Who Is an Auctioneer?
Every auctioneer has a responsibility to thoroughly explain the terms and conditions of the sale before starting any auction sale. Additionally, an auctioneer must inform those in attendance of the nature, calibre, and description of the property being offered for sale. The notice of whether or not a right to bid is reserved by or on behalf of the seller is typically included in the duties of an auctioneer, but this is not the only one.
By bidding on property on behalf of another party, an auctioneer acts as the seller’s agent. The general rules of agency law apply to the auctioneer’s rights and obligations in the absence of contrary applicable laws.
An auctioneer is not automatically a public officer just because he or she occasionally needs to obtain a license in order to do their profession. An auctioneer’s authority to conduct the sale derives from the person whose property he or she commits to sell because they are often selling someone else’s property.
An auctioneer is basically that person’s agent, having been chosen and compensated by them, acting in their best interests, and, to some extent, being subject to their wishes.
Role Of an Auctioneer
This is likely in line with what most people anticipate from auctioneers so far. But there is much more than that. Valuers are called to estimate and evaluate the worth of various items. In essence, this aids in obtaining the reserved prices.
For instance, if this were a real estate sale, the auctioneer would be out inspecting properties and locations while also consulting the Estate Surveyors & Valuers to provide an appraisal. It’s likely that if you attend an auction, you will receive a promotional pamphlet or brochure with information about some of the things being bid on. It’s likely that the auctioneer and their staff obtained this data.
Marketing and advertising are other duties that fall under the purview of the auctioneer. After all, if you don’t get a good turnout, you might not be able to get as much as you had planned for the Assets that do sell—not only will there not be enough individuals to potentially buy all the items at auction. Typically, this is done over the phone with the aid of estate agents. Your auctioneer will make sure that not only the correct kind of buyers with the right preferences and budgets are present to obtain the best prices, but also that there are buyers at all.
The function of the auctioneer includes a logistical component, such as keeping accurate records of all sales and transactions during an auction. The auctioneer’s notes and paperwork could be crucial given that potentially incredibly valuable items are changing hands and that there might even be a legal process involved. For the purpose of giving the auctioneer transcripts after the auction, they also may hire professional note-takers.
In a nutshell, the auctioneer’s responsibilities are as follows:
- During a live or online auction, sell items to the highest bidder.
- Between the buyer and the seller, mediate until item is sold.
- When performing an auction sale, safeguard the interests of the buyer and the seller.
- Introduce each item to the customers separately and highlight both its strengths and weaknesses—honesty is always the best course of action!