Auction Steps
1. Preparing for the Auction
Partnership Coordination: In collaborate with Tirhani Auctioneers to finalize details such as the type of auction, items to be auctioned, and the auction date.
Listing Items: Compiling a list of items or properties to be auctioned, with detailed descriptions, images, and starting prices. Ensuring all items are properly appraised.
Legal Compliance: Verify that all items are legally cleared for auction, with proper documentation in place.
2. Marketing the Auction
Target Audience: Identifying and targeting potential bidders, such as investors, collectors, or industry professionals.
Promotional Materials: Creating promotional content, including flyers, social media posts, email newsletters, and advertisements.
3. Registration Process
Bidders Registration: Bidders must register before participating. This can be done online.
4. Auction Day Procedures
Opening Announcements: The auctioneer will begin by explaining the rules and procedures, including bidding increments and terms of sale.
Item Presentation: Each property is presented one at a time, with the auctioneer starting the bidding at the minimum price.
5. Bidding Process
Placing Bids: Bidders indicate their interest by placing bids, by clicking a button (in online auctions).
Auctioneer Control: The auctioneer manages the flow of bids, increasing the price incrementally until no further bids are placed.
Winning Bid: The highest bid when bidding ceases is declared the winning bid. The auctioneer confirms the winner by announcing "Sold!"
6. Post-Auction Process
Payment Collection: The winning bidder is required to make the payment as per the auction terms. This may involve immediate payment or a specified payment period.
Transfer of Ownership: Upon full payment, ownership of the property is transferred to the winning bidder. Necessary documents, such as titles or deeds, are handed over.
Settlement: KellyHills international Properties and Tirhani Auctioneers will handle the distribution of proceeds.
7. Follow-Up
Reporting: Detailed reports on the auction outcomes, including total sales, bidder participation, and financial summaries.
8. Future Planning
Plan Next Auction: Planning the next event, applying any improvements if necessary.
