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The Role of an Auctioneer

By: Christine Whitfield BA (hons) - Updated: 3 Aug 2017 | comments*Discuss
 
Auction Property Auctioneer House Buyer

Despite only coming to most of our attention in recent year property auctions have been around for a long time. Long before daytime television shows brought this ‘new’ way of purchasing or selling a property to our attention those in the know were using auctions to snap up bargain properties, shift unwanted houses and extend their property portfolios.

And if auctions were around then that means auctioneers had to be too. But what would does the job of a property auctioneer entail? And what happens when they're not hosting an auction?

What is a Property Auctioneer?

An auctioneer, traditionally is the person who holds the auction. This is the same in any industry whether it be property or antiques or jewellery.

The auctioneer has to be clued up and fully aware of what’s happening as auctions can get pretty hectic once bidding starts. He or she will start the bidding at a price as advised by other experts including estate agents and the seller. Potential buyers will then make bids on the property.

The auctioneer also has the most important job of all – slamming down the hammer to confirm the sale. Once the hammer has fell the sale is legally binding so the auctioneer has to be sure not to make any mistakes as it could get pretty embarrassing!

What Else Would an Auctioneer Do?

Unbeknown to most people the auctioneer will also be a valuer or surveyor. This means he or she is trained to assess properties and work out a value for them taking into account any damage or planning restrictions etc. Because of this the main part of the auctioneer’s job is spent on the road, out and about. He or she will spend most of the day assessing properties and areas.

When a property is put up for auction it will be included in a promotional booklet for potential buyers. This booklet will include details of the property, the surrounding area, local amenities and any other information that may be of use. This information is likely to have been gathered by the auctioneer and his or her team.

The auctioneer will also be responsible for promoting the auction and making potential buyers aware of the properties on offer. This will usually be done over the telephone and through estate agents. The auctioneer knows without the right potential buyers at an auction the property is unlikely to sell, even if the auction house is packed out.

It is also the auctioneers responsibility to keep notes of all sales and transactions. Buying and selling property is serious business and can, on occasions, result in a legal process. In these cases the auctioneers notes and paperwork can prove crucial. A note taker may work during auctions and provide transcripts to the auctioneer afterwards.

Despite the misconception that an auctioneers job simply involves hosting auctions, the career is a varied and interesting one. For those with a keen interest in property and an eye for detail it could be the perfect profession.

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