Auction Contract types
Commission: This is the most common arrangement where a commission is charged to the seller or buyer. Depending upon the value (quality and quantity) of the assets and the projected sales, the commission will vary. Our commission is not a flat rate and will change based upon the projected sales in an effort to remain competitive. If a sellers has assets that are projected to do extremely well, to reflect that, our commission rate may become much smaller. Basically the more you have of value, the less our commission rates are. Sales expenses which are negotiated up front and defined in the contract are deducted from the proceeds of the sale.
Net Service Guarantee (Minimum Guarantee): Our net service guarantee, when selected, will actually guarantee a minimum amount the seller will receive from the proceeds regardless of the actual sales results. This option is negotiated upfront and can be covered by a slightly higher commission or even a split of the proceeds exceeding the minimum. This option reduces the perceived risk to the seller.
Buyout or Direct Purchase: This option requires us to evaluate your assets upfront and negotiate a sales price which is paid after removal. In some cases, this option may require you to allow us to conduct a sale where the assets are located and further allow us to bring in additional assets when necessary to make the sale more attractive to buyers. In most cases, we remove the assets and conduct the sale offsite.
Negotiated sale: Allow us to conduct a professionally negotiated sale for you. Our staff will facilitate efforts that will allow for a mutually agreed upon price between the two parties. One of our principles will personally manage any inspections, previews, transfers and other functions that are necessary to bring a successful deal to a closing.
Real Estate: Allow us to handle your real estate as we are both auction and real estate professionals. We can sell you real estate at auction to the high bidder or in other cases offer your real estate the traditional listing method starting at a set price and negotiating from there. We can conduct auctions that are absolute or with reserve depending on the situation. Commissions and or buyer’s premiums are used in real estate sales and auctions. To encourage more Realtors to participate, we sometimes are able to offer broker participation commissions.
Flat fee: A word of caution on flat fee services that some on the outskirts of our industry claim to offer. Flat fees may be the worst misstate a seller might make. Flat fee services eliminate the incentive that normally drives excellence from a commission based service provider. With a flat fee the incentive to work hard and go above and beyond to increase the return for the seller is eliminated. This is because those that might offer a flat fee realize they get no more or no less than their original fee regardless of their effort. Once you sign the contract in their minds they’ve already earned that fee without any effort on their part. Essentially they begin to look at everything else they may have to be done as extra work and it gets worse. Why would they work hard for the seller when they are only guaranteed a flat fee, they won’t and its human nature.
We very seldom ever offer the option of a flat fee service and it is normally only when we are acting in our capacity as a professional buyers’ representative. This happens when we work representing a buyer (not the seller) that is attending another companies auction. Then its normally a minimum service fee because it’s not guaranteed the buyer will be successful in their bid to buy based upon their capacity to buy. In that case a commission wouldn’t make sense.
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