Preparing for a clearing sale
Successful clearing sales don't happen by accident. They require a committed vendor, a skilled agent, thorough planning and careful execution.
Most of us have been to a clearing sale or two and it looks simple, doesn’t it? The items for sale are all lined up, you register to bid, the auctioneer moves fairly quickly down the line, you pay for your purchases and cart them home. All done and dusted within a few hours.
Like most things that appear simple, the reality is a bit different and a clearing sale takes careful preparation from the vendor (the seller) and the agent.
We’d like to share a few thoughts on preparing for a clearing sale. The preparation is a team effort between vendor and agent, and you will rely on your agent’s experience and expertise to ensure a smooth process.
- Start your preparation early. Discuss with your agent what you want to sell so that the clearing sale can be planned.
- Choose a date. Consider local events, financial factors, the logistics of preparing the sale items and the marketing campaign. If your property has been sold and you don’t have a contract clause allowing for a later clearing sale, you will need to consider the settlement date.
- Book a caterer. This is usually a BBQ with proceeds going to a local charity. It might be a school, service club or something like the Westpac Rescue Helicopter.
- Prepare the item list. The list will be used in print and digital advertising.
- Photography. Potential purchasers will expect photographs of major (and sometimes minor) items to be published on the internet or available to be emailed. You will need to consider how your items “present” in a photograph and whether they have any special features that should be promoted.
- Collate any Operation Manuals for machinery so that they can be handed over on the day of sale. Similarly, registration papers for vehicles will need to be given to the purchasers. Ensure that you have keys ready to show that machinery/vehicles will turn over on the morning of the sale.
- Prepare the site of the sale. The selling order of the sale items is extremely important. There will need to be a sheltered area for the office and a suitable spot for the BBQ. Workplace Health and Safety responsibilities must be met.
- As soon as advertising begins, you can expect to field calls from potential purchasers. We recommend that this is not the time to be on holidays or otherwise out of contact.
On sale day, be prepared to answer further queries from potential purchasers and to make decisions regarding sale items.
If you’d like to discuss clearing sales, please contact Michael Guest on 0429 921 700.
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