How to Find Great Live Auctions for Resale Items

Hi, my name is Walt. I’m an auctioneer with 25 years of experience in the auction business and licensed in the state of MA. I own Quick Auction Service, a company that specializes in building and running custom auctions, I’m also the webmaster of my own site and have been on eBay for 8 years. Besides eBay, the types of auctions I run most frequently are antiques and on-site estate auctions, although I’ve run everything from business overstock auctions to charity & special event auctions.

I enjoy sharing my knowledge and stories of the auction business. My goal for article is to help folks get the absolute most out of their auction experience.

Whether your fresh out of the package or a seasoned dealer I think I can offer something in this article to help you with your auciton adventures.

There may be as many reasons to attend auctions as there are types of auctions to attend. Maybe you want to attend an auction to buy items for re-sale on eBay, or some other market. Maybe you want to furnish your home with wonderful antiques, or you want to furnish your home as inexpensively without sacrificing quality.Some folks are just looking for a fun night out. With a little perseverance all these things are possible.

There are antiques and estate auctions, auto auctions, overstock auctions, absolute and no reserve auctions, real estate auctions, specialty auctions where only one genre of items are sold, tailgate auctions, live auctions, online auctions, sealed bid auctions, silent auctions, charity and fund raising auctions and many more.

Can you really buy for pennies on the dollar at an auction? You bet! Many times I’ve seen folks buy and re-sell at the same auction on the same night for a good profit, although be advised, this should only be done after the auction is over.

There are a lot of ways to find an auction, but here are some tips on how to find and attend the best ones.

Visit the genre of shops in the area that apply to the type of auction you want to attend. IE: If your looking for a good antique auction to attend, stop in the local antiques shops and ask for what there are for good auctions in the area. Sounds obvious right? But listen to what they don’t say as well as what they do say. Oftentimes when a dealer speaks poorly about an auction he or she attends, it may be likely that they are trying to keep a good thing secret. Think for a moment, why would a dealer keep attending a lousy auction?

Newspaper ads: I personally like to find ads in the classified ad section rather than flashy display ads. Flashy ads are usually indicative of an auction that will be high priced, may have reserves, (a set price on an item), and usually an enormous crowd. While any auction can be profitable to attend, it is usually best to steer clear of the glitzy ones, at least for the beginner.

Here’s the minimum you want to find out before you go. If there is a phone number in the ad, call and ask for the terms of the sale. What forms of payment do they accept? Is it an absolute auction? An absolute auction is one that has no minimum or reserve bids on items. These are the best auctions to attend! Is there a buyers premium? A buyers premium is like a tax that everyone who makes purchases at that auction must pay above the winning bid price. Most auctions these days do charge a buyers premium, 10% is not unreasonable but I feel much more than that is greedy, and the auctioneer that charges over 10% is counting on most bidders not doing the extra math as the bids quicken in pace.

A fair auction will have ample time to inspect the merchandise, usually at least 2 or 3 hours. Find out when inspection starts and make sure to attend! Never attend an auction if you can’t make the inspection, not unless your prepared to gamble. Most auctioneers sell at a rate of about 100 items per hour, which is why they sell “as is”. They simply don’t have the time to give a detailed description of all the items. Since almost all items at auction are sold AS IS, there are sure to be some damaged, refinished, fake and incomplete items at any given auction. Beware of any auctions that offer very little or no inspection time.

Good auctions will usually have 150 to 400 lots. A lot may be one item or a group of items. The exception to this are specialty auctions, auto auctions, real estate auctions etc.

When you attend your first sale, take note of the 1/2 dozen or so dealers that buy the most often. See if you can find out about other area auctions they attend.

When you do find an excellent auction, attend it as often as possible. By frequenting good sales, you help increase the bottom line of that business. It’s difficult for many auctioneers to keep the quality of merchandise consistent, so good attendance certainly helps. And when an auctioneer gets to know you as a buyer, he/she will go out of the way to accommodate you, to keep you coming back.

