Auctioneers usually run estate sales, selling all of the contents of a home, though they can also host small auctions if they choose to do so. Auctioneers will often sell personal property such as cars, antiques, and artwork, but they are also often responsible for selling real estate. This can include foreclosed homes, closed business and restaurants, properties of landlords who want to sell a large number of properties at once, and more.
Responsibilities of an auctioneer:
Auctioneers are hired by families or individuals, usually to sell a large number of items that couldn’t easily be sold independently. They sign a contract with their clients that stipulates payment rates, the number of workers the client will provide to prepare for and work on the day of the auction (or the number of workers the auction service will provide if the client chooses not to), and advertising costs. Auctioneers are responsible for advertising auctions as well, which involves creating a sale bill to publicize the highlights, or items that might be of the most interest, and updating the auctioneer service’s website to include information about each new auction and the items to be auctioned off. Essentially, auctioneers should be able to negotiate contracts, having a firm handle on what a client contract should look like and include so that they can agree on the services they will provide and which aspects of the sale will be taken care of by the client.
Once auctioneers have agreed on a contract with a client and advertised the event, they must write the terms and conditions of purchase for the items being sold so that bidders are aware of what a purchase will entail before making a bid. Auctioneers may also need to supply a staff if they agree to do so. This would include a runner, someone to display items during auction; a clerk, someone to record transactions with auction attendees and make sure all bidder numbers and item descriptions are recorded accurately; and a cashier, someone to tally bidders’ bills at the end of auctions and accept payments for items that were bid on. Strong communication skills are needed for an auction to run smoothly, as the clerks need to report accurate bidder and item information, and this must match the bills paid to the cashiers. Auctioneers must also be able to control disputes between bidders, if need be, and communication is key here as well.
Following an auction, auctioneers keep payments in escrow, meaning they withhold the property sold in the auction until it’s certain that buyers have sufficient funds to cover their purchases and that their checks won’t bounce. An understanding of finances is imperative to be an auctioneer, not only for making sales but also for negotiating contracts and determining how much and at what rate you will be paid for your services.
How much would you earn?
Most auctioneers charge a commission, which means that they agree in their contracts to receive a set percentage of the sale of items. This percentage varies based on the price and type of item, so a real state property might have a lower commission rate of 5 percent while an auctioneer receives 40 percent on the sale of artwork. Overall, the income of an auctioneer is highly variable based on location and what you’re selling. However, Indeed.com reports that the average annual income for auctioneers in New York City is $63,000.
Requirements to become an auctioneer:
Many auctioneers begin on their career path as runners or clerks. Although in New York State there is no law requiring auctioneers to be licensed, many states do require you to be licensed before you can hold auctions. To earn your license, typically, you can either be an apprentice to a licensed auctioneer, or you can complete courses at a community college to earn your license. There are also accredited auctioneer academies that you can attend for programs (that are only about a week or so in length) to help you learn about becoming an auctioneer, but taking these courses will not earn you your license. If you intend to become an auctioneer in New York, this could be beneficial to you (especially if you decide to not get your licence) so that you can learn the ins and outs of auctioneering before taking on the task of creating your own auction service. There is also typically an auctioneering test that must be taken, which varies by state as with the licenses.
Perhaps the most interesting requirement to become an auctioneer is the ability to chant. This can be learned through an apprenticeship, auctioneer academy programs, and auctioneer classes. But chanting isn't universally used; there are some who never chant during an auction while others only chant, speaking swiftly for upwards of eight hours straight. So while it’s important to learn how to chant to become an auctioneer, it’s not necessary. In the same way, most auctioneers are trained in appraisal so that they can evaluate the worth of items they are selling, but it is by no means a requirement to have a license in appraisal or even be trained. Some auctioneers have hired appraisers to do this work for them instead.
-Hope Swedeen
What are your thoughts on pursuing a career in auctioneering? Is this a profession you could see yourself enjoying and profiting from?
Responsibilities of an auctioneer:
Auctioneers are hired by families or individuals, usually to sell a large number of items that couldn’t easily be sold independently. They sign a contract with their clients that stipulates payment rates, the number of workers the client will provide to prepare for and work on the day of the auction (or the number of workers the auction service will provide if the client chooses not to), and advertising costs. Auctioneers are responsible for advertising auctions as well, which involves creating a sale bill to publicize the highlights, or items that might be of the most interest, and updating the auctioneer service’s website to include information about each new auction and the items to be auctioned off. Essentially, auctioneers should be able to negotiate contracts, having a firm handle on what a client contract should look like and include so that they can agree on the services they will provide and which aspects of the sale will be taken care of by the client.
Once auctioneers have agreed on a contract with a client and advertised the event, they must write the terms and conditions of purchase for the items being sold so that bidders are aware of what a purchase will entail before making a bid. Auctioneers may also need to supply a staff if they agree to do so. This would include a runner, someone to display items during auction; a clerk, someone to record transactions with auction attendees and make sure all bidder numbers and item descriptions are recorded accurately; and a cashier, someone to tally bidders’ bills at the end of auctions and accept payments for items that were bid on. Strong communication skills are needed for an auction to run smoothly, as the clerks need to report accurate bidder and item information, and this must match the bills paid to the cashiers. Auctioneers must also be able to control disputes between bidders, if need be, and communication is key here as well.
Following an auction, auctioneers keep payments in escrow, meaning they withhold the property sold in the auction until it’s certain that buyers have sufficient funds to cover their purchases and that their checks won’t bounce. An understanding of finances is imperative to be an auctioneer, not only for making sales but also for negotiating contracts and determining how much and at what rate you will be paid for your services.
How much would you earn?
Most auctioneers charge a commission, which means that they agree in their contracts to receive a set percentage of the sale of items. This percentage varies based on the price and type of item, so a real state property might have a lower commission rate of 5 percent while an auctioneer receives 40 percent on the sale of artwork. Overall, the income of an auctioneer is highly variable based on location and what you’re selling. However, Indeed.com reports that the average annual income for auctioneers in New York City is $63,000.
Requirements to become an auctioneer:
Many auctioneers begin on their career path as runners or clerks. Although in New York State there is no law requiring auctioneers to be licensed, many states do require you to be licensed before you can hold auctions. To earn your license, typically, you can either be an apprentice to a licensed auctioneer, or you can complete courses at a community college to earn your license. There are also accredited auctioneer academies that you can attend for programs (that are only about a week or so in length) to help you learn about becoming an auctioneer, but taking these courses will not earn you your license. If you intend to become an auctioneer in New York, this could be beneficial to you (especially if you decide to not get your licence) so that you can learn the ins and outs of auctioneering before taking on the task of creating your own auction service. There is also typically an auctioneering test that must be taken, which varies by state as with the licenses.
Perhaps the most interesting requirement to become an auctioneer is the ability to chant. This can be learned through an apprenticeship, auctioneer academy programs, and auctioneer classes. But chanting isn't universally used; there are some who never chant during an auction while others only chant, speaking swiftly for upwards of eight hours straight. So while it’s important to learn how to chant to become an auctioneer, it’s not necessary. In the same way, most auctioneers are trained in appraisal so that they can evaluate the worth of items they are selling, but it is by no means a requirement to have a license in appraisal or even be trained. Some auctioneers have hired appraisers to do this work for them instead.
-Hope Swedeen
What are your thoughts on pursuing a career in auctioneering? Is this a profession you could see yourself enjoying and profiting from?
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