The Auction Method of Marketing

What is it that makes live auctions so addictive? Why do people come once and then keep coming back? Why should you join them?

Live auctions are fun.
Whether you come to look at the goods, bid, or just watch the action, there's nothing quite like a live auction. Maybe it's the buzz of electricity generated by a combination of competition and the thrill of the hunt. Or the awe-inspiring auctioneer's chant that always seems to amaze kids and adults alike. Regardless of the reason, people just always seem to enjoy themselves.

You can find incredible values.
Sure, there are the fabled tales like the man who bid $10 for a dresser and found an original copy of the Declaration of Independence inside. But it's the everyday values that are the real story behind auctions' popularity. Whether you're looking for your next antique or the house to put it in, there's no place like a live auction to get a great deal.

You can discover unique items.
Some people go searching for them. Others stumble upon them while looking for something else. But either way, it's safe to say there are thousands upon thousands of one-of-a-kind items at auctions. It's stuff you won't ever find in some suburban strip mall, never knew you wanted, and suddenly can't live without.

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Auctions are the most unique and valuable way of selling almost any type of personal property. Some of the most popular auctions are those that involve household items, or livestock or antiques. But auctions involve so many more possessions: automobiles, office equipment, art, machinery, industrial equipment, electronics. One very rapidly growing area is real estate. More and more people are buying and selling their homes and land by the auction method.

People are Flocking to Auctions
Auctions are one of the oldest forms of selling property; their history spans centuries. And time has only increased their popularity. A research study commissioned by the National Auctioneers Association shows that auctioneering is an industry on the rise.

Did you know that more than half of the total U.S. population has attended a live auction?

In 2004, the value of all goods and services sold at live auction in the U.S. was approximately $202.7 billion. This figure is up 6.8% over 2003 and translates into a huge number of satisfied buyers and sellers of goods.

They're entertainment at their finest. That's what most consumers say about auctions and that's the number one reason they attend. So what makes them so fun and entertaining? Some say it's the unexpected and the idea of experiencing something original.

All in all:

• 83% think auctions are an exciting way to get good deals
• 51% think they offer a great value on items
• 65% think auctions offer exciting items they wouldn't otherwise purchase
• 53% like the excitement of getting a good price

In addition, consumers find auctions fun because they're a rewarding activity for the whole family to enjoy. On average, consumers are willing to drive 1.3 hours to attend a live auction, with 75% bringing the family when they go.

The Value of Selling at Auction
So how can auctions benefit you, as a seller? Why are they the best way to sell property? Well, there are a number of reasons

• Speedy Process, Quick Turnaround.
  An auction is immediate. It happens during a set time and is completed during that time. It's quick and efficient.

• You Set the Time and Place of Your Sale.
  It's as simple as that. You work with the auction firm to schedule what works best for you.

• You Know Exactly When Your Property or Goods Will Be Sold.
  There's no wondering whether or not your property will sell. It WILL sell and it will sell during the set auction time.

• Comprehensive Marketing of Your Property.
  Part of conducting an auction is marketing it to the general public to get as many people there as possible. Auctioneers have comprehensive mailing lists they use to market their sales. We run advertisements, distribute fliers and more. They are marketing specialists. A good marketing effort can easily bring 300 to 400 people to your auction, or more!

• Buyers Come Prepared to Buy.
  Auction goers come with money in their wallets, pockets and hands and are prepared to come home with property. It's a seller's delight. For real estate auctions this is especially advantageous because buyers must qualify to buy through a deposit of a certified or cashier's check.

• No Negotiations.
  There is no haggling over price or merchandise. The auction method is quick and efficient. When people bid, they make a commitment to buy the property at that price without discussion or debate.

• No Leftovers and Little Clean Up.
  Every item at an auction goes up for bid and every item is sold. How many of you have ever had a garage sale and when you're finished, you spend hours packing up what didn't sell and looking for places to store it? With an auction, there's no worry about what to do with leftover items because there aren't any. This means very little clean up, also.

• Competitive Bidding.
  Auctions motivate buyers to perform. People get caught up in the competitiveness of the bidding and many times this drives the price of items higher. To some it's like a game, and they want to win at all costs (or hopefully for you, at high costs!) And did you know that 9 times out of 10, an auction brings in the fair market value, if not more, for any item put across the auction block?

• Exciting Atmosphere.
  There's no more exciting atmosphere than an auction. Crowds of people competing for property, combined with that lively auction chant makes for some great entertainment and fun. (Give them a sample of your chant.) It makes people feel good and makes them feel like spending.

• Auctions Work Well in Both Good and Bad Economic Times.
  People love auctions, because they love sales. Statistics show, in a good or bad economy auctions remain a steady force. When the economy is bad, the auction industry does not feel the impact: people still flock to auctions.