Do you have questions?
We've put together a list of the most Frequently Asked Questions about the NAA below. For further questions, please contact our friendly staff and we'll be glad to help.
I want to go to an auction, what should I know before I bid?
Understand the type of auction you are participating in (absolute, reserve, etc.) and make sure to review the complete terms and conditions of the sale. You will want to arrive early to register for the auction. Certain auctions (i.e. real estate) may require a cashier’s check or other payment in advance of the auction to qualify you to bid in the auction.
If you are attending an auction with a live element, you will want to bid in sync with the chant. You should be listening closely and following the increasing bids. Remember: The number the auctioneer is repeating is where the bid is and what the auctioneer is now accepting.
I want to hire an auctioneer. Where do I start my search and what should I know?
If you are considering an auction for your personal or business assets, consider the following tips:
- Whether it be real estate, art or automobiles, select an NAA Auction Professional with expertise in your particular type of sale. NAA Auction Professionals are at the top of their field in the auction business. Members are professionals well versed in the psychology of selling. Their education, commitment to the NAA Code of Ethics, expertise and networking capabilities stimulate competition among bidders, securing you the highest prices for your assets. Click here to Find an NAA Auction Professional!
- Ask for references, attend one of their auctions and learn about auctions firsthand.
- Take an active role in the marketing and advertising of your assets.
- Make sure to fully review all contracts, terms and conditions of the auction with a legal expert.
What should I do if I have an issue with an auctioneer or auction company?
As a voluntary professional organization that does have jurisdiction in licensing or regulation, the NAA can only field ethical complaints about our members and does not offer legal recourse, including the recovery of financial or physical assets. If you believe that an NAA member has violated the NAA Code of Ethics, you may file a complaint in writing using this form and submit it to NAA Chief Executive Officer Hannes Combest, CAE, at firstname.lastname@example.org. You can search our member database here.
If your grievance is accepted, a copy will be sent to the accused individual so they may provide their version of the facts. The NAA's Grievance Committee will review both documents and render a decision. You will be notified of their decision within 90 days of when the NAA receives your original complaint.
For legal and financial recourse, you will need to file a complaint within the state where the auction company is located and/or where the auction was held. For states that require an auction license, the licensing board is the first place to start. For all states, we recommend contacting the consumer protection division of the attorney general’s office as well as local city, county and Better Business Bureau offices.
How do I become an auctioneer?
Find out about license requirements. While some states require a license to be an auctioneer, others do not. Likewise, some specific types of auctions may require a special license. Find out what is required in your city, county and/or state to make sure you are abiding by all laws.
Get educated. Before becoming an auctioneer, you should seriously consider attending auction school. These schools provide aspiring auctioneers with the training and education needed to learn the art of bid calling, marketing, operating an auction business and more. While the NAA does not endorse or recommend any specific school, you can find a list of known auction school providers here.
Can I attend an auction and participate as a spectator and not bid?
Who's the person yelling in the audience at an auction?
What is the auctioneer saying?
The art of perfecting the auctioneer’s cry take years of practice, but understanding what auctioneers are saying is simple. The auctioneer’s bid call can be broken into two parts:
- Statement (The Current Bid) – I have five dollars.
- Question (The Next Bid) – Would you bid 10?
Example: I have 5 dollars, would you bid 10, would you bid 10? Now 10, I have 10 dollars, would you bid 15...
The cadence and repetition of words and use of “filler words” vary from one auctioneer to another, but the format is usually the same. Always remember that the number the auctioneer keeps repeating is the dollar amount they are wanting.
If I scratch my nose or wave at a friend, will the auctioneer think I'm bidding?
Am I required to have cash on hand at the auction?
Are auctions only for distressed or discounted property?
What are the differences between an absolute and reserve auction?
Absolute Auction: An "absolute auction" is an auction where the property is sold to the highest bidder. There is not a minimum or reserve price that must be met to complete the auction sale.
Reserve Auction: A “reserve” auction means that a price has been set between the seller and the auctioneer that must be met to complete the sale. Reserves are often used to provide the seller with security that they receive at certain amount of money to meet their sale goal.
What is a Buyer's Premium?
What does "As Is, Where Is" mean?
Can I inspect the property I'm interested in bidding on before the auction?
What is a minimum bid?
Still have a question? Contact the NAA at email@example.com or (913) 541-8084.