VENDORS GUIDE TO AUCTION DAY PROCEEDURES
The following information is designed to answer questions that you may have about the auction process for your forthcoming sale:
- The Auction will be held in the Auction Room at our Offices at 95 Manukau Road, Epsom.
- An order of sale will be established by the Auctioneers one day prior to the Auction, and your property will be assigned a Lot number.
- Your Harcourts representative(s) will confirm the order of sale with you, prior to the event, and the approximate time your property will be offered.
- It is vital that you are in attendance at the Auction so that strategies can be worked out on the day to achieve the very best result.
- Please arrive at the Auction no later than 5:30pm where you will be greeted by Harcourts Staff. It is important that you are available to set the reserve with the auctioneer prior to the auction (preferably 24 hours before). Any last minute questions potential buyers may have can be answered on Auction day, and there may be some more variations to sign off on.
- Prior to the commencement of the Auction you are welcome to sit in the Auction room or our meeting room and make yourselves comfortable. Beverages will be served if required.
- We have offices adjoining the Auction room where our Vendors sit during the sale of their property. You will be able to watch the auction proceedings on the big screen.
- At the commencement of your Auction, the Auctioneer will extol the virtues of your property and “call for an opening bid”.
- When the bidding has stopped and the buyers have been pushed to (or over) their pre-determined limits the Auctioneer will sell, if the “Reserve Price” has been achieved, or the Harcourts people assisting you will consult you for further instructions.
- It is vital that you listen to the advice given, as we will be recommending a course of action designed to achieve the very best result for you.
- The Auctioneer and the crowd will be waiting whilst you are deciding on your options, so you will need to make a well considered but quick decision at this point.
- Our representatives will advise the Auctioneer of your instructions and he will then re-open the bidding and try to extract further bidding from the interested parties.
- Once the property has been sold or passed in, we will take you to an outer office where the signing of Contracts or post Auction negotiations will take place.
- In the unlikely event that your property is passed in, we will continue negotiating with the bidders on your behalf. We will take them to a separate office during any negotiations, so that we can speak with you confidentially.
- It should be noted however that the best price is generally achieved during an auction where the bidders are in competition with each other.
- Once the property has been “passed in” the buyers are at an advantage with negotiations and will often impose conditions on any further offers, rather than the unconditional offers during the Auction.
- On completion of the contracts it is required that you acknowledge receipt of the Approved REAA buyers and sellers guide
- As soon as the Contracts have been signed our Auction Staff can recommend some local venues for post auction celebrations!
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