The success of a live foreclosure auction depends on many factors, including marketing, education, and buyer support. But one of the most critical elements of getting the best and highest offer for every auctioned asset is auctioneer performance.
Recently, Auction.com sat down with Mark Buleziuk, a 30-year industry veteran and world-class auctioneer responsible for developing the best-in-class real estate auctioneering services at Auction.com, to discuss what makes Auction.com’s auctioneers successful at selling assets.
What makes Auction.com auctioneers best-in-class?
Although there are many, here are three primary reasons our auctioneers are successful and best positioned to support our clients. First, our foundation was built on selecting results-driven auctioneers. They are specialists at reading the crowd, strategically setting bid increments, and creating a competitive bidding environment to deliver the best results for our sellers. Second, we focus on targeted training in the distressed asset category. We ensure our auctioneers are well-versed in compliance requirements across all jurisdictions. We provide continued learning to both refine skills and stay current with new legislation. Third, our auctioneers work with proprietary technology. For example, AuctionSync®, developed by Auction.com, has been a gamechanger.
Can you tell us more about AuctionSync?
AuctionSync is a proprietary auctioneering application our auctioneers and live auction staff use to run live foreclosure auctions. The tool lets Auction.com capture asset-level data, including pre-auction bidder registrations to validate buyers and buyer funds. It also enables the use of Remote Bid™ – a revolutionary technology that lets buyers bid on properties without having to attend in person.
And while Auction.com is really excited about how Rremote bBid is dramatically increasing buyer participation at foreclosure sales, AuctionSync’s risk mitigation features really set Auction.com apart – including digital geo stamping, time-date stamping, and audio recording. Every property is brought to auction via a highly compliant and dispute- and audit-proof method. This not only provides our auctioneers with the necessary piece of mind to focus their efforts on conducting sales, but also has proven to be an invaluable tool for our clients and foreclosure attorney firm partners to defend every sale we conduct.
What type of training do Auction.com auctioneers receive?
Our Foreclosure Auction Academy is a one-of-a-kind training academy that provides auction professionals with specialized training in the unique genre of court-driven auctions. Our auctioneers receive continued training in classroom settings and onsite alongside our auction managers.
Also, our auctioneers and other onsite support people are available at each auction to answer the questions of new or seasoned buyers.
How does an unprofessional, ill-trained auctioneer put assets at risk?
An asset processed out-of-compliance can void the sale. And mismanaging the bidding creates all sorts of potential issues. The interesting thing about an auction is that it takes many days or even months to properly prepare for a successful auction event. Professional auction prep requires a significant investment in marketing capital, technical capability, logistics, and compliance to set the stage. The expectation of hiring a professional auctioneer is to guarantee that the investment is preserved by taking the baton to the finish line on the day of auction.
I invite anyone to attend and view our live auctions at the courthouse level to experience firsthand the difference our processes and professional auctioneers are making to disrupt the traditional disposition process of foreclosure auctions.
Conclusion
Auction.com auctioneers are successful because they are properly licensed and bonded, experienced in reading the room, professional in calling auctions, continually trained, and have a high salesmanship aptitude, with the goal to get the best and highest offer for assets.
Check us out at an auction venue near you so you can see how Auction.com auctioneers have elevated the process beyond traditional disposition.