presence and reputation (i.e., look for online references or reviews), and websites. Ask how their auctions are advertised to buyers to assess who you feel would do the best job attracting potential buyers for your property. • Obtain property appraisals. Request appraisals from a few different auctioneers. Do this while you are researching auction houses. Each auction house should provide what they deem to be a good reserve price and details of what fees are payable. • Instruct your chosen auction firm. Once you have chosen your preferred auctioneer, you will need to officially instruct the company to sell your property and sign any relevant contracts (this is similar to instructing an estate agent to sell a house). At this point, you will be expected to pay admin and marketing fees. • Consult your real estate attorney. You will need to engage a lawyer to assemble the legal documents for the property you are selling. This should generally include copies of the property’s title deeds, any special conditions of sale, title search, lease (if applicable), and other relevant documents. The documents are then available to potential buyers to inspect up to the day of the property auction. • Set your reserve price. You need to set a reserve price in advance of the auction. This price can be discussed with your real estate agent and the auctioneer. The reserve price you set is the minimum amount you will accept for the sale of your property. Not setting a reserve price is a major mistake that can result in a catastrophic sale price. • Auction firm markets the property. Once the auction firm has been instructed, it will begin marketing your property. You should be clear about the different types of
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