Auction. Seven Letters. Often not given enough attention. These seven letters may be the correct fit for a certain situation. Your situation?
You may ask, “Is an auction right for me? How do I know?” A large portion of that question can be answered by two other questions: “What type of asset do you want to liquidate?” and “What is your situation?” If answered correctly, an auction should be the first option and not the last!
The first step is to consult an experienced Auctioneer or Apprentice Auctioneer, one that is familiar with the type of asset you want to liquidate. Ensure that the Auctioneer has the correct license(s) to liquidate your asset. For example, an Auctioneer also needs to have a real estate license in order to liquidate any type of real property. Once a professional is consulted with, he or she will be able to determine if your type of asset is suitable for an auction, plus assess your situation and advise you properly.
The Auctioneer will be able to tell you if your asset is in demand. Assets that are in high demand tend to sell well at auction. Assets in low demand generally do not draw a large enough interest from the buying public, in order to gain true market value. The Auctioneer will be able to tell you what’s hot and what’s not! The Auctioneer will, as well, be able to tell you if your type of asset is customarily sold via auction—another important factor.
The Auctioneer will also be able to determine if your situation is suitable for an auction. Some questions that will be considered are:
- Do you need to liquidate an asset quickly?
- Do you have several items in storage and need to liquidate them all at once?
- Was there a death in your family?
- Is your property in distress?
- Are you trying to navigate around a specific tax situation?
- Is the popularity of your asset increasing?
- Is your asset rare?
These questions help an Auctioneer determine if your situation is ideal for an auction.
Auction. Employ these seven letters now, before it’s too late!
Blog Post Written by Chester M. Straley
