experienced auctioneer will have a strong presence in the local community, which is especially important when selling real estate. Local buyers often prefer to purchase properties within their region, and a well-connected auctioneer can leverage their network for maximum reach.

You should feel confident that the auctioneer you hire will tailor their marketing efforts to suit your specific needs. This is a major factor in driving up competition and achieving the best possible outcome for your auction.

The Auction Method of Marketing

The auction method of marketing is a successful strategy that uses an accelerated campaign. As the seller, you set the date, terms, time and approach to the event.

When vetting auctioneers, be sure that they thoroughly explain their methods with you.

Do You Offer Live And Online Bidding?

The auction industry has rapidly evolved in recent years, mostly due to the global pandemic, which forced many auction houses to take their bidding online.

Post-pandemic, online bidding for real estate has remained a valuable resource due to its expansive reach and results.

When hiring an auctioneer, inquire about their bidding options. Many real estate auctions benefit from a combination of live and online bidding (simulcast), which can increase participation and maximize your auction’s success.

Bonus: What Does It Cost To Have An Auction?

Auctioneers are commission based, and  should provide transparency regarding their pricing structure and the services they offer.

Before hiring an auctioneer, it’s important to understand the full scope of fees, including advertising, title work, and closing costs.

Also, understand the concept of a “Buyer’s Premium“, which is a pre-determined percentage added to the highest bid to determine the final purchase price. The buyer’s premium is paid by the auction buyer.

Ready To Get Started?

At KIKO Auctioneers, we have over 80 years of experience in Ohio’s real estate market, offering comprehensive real estate auction services for a variety of properties, including homes, land, farms, commercial properties, and multi-unit investments.

Contact an agent today and let us help you achieve success with your next auction.

Key takeaways: When hiring an auctioneer, verify they hold proper state licensing, have proven experience with your property type, employ comprehensive marketing strategies (including both traditional and digital methods), and offer both live and online bidding options. Additionally, ensure transparency about their commission structure and all associated fees before signing any agreements.

Table of Contents:

When it’s time to sell your home or other personal property, you want to get the highest price possible with the least amount of stress.

With real estate auction services, hiring the right auction advisor plays a large role in maximizing your return.

You want someone who feels like the right personal fit. Before making your decision, it’s also a good idea to ask the following questions.

Are you a licensed auctioneer?

It’s easy to assume that an auctioneer’s license is active and up to date, especially after setting up a meeting. However, requirements vary from state to state, and it’s important to confirm what may seem like the obvious.

In Ohio, for instance, to sell personal property (also called chattel) at auction, an auctioneer must be licensed by the Ohio Department of Agriculture. If real estate is involved, the auctioneer must also hold an Ohio real estate license.

To stay current, Ohio auctioneers are required to complete eight hours of continuing education every two years.

Confirming an auctioneer’s licensing status is vital to ensure they are operating legally and up to industry standards.

What is your experience?

When hiring an auctioneer, it’s essential to seek someone with a proven track record. Don’t hesitate to ask for references or examples of prior auctions that align with the property or assets you wish to sell. While years in business can be a good indicator, experience doesn’t always equate to length of time in the industry.

What’s more important is the auctioneer’s depth of knowledge regarding the type of asset you want to auction. For instance, if you are selling a farm or multi-unit property, an auctioneer with specific experience in these areas will better understand the nuances involved.

What is your marketing method?

Marketing is key to the success of any auction. A well-executed marketing plan ensures that you reach the right buyers, at the right time, and at the right price.

From physical signage to digital marketing strategies, your auctioneer should utilize a broad spectrum of tools. Effective marketing may include print ads, direct mail, social media campaigns, and email marketing.

At the same time, an experienced auctioneer will have a strong presence in the local community, which is especially important when selling real estate. Local buyers often prefer to purchase properties within their region, and a well-connected auctioneer can leverage their network for maximum reach.

You should feel confident that the auctioneer you hire will tailor their marketing efforts to suit your specific needs. This is a major factor in driving up competition and achieving the best possible outcome for your auction.

The Auction Method of Marketing

The auction method of marketing is a successful strategy that uses an accelerated campaign. As the seller, you set the date, terms, time and approach to the event.

When vetting auctioneers, be sure that they thoroughly explain their methods with you.

Do you offer live and online bidding?

The auction industry has rapidly evolved in recent years, mostly due to the global pandemic, which forced many auction houses to take their bidding online.

Post-pandemic, online bidding for real estate has remained a valuable resource due to its expansive reach and results.

When hiring an auctioneer, inquire about their bidding options. Many real estate auctions benefit from a combination of live and online bidding (simulcast), which can increase participation and maximize your auction’s success.

Bonus: What does it cost to have of an auction?

Auctioneers are commission based, and  should provide transparency regarding their pricing structure and the services they offer.

Before hiring an auctioneer, it’s important to understand the full scope of fees, including advertising, title work, and closing costs.

Also, understand the concept of a “Buyer’s Premium“, which is a pre-determined percentage added to the highest bid to determine the final purchase price. The buyer’s premium is paid by the auction buyer.

Ready to get Started?

At KIKO Auctioneers, we have over 80 years of experience in Ohio’s real estate market, offering comprehensive real estate auction services for a variety of properties, including homes, land, farms, commercial properties, and multi-unit investments.

Contact an Agent today and let us help you achieve success with your next auction.