The commission on personal property auctions will range from 15% to 30%. In instances where the bottom line figure on the total of items to be sold is in excess of $100,000 the commission might have to be negotiated. Expenses for the auction are paid by the seller, in addition to the commission. These expenses will include advertising, mailing, brochures, printing costs, traveling, signs and labor. Labor, for some personal property auctions, could become quite costly if the auction company is responsible for providing the personnel.

Expenses for the auction are paid by the auction company at a predetermined figure acknowledged and approved by the seller. Clerking and cashier services are included in the commission figures. Remember as the clerk/cashier you are responsible. “Every auctioneer shall keep an accurate account of all property sold by him/her, the names of the persons from whom the same was received and to those of whom it was sold and the price”. Since all checks from buyers are made payable to the auction company, the company will deduct expenses and commission from the proceeds and then issue a check for the remaining amount to the seller. A trust account with your bank should be set up for this.

Part of the job in preparing for a personal property auction is involved in taking inventory. Each item should be tagged and marked by number according to its sequence in the auction. They are identified in this manner in the inventory log prepared by the auction company. It is advisable, in order to maintain a clear flow of the items to be sold, that all items of a similar nature be grouped together.

“Cleanliness” will always derive a higher price from items that show well. Make sure they are thoroughly cleaned, polished painted or whatever it takes to make them show to their best advantage.

Since personal property auctions usually draw a large number of people, it is always important that arrangements are made for adequate parking. Signs leading the people to the facilities from every direction, are important for each auction.

When selling machinery, equipment, automobiles, trucks and the like, it is advantageous to line these up in neat rows, keeping similar items together.

As people register with the auction company clerk, they will be given a bid card with a designated number. Where a deposit is required, the check will be placed under the bidder’s respective number with the cashier’s file.

It is important to keep the auction moving at a brisk pace.

When items that can be hand-carried are offered for sale, a member of the auction company staff will display the item to the crowd and then set it on the block before the auctioneer calling the auction.

When the item is sold, the auctioneer should always repeat the price it sold for, and the number of the winning bidder. Problems can be created for your clerk if this vital information is missed. Recording or video taping the auction is always a good idea. It can eliminate problems. It is important to inform your audience prior to the start of the auction that they may pay for their items with the cashier at any time while the auction is being conducted, and that once they become successful winning bidder, they then are responsible for their purchases, paid for or not.

In order to maintain your professionalism as an auctioneer, it is important that you gather all information that is available concerning the item you are auctioning. Along with becoming familiar with prices, learn all you can about the item you are selling so that your audience knows you are delivering your sales presentation with authority. You must realize that the audiences that you will draw for whatever items you are selling are, for the most part, thoroughly familiar with the merchandise or property, and you must be able to present yourself as an authority on the same merchandise or property. You don’t have to be an expert; the buyers in your audience are the experts, but you should know your facts on any items that you put up for sale at your auctions.

Another technique has to do with an array of usually small items that are all similar. For example, say you have 20 lamps, each one identical. Sell one item and then inform the audience that it will be sold one times the number. If the final bid is $20 for a single lamp, the bidder has the option to purchase as many lamps of the same type, even purchasing all the lamps in the group for $20 a piece. if the bidder elects to purchase 10 of the 20 lamps, the price has already been established at the $20 figure, offer the remaining lamps to the audience at that price.

Should you run into a situation where you have many items left over that are similar where the people do not offer to purchase at a price established by the original bidder, then you have to crank it up all over again. Sell one of the items as the final bid it will also go one times the number. When you are down to a mere handful, group the remaining items together and auction them off as one lot.