Purpose
Both the Vendor and the company want maximum benefits from an auction. the Seller wants to sell the
property for the best price possible and the company wants to enhance its reputation. Experience has
shown the best way to prepare an auction venue, and these instructions describe this procedure. Lack of attention to detail can have a big impact at an auction, both on the sale and on company reputation. It is very important to get everything right.

Procedure

All staff (including auctioneer) 

•	Attend the auction if available and support the Sales Consultant and Auctioneer
•	Do not consume alcohol before the auction
•	Dress according to the company dress code
•	Plan and prepare the auction venue according to the Auction Venue Guidelines
•	Greet and establish rapport with the auction audience, handing out brochures, helping them to inspect the auction documents and also the properties if available

Client Services

•	Prepares auction invitations the week before the Auction
•	Attends the auction if available and support the Sales Consultant and Auctioneer

Sales Consultant 

•	Agrees on an auction date with the Seller and conducts advertising according to the marketing plan
•	Books a qualified and experienced auctioneer to conduct the auction and writes the Auction in the REIV Auction diary located at the Office
•	At least a week before the auction, delivers a copy of the Contract of Sale for all properties (including all documents required by law) to the auctioneer
•	Takes the auctioneer to inspect the properties at least one day before the auction
•	One week before the auction, orders 100 auction invitations from Client Services
•	Between 24 and 36 hours before the auction, delivers the invitations to the auction to neighbours
•	Conducts a pre- auction meeting between Vendor and Auctioneer 36 hours prior to Auction
•	Arrives at the venue at least one hour before the auction start time 

Auctioneer 

•	Reviews the Contract of Sale for all properties (including all documents required by law) before the auction
•	Inspects the properties at least one day before the auction
•	Arrives at the venue at least one hour before the auction start time and attends the pre-auction meeting

Pre-auction meeting agenda

At least 36 hours before the auction, the Sales Consultant conducts the pre-auction meeting with the Vendor and the Auctioneer. This meeting has the following agenda:

•	Review Buyer interest
•	Confirm Seller commitment
•	Establish reserve price
•	Confirm contract conditions
•	Agree on opening bid procedure
•	Agree on Seller bids to be made
•	Note special conditions or instructions from seller