Education-The Foundation You Should Build Your Company’s Future Upon

You would not build a home without a foundation and you should not try to build a business venture without a successful foundation as well. As children we are sent school to get an education – to build a foundation so that we can survive and succeed in our daily lives. Without this education we would struggle to get by and face many unnecessary challenges in life. This same principle should be applied as we build our businesses because the more solid our foundation the stronger our company’s chances for survival and success are. Education is not a one-time proposition, either. The need for education continues throughout our lives, every time we turn a new corner or run across a new opportunity.

Education should be shared and encouraged at all levels of a company. The more knowledge that employees possess the stronger the company is. Many folks fail at business ventures because they lack knowledge about how exactly to run a business and how to respond to the problems that business owners always encounter. Too often we hear of stories of a person who was really great at his or her job but failed as a business owner. The excuse offered most often is “under-funded” but isn’t that just another way of saying that the owner just didn’t understand what was needed to be successful?

The odds are against new operations. Most new venture fail within two years. This happens because no matter how good individuals are at specific talents it takes knowledge of the “whole picture” to be successful.

Businesses require expertise well beyond understanding any particular advertised service. Things like human resource issues, marketing, payroll, scheduling, banking, accounts payable and receivables, estimating and proposals, etc. can be the stuff of nightmares. It doesn’t matter if you are the best electrician, plumber, lawyer, or whatever – you need to have knowledge of all these aspects to succeed.

The first item to recognize is that there are very few people who are really proficient at all the tasks we’ve listed. Business owners often need business “partners” to help them succeed. A Partner can be anyone who knows more than we do in any specific area who will share that information with them. Utilizing Partners can help make the difference. Finding out what you don’t know is the first step in making sure that all of the important tasks are handled by knowledgeable people. The goal is to have no weak links – a strong company.

The best way to address these issues is by education and information. There are many ways to get the education and information you need as a business owner. One is take courses and attend educational seminars to address areas we are weak in. Another is to send or encourage our employees to continue education to make them stronger assets of the company. We can also go outside the company and recruit new faces that have already received a higher education (either through first-hand experience or in the classroom). Yet another way is to seek Partners (for example, knowledgeable vendors or service providers) to fill some of these weak areas – so that we may better concentrate on running our business. Hiring a payroll company, for example, is often a wise choice so that you are not spending time working on payroll weekly. Payroll companies often provide human resource services like employee handbooks and such. Accountants and lawyers are also good Partners to have as a business owner. These folks have an education and knowledge back round that EVERY company needs to succeed.

Education and knowledge truly are the best foundation for building our business. Without a solid foundation we can not build the “walls” of our company. Education teaches us how to keep records of sales and expenses. Education teaches us how handle customer complaints and customer interaction. Education can teach us how to be good plumbers, carpenters, electricians, contract cleaners and so on but there is certainly more education needed to run a successful business than being able to turn a wrench, use a saw, wire a house, or run a pressure washer. Invest in your company’s success by continuing education as well as encouraging others to gain knowledge. This will only help to build that solid foundation that will stand up to all obstacles your business may face as it grows and succeeds.

When we think about this foundation we are building it is important to apply this to our specific service task as well. A pipe wrench does not make someone a plumber. Seeking out education and seminars will help keep us motivated and keep us ahead of competitors that do not continue to learn and seek education. Many studies have proven that the more educated one becomes the more earning potential is accumulated and we all want to make more money. There are many sources for trade education. Local colleges and high schools offer many programs, for example. Check with local Chambers of Commerce for seminar offerings, Attend conventions where courses and seminars are offered. Find companies that specialize in contractor and business course offerings. You can also read books and manuals, surf internet sources and take advantage of things like on-line courses and testing, SBA counseling, and more. The key is to make the effort to seek this education so that your business will survive and thrive for years to come. In other words, “Learn More To Earn More”.

Five Tips for Selling at Live Auctions

Ah, the old-fashioned country auction! The idea of a country auction conjures up certain images for people. The image of a fast-talking auctioneer offering up an antique table or chair is a popular example.

People who are buying household goods or collectibles are looking to get their items at the lowest price possible. However, the people who are selling their items at auction are hoping for the highest price!

