This is the 2nd last post in our Auction Series. If we haven’t covered a topic you would like more information on, it’s not too late! Just send us an email to email@example.com and we are happy to extend our blogging!
An auctioneer and an agent have very different roles during a real estate auction. An agent is responsible for the marketing of the property during the auction campaign; establishing where the property sits in the marketplace with regards to price; and ensuring that the vendor is consistently updated on buyer feedback.
Prior to auction day the agent will meet the vendor and discuss what feedback buyers have given on price, how many buyers are interested, how many contracts have been issued and then the vendor will set the reserve.
On auction day the auctioneer’s role is to encourage bidding, take bids and sell the property under the hammer. You could say that the auctioneer is the showman, as they take centre stage on auction day.
Thus the main difference between the two roles is that the agent is responsible for the lead up and preparation for auction day, and the auctioneer is responsible for the performance on auction day.
The agent also has a role on auction day and the work the agent has done in the weeks prior to auction day lay the foundations for a successful auction.
On auction day the agent will often work the floor, encouraging bids from buyers or consult with their vendor when bids are slowing down.
The agent also exchanges contracts after the fall of the hammer as most auctioneers race off to their next auction.