Before you hire an auction company for your next auction, consider these three tips.
Are you ready to host an auction to purge your plant or warehouse? As you begin the process, first you must choose the right company to manage your auction so you get top dollar for your equipment. As you research and interview potential auction companies, consider these three things:
- Find a company that has the tools and resources to successfully pull off your auction. The auction company should have the product (and market) knowledge needed to handle your equipment, as well as the right staff in place to manage the auction. The company will help you with more than just the auction itself. It should be able to provide you with everything, including the attorneys and lending agencies you may need to ensure each deal goes through. The company should also be able to meet your specific needs, or goals, for your auction.
- Be sure the company has the experience you need. Ask the company how many auctions it has managed in the past, and if it specializes in the type of auction that you will be having. The company you hire should have experience with your particular type of auction. Also, ask around and see what the company’s customers are saying about their experience working with them. If you have the time, consider attending an auction held by the company to get a feel for how it all works.
- Find a company that can market the event for optimal attendance. Having more attendees generally results in more money in your pocket, so be sure the company has the appropriate avenues to market your auction, and spread the word. The company should have a clear marketing plan in place to target and market not only a large audience, but the right audience. Because having an auction with too few buyers (or not the right ones) can mean money left on the table.
As you work to find the right auction company, keep these things in mind to ensure that you hire the right company for a seamless event, so you can make optimal money for your company, and move the equipment you need moved.
