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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