tutions, lawyers and executives seem to adapt to the Buyer’s Premium best, After all, these businesses have used some form of add-on expense for years. Example: When we talk about a loan, most of the time, there is an origination fee added, and when we talk about preparation of documents, there is a legal fee added on.

Marginal and over-financed property o

The Buyer’s Premium is one of the greatest things that has come about in the auction profession. After using the Buyer’s Premium exclusively on every auction we have conducted in the last year, I cannot see any difference in the bidding participation except in the small items less than $10. There seems to be more complaints from the buyers of items $50 and less than from the high-ticket buyers, such as real estate customers.

By using the Buyer’s Premium, the seller has more flexibility to pay advertising cost, clean-up, and survey, in the case of a real estate auction, and any other costs that in many cases the owner or auctioneer normally absorbs. The sellers feel more at ease when he/she is only paying auction expense rather than commission and auction expense; and, the auctioneer can take home more money from the auction when the Buyer’s Premium is used.

Buyers adjust quickly. Using a 10 percent buyers premium, or any amount your company is comfortable with, works well. This set amount should be consistent; and, therefore, considered part of the deal.

When using the Buyer’s Premium, place the premium amount in all advertisements, brochures, newspaper ads, and place a sign at the registration desk on the auction site. Always announce that there is a Buyer’s Premium to be added to the winning bid price, so you will have a taped statement on record, along with the terms and conditions of the auction.

Financial institutions, lawyers and executives seem to adapt to the Buyer’s Premium best, After all, these businesses have used some form of add-on expense for years. Example: When we talk about a loan, most of the time, there is an origination fee added, and when we talk about preparation of documents, there is a legal fee added on.

Marginal and over-financed property ow

han from the high-ticket buyers, such as real estate customers.

By using the Buyer’s Premium, the seller has more flexibility to pay advertising cost, clean-up, and survey, in the case of a real estate auction, and any other costs that in many cases the owner or auctioneer normally absorbs. The sellers feel more at ease when he/she is only paying auction expense rather than commission and auction expense; and, the auctioneer can take home more money from the auction when the Buyer’s Premium is used.

Buyers adjust quickly. Using a 10 percent buyers premium, or any amount your company is comfortable with, works well. This set amount should be consistent; and, therefore, considered part of the deal.

When using the Buyer’s Premium, place the premium amount in all advertisements, brochures, newspaper ads, and place a sign at the registration desk on the auction site. Always announce that there is a Buyer’s Premium to be added to the winning bid price, so you will have a taped statement on record, along with the terms and conditions of the auction.

Financial institutions, lawyers and executives seem to adapt to the Buyer’s Premium best, After all, these businesses have used some form of add-on expense for years. Example: When we talk about a loan, most of the time, there is an origination fee added, and when we talk about preparation of documents, there is a legal fee added on.

Marginal and over-financed property o

ense rather than commission and auction expense; and, the auctioneer can take home more money from the auction when the Buyer’s Premium is used.

Buyers adjust quickly. Using a 10 percent buyers premium, or any amount your company is comfortable with, works well. This set amount should be consistent; and, therefore, considered part of the deal.

When using the Buyer’s Premium, place the premium amount in all advertisements, brochures, newspaper ads, and place a sign at the registration desk on the auction site. Always announce that there is a Buyer’s Premium to be added to the winning bid price, so you will have a taped statement on record, along with the terms and conditions of the auction.

Financial institutions, lawyers and executives seem to adapt to the Buyer’s Premium best, After all, these businesses have used some form of add-on expense for years. Example: When we talk about a loan, most of the time, there is an origination fee added, and when we talk about preparation of documents, there is a legal fee added on.

Marginal and over-financed property o

ng the Buyer’s Premium, place the premium amount in all advertisements, brochures, newspaper ads, and place a sign at the registration desk on the auction site. Always announce that there is a Buyer’s Premium to be added to the winning bid price, so you will have a taped statement on record, along with the terms and conditions of the auction.

Financial institutions, lawyers and executives seem to adapt to the Buyer’s Premium best, After all, these businesses have used some form of add-on expense for years. Example: When we talk about a loan, most of the time, there is an origination fee added, and when we talk about preparation of documents, there is a legal fee added on.

Marginal and over-financed property o

tutions, lawyers and executives seem to adapt to the Buyer’s Premium best, After all, these businesses have used some form of add-on expense for years. Example: When we talk about a loan, most of the time, there is an origination fee added, and when we talk about preparation of documents, there is a legal fee added on.

Marginal and over-financed property owners will go with Buyer’s Premium auctions with greater acceptance than if a commission was coming out of the proceeds rather than added on.

Using the Buyer’s Premium in your hometown or community is probably harder to get satisfactory acceptance than it would be in an area that you are not personally known by most of the auction attendance.

Clerks must be very well trained and have lot of patience because they are the ones that get the “Heat”. Most complaining buyers are alright when we tell them the Buyer’s Premium helps pay some of the sellers cost and is very much like “Taxes.” We just add the Buyer’s Premium to the bid price to make a contract price.

The auctioneer that uses a Buyer’s Premium has a competitive edge on the competition by not having to get the mortgage amount plus a commission. Instead, when they reach the mortgage amount, the commission is built into the Buyer’s Premium, which is just added on.