Preparing For An Auction

Auctions

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