There are many steps leading to running a successful auction. You must hire an auctioneer that can correctly identify, promote and apply the auction method. As a company focused on providing professional, seamless service, Carolina Auction and Realty knows and understands these methods and delivers consistently successful results. Experience has given Tom Jordan of Carolina Auction and Realty a proven track record of performance.
To help you better understand the auction method of marketing, we have provided a brief overview of the entire process from start to finish. Please feel free to contact us for further information or to find out how we can assist you with your asset liquidation needs.
The auction process begins when our firm is contacted by a potential seller. A Carolina Auction and Realty representative will then contact the interested party and ask a few questions about the property being considered for auction. These questions will help our staff get a feel for the situation and help direct them to the most qualified Auction Manager for a seller’s needs.
We will then explain the auction method, terms, commissions, and current market conditions for your property. Once terms have been established, a contract is drawn and the Carolina Auction and Realty marketing, organizational, and logistical teams are set in motion.
Hundreds of hours of work can go into an auction before the auction begins. From advertising, cataloging, to addressing the needs of potential buyers, our staff of auction professionals will work diligently to insure a successful auction.
The progress of the auction is reported to the seller throughout the process. Good communication lets you know what to expect when the auction goes live. We also start communicating with our large network of buyers. By not only relying on traditional marketing methods, our database of proven buyers lets us contact them directly! We know the buyers!
At this point, Carolina Auction and Realty has addressed every aspect of the auction and is ready to take it live. We will keep you posted along the way and you can watch your items turn in to cash!
Definition – What does Online Auction mean?
An online auction is a service in which auction users or participants sell or bid for products or services via the Internet. Virtual auctions facilitate online activities between buyers and sellers in different locations or geographical areas. Various auction sites provide users with platforms powered by different types of auction software.
An online auction is also known as a virtual auction.
Online auctions mirror traditional auctions and usually involve multiple bidder participation. In both scenarios, bidders and sellers buy and sell tangible and intangible products and services. Starting bids are low but increase at steady rates to meet market demand and item popularity. The time span of an online auction ranges from one to 14 days for items offered 24/7 worldwide.
Online auctions are a widely accepted business model for the following reasons:
- No fixed time constraint
- Flexible time limits
- No geographical limitations
- Offers highly intensive social interactions
- Includes a large numbers of sellers and bidders, which encourages a high-volume online business
Online auctions include business to business (B2B), business to consumer (B2C), and consumer to consumer (C2C) auctions. This method can be used for real estate as well as personal property.