Today?s auctioneers are come against a perfect storm flooding the market. Valuables from the WWII ?G.I. Generation? are hitting the market just when their children are starting to search for smaller homes in which to retire. These items are being marketed to the younger generations who don?t have a strong interest in their grandparents? collectibles and antiques. Compounding this is the tough economic circumstances that most people are finding themselves dealing with.
The main challenge that modern auctioneers face is of course to get the most cash for collectibles and antiques in a market that is in a slump. A secondary challenge for auctioneers is to work with clients in coping with all of the other property such as tools, household items, furniture, and other things that were not sold in any previous estate auction.
This dilemma has been addressed by auctioneers years ago as the live gallery auction attendance (and therefore prices) started going into a tailspin. Some auctioneers realized the future was in live bidding over the Internet which pulled in buyers from across the country. This allowed quite a spectacle when the live crowd stopped placing bids but the Internet bidders continued to place bids. As word of this success grew, auctioneers gained the confidence needed to attempt online only auctions.
Online auctions have now been worked into a smooth operation. The auctioneer puts together onsite auction ?lots? or groups of items to be auctioned. The auctioneer takes several photos of each lot and creates a description of those lots. This information is compiled into a laptop and the auction information is then uploaded back to the auctioneers online auction website.
When the auction is put together, it typically gets promoted to 25,000 to 50,000 registered bidders who are interested in online auctions. It is also blasted to major auction listing sites across the Internet. Then those registered bidders get to bid on various items that they are interested in at any time of the day (or night!) using their computer or smartphone whether they are at the office or at home.
These auctions even have a dynamic ending similar to live auctions. In other words, if a bidder puts in a new bid within 2 minutes of the close of an auction, the auction is automatically extended for 2 more minutes to allow other bidders to place a counter bid.
Now these online auction events are able to auction off a wide range of personal property, commercial and industrial equipment, vehicles, real estate, and more. Online only auctions certainly have sprung to life as a great selling tool!
Paul Stansel is known as the CT Auction Guy. Paul is a professional auctioneer offering live auctions and online auctions. He travels throughout Connecticut, New York and New Jersey, where he has conducted numerous of successful estate & personal property auctions, benefit & fundraising events, and commercial/business auctions. You can sign up for CT Auction Guy?s upcoming auctions on his website.
Source: http://business.redbright.co.za/use-an-online-auction-to-sell-almost-anything/
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