Remote Auctions – The Future of Auctions Realized
If you read our last blog, you know that auctions are more popular now than ever. People in America think auctions are an exciting way to get good deals, offer great opportunities to purchase items they couldn’t find otherwise, and folks look at auctions as a stellar form of all-around entertainment.
Traditionally, auctions are attended in person at an auction house with people bidding on the auction floor for the item that has come up for bid. And traditional auctions are still a very popular and highly effective way to sell items. But as the world moves closer to the digital landscape and virtual events become more and more popular, there is a new form of auction that is perking interest and garnering momentum. Say hello to the Remote Auction.
What is a remote auction? Glad you asked! Remote Auctions are designed for clients who want more autonomy in the process of selling their items. This type of auction is the perfect solution for clients who don’t have quite as much inventory as what is expected during a conventional auction. At Auction Masters, we believe that every business owner who has equipment and items of value that they want to sell, no matter how much or little inventory they have available, should be given the opportunity to offer those items to the public.
Folks with fewer assets can enjoy the flexibility of being able to prepare their own inventories and manage their own inspection and/or removal. Remote auctions are self-supervised events that benefit from all of the marketing and sales resources of a professional team like Auction Masters. An added bonus of the self-supervised event is that the seller maintains control of the process and schedule.
When you work with Auction Masters, we assist in every step of the remote auction process by providing an inventory template and step-by-step instructions, as well as supplies when they are needed. No matter what type of auction we are involved with, we want it to be an absolute success and we always go the extra mile to ensure that our clients have the most profitable experience possible.
So how do I prepare for a remote auction? Another great question! We make the process very simple for our clients. Below, we outline the simple, step-by-step actions you’ll take to ensure a successful auction event.
Your Basic Information to Start
We start with an auction form that gathers your basic information and where we need to send the check after your auction.
The Timeline for Your Auction
The next step is to determine your timeline for preparing your remote auction and when you’ll need to have your liquidation completed by. Again, we make the process as simple as possible and set you up for success. There are 5 parts of your timeline that need to be determined. We can help you make sure that the timeline you are setting fits your needs and your schedule. Here is the layout for your time
- Date: Inventory list and other data Auction Masters by a determined date
- Auction Opens: This is the date you will open the auction for bidding
- Inspection: When the equipment and item inspection will occur
- Auction Closes: The date that your auction will be closed to bids
- Removal: The date by which you need to have the items removed
Other minor logistics, like seller or buyer provided shipping, will also be finalized. Will you provide the shipping, or will the buyer be accountable for that cost? This is when any remaining questions and concerns will be ironed out.
The Supplies for Success
You’ll also need some supplies to help keep your items organized and to ensure the auction goes smoothly. We will happily provide these to any of our clients when they need them. That being said, most of what you’ll need is easy to find at any office supply shop. Here’s your supply checklist:
- Auction Stickers
As a part of our white glove treatment and keeping things simple, we walk you through exactly how to use these supplies and prepare your auction.
How to Set Up a Catalog for Your Auction
Next, we give you a complete ‘how-to’ guide on setting up the catalog for your remote auction. Included with this intuitive guide are all of the specifications you will need to help buyers understand everything about the piece of equipment or item they are planning to purchase and likewise, help you sell the item for a higher value.
For your catalog, you’ll want to use an Excel document or another compatible format. The information you’ll input is straightforward and helps a potential buyer tremendously when they are considering the item. The most important aspect of your catalog can be found below. Follow this guide and you’ll be all set.
Catalog (use Excel or compatible):
- Brand – What brand of equipment is this?
- Identity - What it is this piece of equipment?
- Model - What is the model number of the piece?
- Serial – What is the serial number for the piece?
- Power – What type of power source is required for the item?
- Roller – Is the equipment on wheels? Indicate yes or no.
- Quantities – How many items? Remember to note the total item count.
- Measurements: Measure items in the following order – Length x Width x Height
- Descriptions: Also, words like ‘Big’, ‘Large’, and ‘Small’ do not mean much to buyers. Measure your items and equipment when it’s possible.
- Sizing: If you are selling clothes and/or uniforms, you should always include sizes.
- Power Requirements: Provider the power specs.
- i.e. - Volts, Amps, Watts, Phases, HP, Natural Gas, Diesel, LP Gas,
Tagging Your Equipment for Auction
Properly tagging your items and equipment is another important part of the process. This helps keep things organized, accounted for, and easily identifiable. If you do not have Auction Masters Lot Stickers, use any type of label/tape with the Lot Number written on it. For an optimized buying experience, we request that all of sellers do not include $5 and $10 dollar Lots. If you are unsure about how to bundle items or need help with pricing, feel free to reach out to our team and we will be glad to help you best group pieces.
6. Taking Pictures of Your Items
Pictures are often the most powerful selling tool you have for your equipment. Quality pictures gives your buyer a great reference of the item and it shows transparency about the piece’s condition. Your first picture is the Lot Number Sticker/Label. From there you’ll want to take as many pictures as necessary of the item to show its’ condition and anything else notable about the appearance. When you finish taking pictures of one item, begin the next item by taking a picture of that item’s Lot Sticker.
You’ll continue with this easy step-by-step process until you’re finished taking pictures of all the equipment. We ask our clients to start with a picture of the item’s Lot Sticker. This helps us distinguish when we have moved on to the next item. This is also how we organize the items and keep track of the equipment pictures that correspond with each Lot Number.
Sharing Pictures: There are a few different ways you can share pictures with us.
If you have any questions about starting the process for a remote auction, don’t hesitate to contact the team at Auction Masters. Having served an array of industries, we understand what you are going through. We help over 100 businesses each year to liquidate their assets and our auction process has proven successful time and time again. We work to develop trust with our buyers and sellers alike and bring an extensive history of success to the table. We take the work and worry out of our sellers’ hands. We identify and target your most valuable buyers, giving you the best chance at realizing the highest profits possible.
We are Auction Masters. Trusted for over 40 years by thousands of business owners both large and small. We are here to help in any way we can. Contact us in any way that is convenient for you and let’s get started today.