Conduct and complete sale by auction

Learning Outcomes 

* Assess suitability of auction site and auction equipment and identify risks to self and others.
* Confirm required auction advice is displayed according to legislative requirements.
* Review auction documentation and examine major points including auction instructions, authorities, contracts, reserve price, co-owner and vendor bids.
* Liaise with vendor or sales agent for final instructions.
* Terms and conditions of sale by auction according to legislative requirements.
* Conduct the auction according to legislative requirements.
* Manage bidding process and maintain auction process to achieve reserve price.
* Implement trial close strategy.
* Signify close of auction using appropriate strategy such as final calls, fall of hammer and closing script.
* Knocking down property to successful bidder once reserve price has been met and all other bids are exhausted.
* Pass in property if reserve price is not met and all bids are exhausted.
* Offer highest bidder opportunity to negotiate with vendor when property fails to reach reserve price.