Unless a person is in the business of buying and selling antiques or other items, not a lot of thought goes into how goods are prepared for sale via the auction process. However, if you are one of the growing number of people using auction venues to sell your collectibles or other inventory, there are a few things to learn first about how to sell at auction before you bring a truckload of stuff over to the next event.

Tip 1: Make sure the things you want to sell are a good “fit” for the auction house you’ll be using.

Never bring a load to an auction house without actually having been to one of the previous auctions. It’s important to get a feel for the type of goods that the house sells. For example, at one very rural country auction it was common for the owners to sell live chickens, pots and pans, car parts, and farm equipment.

After close investigation, this would not be the right venue for selling your daughter’s “Hello Kitty” collection. On the other hand, the spare John Deere parts that you bought at last week’s yard sale might be just the right thing for the buying crowd at this auction.

Tip 2: Be sure you clearly understand the terms and policies of the auction house.

Visit with the auctioneer ahead of time. Call to find out what the best days and times are to visit. One of the worst possible times to drop in for an informational visit with an auctioneer is the day of the auction. Call ahead and ask. While you’re at it, find out what are the best days and times to drop your stuff off.

Once you have a little time with the auctioneer, you’ll be able to find out what type of commission he or she takes from consigners (which is you), and what type of paperwork might be needed. Some auction houses send out Form 1099 tax forms at the end of the year. An auctioneer may need to see your identification and have you fill out a W-9. Be prepared.

Find out what happens to your items if they don’t sell. For example, some auctioneers may have a minimum starting bid. If, for some reason, one of your items does not sell, it may be grouped with another one of your pieces. Know the auctioneer’s strategy beforehand so that you aren’t surprised on pay day.

Tip 3: Make sure the auctioneer knows what you’re selling.

It might be perfectly obvious to you that the signed print you are consigning is a rare and valuable piece of art. However, the auctioneer may not know this particular artist. Make a note of anything particularly special about your items, and leave the note with the piece. Be sure to tell the auctioneer about it as well. He or she might determine that this is something to highlight on the company website or in the newspaper listing.

Tip 4: Present your items neatly.

No one likes to have to dig through a box full of grimy and greasy car parts to see what treasures might be in there. Separate the parts and lay them out on a flat, or use more than one box to de-clutter the lot.

There is no need to buy fancy display boxes. It’s easy enough to go to the local convenience store or supermarket and ask if you can have the emptied boxes or flats that they are discarding.

While it’s good to present clean items, take care not to ruin the value of anything by over cleaning. For example, if you find some old cast iron cookware, clean the obvious dirt and grime, but don’t scrub it to its original finish. For many people, this ruins the value of the item. So, clean and tidy and organized is the key here.

Tip 5: Don’t complain to the auctioneer if your stuff doesn’t sell for as much as you’d like.

The phrase to remember here is, “You win some; you lose some.” That’s just the way it is. There are some days where an auction house is loaded with people who all seem to want what you’re selling. There will be other days where the crowd is sparse, and the bidding is simply not competitive.

Remember that it’s in the auctioneer’s best interest to sell your things for the highest possible hammer price. But sometimes, it’s just not going to be a stellar sale. The auctioneer is only human, and is also disappointed if a sale doesn’t go as well as planned.

If you notice that every time you bring a bunch of goods to sell that you’re not realizing as much as you think you honestly should, try another auction venue and compare apples to apples. That is, bring the same types of items to the new auctioneer and compare the results.

Unless the auctioneer is particularly disagreeable or inconsiderate to you or buyers, there is no reason to confront him or her about a sale. If you find you just don’t care for an auctioneer’s style or methods, find another one. Believe me, there are plenty of them out there!

The primary thing to remember as you learn how to sell at auction is that the business is unpredictable at best. You will have good days, some not-so-good days, some great days. The more you sell, the more experience you will gain, and the more enjoyable the business will be.

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How to Find Great Live Auctions for Resale Items

Education-The Foundation You Should Build Your Company’s Future Upon

Five Tips for Selling at Live Auctions