Choosing the best auctioneer for your auction

Melbourne is the auction capital of Australia. Each year over 50% of all auctions held nationally are conducted in Melbourne. As a result, Victorian auctioneers have extensive practical experience in running an auction. So if you are thinking of selling at auction, it is important to select the best auctioneer for your auction. The REIV offers some tips to assist in selecting the right auctioneer for you.

Firstly, do your homework and watch a few local auctioneers in action. The best auctioneers should be able to balance the need to engage potential buyers with the critical aspect of achieving the best outcome for the seller. The auctioneer is a key part of the selling team and must be able to conduct the auction using their experience and must know and understand the legal requirements, regulations and codes of conduct of an auction.

Shop around and compare the fees of each agency, the marketing plan and who the auctioneer will be, before you commit to one. When comparing, you need to keep in mind that you should not necessarily choose the agency with the lowest fees or the highest estimated selling price.

Speaking with friends and neighbours who have sold their property at auction provides you with information on the experience they have had and seeking advice from people you trust is an important source of information.

Finally, the quality of an auctioneer is directly linked to their experience, education, training and understanding the market conditions. REIV Members undertake continuing professional development to maintain their membership and have access to Victoria’s most comprehensive market data.  This ensures REIV member auctioneers keep up to date with changes to regulation, industry standards and practice and market trends.

You can contact the REIV for a list of accredited auctioneers. They receive advanced training and regularly update their skills and knowledge or search for an REIV member at www.reiv.com.au.