Myth 6 – An Auctioneer needs to be a licensed real estate agent to sell real estate at auction.
This is one myth that is quite an eye opener. In the State of Kansas, a real estate license is required to conduct a real estate auction. In the State of Missouri, all you need is $52 and a pulse to be a licensed auctioneer and be able to offer real estate at auction.
Other State laws vary, and in fact some States have very strict laws and guidelines, while others do not. It is important to know this if you are interviewing a real estate auction company.
Following are a few questions that you should ask in regards to licensing and professional standards when speaking with a real estate auction company.
1. Are you a licensed broker or agent? If you are an agent, who holds your license?
2. Are you a member of the local real estate board?
3. Are you a member of the local MLS?
4. Do you post your auctions on the MLS?
5. Are you required to attend continuing education courses in real estate to keep your license active?
A professional real estate auctioneer will be able to answer all of these questions properly.
It is important to know who you are doing business with.