From the National Auctioneers Association’s Internet Only Auction Summit, auction professionals might consider this tip:
Offer sellers a financial program
Terry Howe, of Terry Howe & Associates, Taylors, S.C., now consolidates multiple sellers’ assets into single monthly events. The company’s goal is to further consolidate its auctions into five to six events per year, a move Howe says will improve cost efficiencies.
Howe & Associates also offers its sellers a financial aid program, Howe says, which provides funds up front to sellers who need their problems solved before auctions occur.
Although fees to the sellers are higher if they take advantage of the aid, Howe says it can be a good way to ease their minds and earn their business. It’s especially important that auction professionals know the prices assets will bring before offering such a program.
This tip is adapted from “25 tips for your auction business,” a story in the March 2013 issue of Auctioneer magazine. This blog will feature the top 15 tips.