This unit covers the preparation, conduct and completion of the sale of property by auction. It includes administration, advertising, pre-auction communication and conduct of the auction.
Element |
Performance criteria |
- Prepare for auction sale
|
| 1.1 |
Auction marketing procedures, which may include prepayment of promotion, advertising costs and related administrative expenses, location and auction day procedures, are agreed in advance with vendor |
| 1.2 |
Auction documentation which is consistent with vendor's instructions and marketing plan is used to manage the auction program |
| 1.3 |
Appropriate and reliable descriptions of the subject property are provided before and during the auction |
|
- Conduct auction
|
| 2.1 |
Questions asked by interested parties are answered or referred to informed sources |
| 2.2 |
The auction is professionally conducted to establish the optimum price possible from the buyers in attendance, consistent with the auction strategy |
| 2.3 |
The auction is conducted in a manner consistent with the agency marketing strategy and property sales legislation |
|
- Complete auction sale
|
| 3.1 |
Accurate sales data is compiled which reflects auction outcomes and can be used in follow-up procedures |
| 3.2 |
Appropriate records of attendance or interest are compiled to expand agency contact lists of potential clients identified through the auction process |
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