During many of the conversations we have with auction companies all over the United States, we discuss what is “working” and what “is not working”. These discussions are great because it allows us to “keep our finger on the pulse” of the auction world. It also allows us to offer up suggestions to auction companies as well as learn from them. It also helps us make our software better. We care about you and your auction company. If you succeed, we succeed. That being said, here are a few suggestions we have for you to make your auction house better.
- You MUST be online. Especially if your regional competition is not. Now, don’t get too worked up over this. This doesn’t mean you need to start selling everything online. That is not what we are suggesting. We do strongly encourage people to start selling online if it fits your business model. If selling online does not fit your business model, we believe you should have a website that accurately represents your business, gives people an idea of what it is you sell, and an easier way for them to contact you. Both potential bidders and sellers will benefit from your website and managing a website is easier, and more affordable than it’s ever been.
- Review your seller commission and buyer’s premium. This doesn’t automatically mean you need to lower your seller commission or buyer’s premium. (Although, that may be something to consider) This just means you need to make sure you are not only being fair to your bidders/sellers, but make sure you are being fair to your business. Most people are in business to make money. Auction companies included. If it’s been awhile since you have reviewed your percentages, maybe it’s time to take a look at them again.
- Listen to your bidders/sellers/staff. Your loyal bidders, sellers, and staff are never short of opinions on how to run your business. That being said, there may be some worthwhile suggestions. It never hurts to objectively consider someones opinion or idea. Just keep in mind that they don’t always have your best interest in mind when “offering their 2 cents”. You know your business better than anyone else, so consider everyone’s suggestions, but inevitably make sure it’s right for your business before you implement it.
- Learn from other successful auction businesses. See what it is that they are doing differently from your business. Learn from what is working for them, and create your own version of it. Be better. Compete.
These are just a few suggestions that we came up with, with your business in mind. At the end of the day, the auction business is becoming more competitive. With online auctions, Social Media, and other options for people to sell their merchandise, we believe it is critical that your business evolve. We want to see you succeed and hopefully be a part of that success. If you believe our website services, online auctions, or clerking program can help, don’t hesitate to reach out to us!