For Sellers
For Real Estate info, go here.
Selling Process
1. Consultation
Contact Us for a free, no-obligation consultation. We’ll meet to assess your assets and customize an auction solution based on your needs and timeline. Obviously, a higher overall value means a lower commission.
2. Catalog Production
Our team of professionals will organize, tag, photograph and inventory your assets. We’ll build a custom webpage and open bidding immediately.
3. Marketing
We develop a comprehensive marketing plan to attract the right buyers. We’ll advertise it to our in-house database of bidders all over the country through weekly newsletters; Search Engine Optimization (SEO) on content and images; social media; listings on AuctionZip and other marketplaces. For larger projects, we’ll send direct mailers to a targeted list.
4. Preview, Closing & Removal
The day prior to auction closing we staff an on-site preview, allowing bidders to inspect and test items. When the auction closes online, we process payment and send out receipts. We then manage the item pick-up and send you an itemized list of realized prices.
For real estate auctions, we staff at least two open houses; arrange private showings and access for other agents; secure a purchase contract and earnest money deposit from the high bidder; and navigate you through the closing process.
5. Settlement
Funds are immediately deposited into our escrow account. You will receive a check for the proceeds, together with comprehensive sales and marketing reports, about three weeks after the auction closes.
Seller FAQ
I’d like to talk to someone about having an auction.
Contact Penny Worley-Kien (CEO and Principal Auctioneer) directly at (513) 774-9182 or CLICK HERE FOR CONTACT US FORM for a free, no obligation consultation. With over 20 years experience, Penny has conducted thousands of auctions in 33 states featuring assets as diverse as real estate, restaurant liquidations, fine art collections, heavy equipment and collector cars.
How does an auction work?
When you schedule an appointment, we’ll do an initial walk-thru to discuss the logistics, review the auction process, and set event dates that work for you. Then a team led by one of our project managers will arrange, professionally photograph, and tag each item for auction.
Everything is loaded onto our website and bidding begins immediately. We then market your auction to attract the right buyers (signs, postcards, digital marketing, SEO, social media and more are options). The day before the auction closes online, we staff a “Preview” event that allows people to inspect the items they’re bidding on. Once the auction closes online, we secure payment via credit cards on file and send out receipts with pick-up instructions. Traditionally items are picked-up the following day. You’ll receive a check for the proceeds and detailed settlement report approximately 20 business days later.
What commission rate do you charge?
Our fees are fair and flexible. Every auction differs, but the more total value that’s included in an auction, the lower the commission will be. Other factors include the nature and condition of the assets; marketability; and the level of service required. We offer a range of asset recovery solutions: from self-managed household auctions to full service turn-key commercial liquidations.
Our success is symbiotic with yours because we generally work on a flat-rate commission basis. The all-inclusive rate we agree to covers labor, marketing, credit card fees and more.
An estate sale company I found online offered a lower commission…
When selecting an Auctioneer, please don’t simply pick the lowest rate without taking into consideration what you’ll ultimately net. For example, let’s assume an auction company with a less-than-illustrious portfolio quotes you 15% and receives a high bid of only $5000- you would net $4250. Worley Auctioneers, however, might quote you 35%, for example, and achieve a high bid of $10,000- thereby netting you $6500.
So Beware!!! The lowest commission does not necessarily mean you will receive the most money in the end. We do, however, have a proven track record of achieving highly competitive realized prices for our clients. Contact us today for a free consultation.
How long will it take?
Real estate auctions typically operate on a 4-6 week timeline, while personal property auctions occur over the course of 2-3 weeks. The goal of an auction is to create a sense of urgency, encouraging bidders to compete against each other and pay the highest price possible- so short notice auctions are often very successful.
Is there a minimum or maximum?
No project is too large for our seasoned team of auction professionals, but in general, there needs to be at least about $5000 worth of assets to cover the costs of producing an auction event and to attract a large enough audience to make it successful.
I need to vacate the premises by the end of the month. Is that feasible?
In most cases, yes!! Auctions are time-sensitive events, and many successful auctions are often accompanied by a sense of urgency. It is feasible to conduct an auction in as little as one week.
What if something doesn’t sell?
Answer here.
