10 Myths of Real Estate Auctions – Myth 9

Myth 9 – All auction companies are the same, and all auctions are run the same.

Make sure you read the terms and conditions for each auction and that you call the auction company to ensure that you understand their use of specific terminology.

There are many variables that should not be assumed to be the same for every company. One example is that some companies utilize a percentage of the high bid while others utilize a flat amount for the deposit on auction day.

Other considerations are licensure and continuing education within the real estate and auction industry. It is important to work with auctioneers who are committed to their industry. Several questions to ask a prospective auctioneer or auction company are:

Are you actively involved in the National Auctioneers Association? Do you have additional certifications of industry related education such as Certified Auctioneers Institute, Accredited Auctioneer of Real Estate, Auction Technology Specialist, etc?

It is my opinion that we should never stop learning, and never stop striving to be the best that we can be. This is the only way that we can ensure that we are always on the cutting edge, and suited to help our clients in their time of need.

There are a lot of great auctioneers and auction companies out there to choose from. Understanding the differences between them can help you find a provider who is a good fit for you and your specific needs.

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