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Are auctioneers the rock stars of real estate or just salespeople in expensive suits that love hearing the sound of their own voice? A lot of people think that a great auctioneer is somebody that loves being the center of attention and is quick with a one liner, but there is so much more to it than that.  I believe that a great auctioneer compared to an average auctioneer could often mean an extra $20,000 or $30,000 on the sale price. In this article I’ll discuss the most important points that make for a great auctioneer. I believe that these are the key abilities that good auctioneers need;

• Always be respectful to buyers. For an auctioneer it’s easy to get caught up in the emotions of the moment, but it’s very important to keep the buyers onside. It’s also good for an auctioneer to be approachable and not to intimate potential bidders.

• Don’t put the hammer down too early. This one can drive buyers crazy but I’ve been to auctions when I’ve thought that the underbidder just needed to compose themselves and they may have bid again. You have to remember that the auctioneer is working for the vendor.

• Control the flow. The auctioneer needs to control the speed and flow of an auction. He/she should also control the bidding increments. If you are $100,000 away from the reserve, you don’t want a buyer slowing the bidding down to $1,000 bids.

• A quick wit. A clever joke or 2 at the right time can help loosen a buyer up.

• Take away tomorrow. A great auctioneer will have you believing that the house that the are auctioning is the last of its kind, and that it could be years before you get another opportunity at such a good buy.

• Give buyers a reason to bid more. Buyers all come with a price in mind and often think that they will not go over it. A great auctioneer will give you a reason; like interest rates are about to fall, the house up the street sold for more, the house if perfectly positioned or is brilliantly renovated.

• Be an expert one on one negotiator. Auctions are almost always reported as sold “under the hammer”, but the truth is that many auction day sales are made once a house is passed in and the sale is negotiated within 30 minutes of the auction finishing. Therefore, it is crucial that the auctioneer is an excellent negotiator.

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Something that is vitally important that people may not think of is the set up for the auction. Some auctioneers run the sale campaign, but it is usual for an agent to run a campaign and have an auctioneer come in just to call the auction. Any auctioneer worth his/her salt will tell you that, it is all in the set up as they will look terrible if nobody bids. Therefore the 4 weeks of work done prior is imperative. One other thing that is often not seen by buyers, is for the listing agent to take data on the day. To know who else bid on the property and to what level. This information can really help the agent on his/her next sale.

So, in summary, what makes a great auctioneer? I’d say all these factors combined make for an auction day success and it’s a real team effort. Led of course by the auctioneer and his ability to control the environment.