As the auction industry continues to grow and change, it is important to know what to look for when hiring an auctioneer. Here is a list of questions to help you determine which auctioneer is the best fit for you.
1. Are you a licensed auctioneer?
Auctioneer license requirements vary from state to state. In Ohio, auctioneers must be licensed by the Ohio Department of Agriculture to sell personal property at auction. If there is real estate involved, they must also have an Ohio real estate license to sell a home using the auction method.
Beginning in 2022, the previous requirement for an apprenticeship - where soon-to-be auctioneers gain experience and knowledge from a professional auction company - has been removed. With this change, it's very important that you work with a reputable auction company that has a proven track record of success.
2. How much will my property sell for?
In general, a property is worth what a buyer is willing to pay for it. To understand what a property may sell for, auctioneers can conduct a sale analysis, view property comparables and provide an appraisal to determine if a seller's goal is realistic.
At the end of the day, however, professional auctioneers must be upfront and honest about a property's value.
"Integrity is one of our core values, and to us it's more than just telling the truth," shares CEO Dick Kiko. "It's also about not leaving something unsaid. Some people might not like what we have to say, but we don't want to set anyone up to fail."
3. How do you know buyers will show up at the auction?
A good auction company makes sure the right market is represented at the time of the auction, so interested buyers will compete and drive value for the seller. The key to a successful auction is using marketing, including signage, social media, print ads, email blasts and direct mail to attract the right buyers.
And don't forget about an auctioneer's website. Digital marketing is crucial for today's buying and selling experience, so make sure the auction firm's website is organized, easy to use and optimized for search results. At KIKO, our auction website averages over 1 million monthly page views.
You should feel confident that the auctioneer you hire has a dedicated team of advertising, marketing and digital media experts who work together to promote each auction individually - and don't just apply a one-size-fits-all advertising plan to your auction event.
4. What is your experience?
Again, it's very important to work with an experienced auctioneer. Ask to see their recent auction results. Ask for referrals. Check out the company's Google page and Facebook page for online reviews. Professional auctioneers have nothing to hide.
At KIKO, for example, we conduct over 1,000 auctions each year selling real estate, land, commercial property, firearms, equipment and antiques. Our team of auctioneers is now in its fourth generation, which means that decades of industry knowledge and experience has been passed down to today's team of auctioneers.
Integrity, caring and a good reputation are the hallmarks of a good auctioneer.
Do you have more questions to ask? Give us a call today. No obligation, just advice.