Maybe you’ve seen an auction advertised in your town or online. Maybe you’ve thought that might be a good place to find exactly what you’re looking for. You’re right, but how do you ensure these auctions will result in a fun and exciting buying experience?
In order to determine if an auction is legitimate or “steer clear,” there are four simple things to look for when you find an auction advertisement.
Look for the NAA logo. Members of the National Auctioneers Association agree to follow a rigorous code of ethics and follow the highest standards of practice when conducting real estate, equipment, automobile, personal property, and other auctions. Many auctioneers and auction companies are also members of their state auctioneers associations, as well as other relevant professional associations. All these memberships give you confidence in the auctioneer and his or her auctions. If you don’t see a logo, ask if the auctioneer is a member.
Look for complete, detailed terms and conditions. Ethical, well-managed auction companies clearly list the terms and conditions and welcome your questions prior to bidding.
Look for other auctions by that company in the past or upcoming. While not true for every auctioneer and auction firm, most successful auctioneers can point to a past list of auctions and look forward to upcoming auctions and events.
Check online reviews of the company on Google and Facebook. If a company has little to no reviews, or a series of bad reviews, be cautious. All companies will have a few bad reviews and good companies will often respond or reply to those reviews in a public posting. If you find a company with perfect reviews and no disappointed customers, also be cautious—as it is nearly impossible to perfectly satisfy every single customer.
Bidding at an auction can be a fast and fun way to buy things you want and need for your home or business. Each year billions of dollars of real estate, equipment, livestock, cars, and commercial and personal property cross the auction block. When a legitimate auction is conducted by an experienced and ethical auctioneer, you can count on a great buying experience.