Prepare to Win - In-Room Auction Day Checklist!

In-Room Auction Day Checklist!

1. Pre-Auction Documentation

Order of Sale:

  • Confirm the sequence in which properties will be auctioned.

Contract Review:

  • Have the original and counterpart contract checked.
  • Ensure any legal correspondence regarding changes to the contract is on hand.

Bidding Authorities:

  • Complete bidding authorities with copies of associated ID.

Authority Documents:

  • Have the ‘Authority to Exchange at Auction’ document ready.

Vendor’s Reserve:

  • Ensure the reserve letter is signed by the vendor.

2. Auction Day Essentials

Writing Materials:

  • Carry at least two pens for signing documents.

Financial Handling:

  • Have a receipt book for any transactions.

Informational Material:

  • Brochures of auction properties for quick reference.
  • Office brochures or magazines for additional information.

Networking Tools:

  • Carry business cards for networking opportunities.


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3. Auction Day Setup

Gifts and Tokens:

  • Prepare gifts for purchasers, the seller, and the person making the opening bid.

Promotional Materials:

  • Ensure availability of brochures and other promotional materials about your office or services.

Property Displays:

  • Set up displays or boards with information about the properties being auctioned.

4. During the Auction

Active Participation:

  • Stay attentive to the order of sale and be ready for when the properties of interest come up.

Bidding Strategy:

  • If bidding, be clear with your intentions and signals to the auctioneer.

Networking and Interaction:

  • Utilize breaks or downtime to network with other attendees, exchanging business cards and discussing potential opportunities.

5. Post-Auction Activities

Contract Finalization:

  • If successful in bidding, promptly complete and exchange contracts.

Financial Transactions:

  • Handle any immediate financial requirements, providing or receiving receipts as needed.

Networking Follow-up:

  • Post-auction, follow up on connections made during the event.

6. Additional Considerations

Understanding Auction Rules:

  • Be familiar with the specific rules and procedures of the in-room auction.

Seating Arrangement:

  • Choose a strategic location in the room for optimal visibility and access.

Distraction Management:

  • Prepare for a potentially busy environment and manage distractions effectively.


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