ODA's Auctioneer Program issues licenses, gives license examinations, and when necessary, receives and processes complaints against auctioneers.
In the State of Ohio, there are more than 2,600 licensed auctioneers, auction firms and auction businesses.
In order to become licensed in Ohio, an auctioneer must first attend an approved auction school before applying for an auctioneer license.
The auction method of marketing is a fast-paced, exciting method of selling real or personal property. Some of the benefits of the auction method of marketing are:
- Buyers come prepared to buy.
- Quick disposal reduces overhead.
- Exposes the property to a large number of buyers.
- Accelerates the sale.
- Creates competition among buyers, potentially increasing the price of a private transaction.
- Takes the seller out of the negotiation process.
- Ensures an aggressive marketing program that increases interest and visibility.
Before hiring and contracting with an auctioneer or auction firm, there are several factors to consider. All licensees are required to enter into a contract with the owner or consignee of the property to be sold. Consumers should review the details of the contract:
- Does it state the type of auction that I am having?
- Does it cover the auctioneer or auction firm fees?
- Does it cover the advertising and labor?
Consumers should fully understand the services for which they will be paying. They should also consider:
- Auctioneer's or Auction Firm's expertise: Some auctioneers and auction firms specialize in certain types of auctions. Ask if they know the market; the value of the property and how to attract the buyers most interested in the property. Ask for their marketing plan.
- Experience: Auctioneers and auction firms can conduct anywhere from a few dozen or over 100 auctions in a year. Ask how much experience they have and how long they have been in the business; ask if they have earned any special designations or honors from any professional organizations or if they are licensed appraisers.
- References: Ask for references from former clients.
- Licensing: Call the Ohio Department of Agriculture to see if they are licensed and in good standing.
- Reputation: Talk to former clients and people who attend auctions frequently. Find out what they know about them.
- Observation: Attend an auction. See how the auction is advertised and how the auction is run.