The terms below are provided to help you easily set up and administer your auction. If we can be of further assistance, please call us at 800-807-1688.
Auction Administrator
The broker who registers with AuctionPoint and creates the auction is automatically an Auction Administrator. The Auction Administrator has the capability to: 1) build and edit the auction website; 2) qualify registered users to become Qualified Bidders upon receipt of the Winner's Deposit funds; 3) disqualify bidders with valid reason; 4) email all registered users with information about the auction and reminders; and 5) view Bid History. The Auction Administrator may also assign additional Auction Administrators via the Assign Administrators function.
|
Auction Date
This is the date that the auction will be held. Once you have launched your website, AuctionPoint recommends a 5-week marketing period prior to the day of the auction.
|
Auction ID Number
This is a unique identifier for a specific property auction. This number is displayed next to the Auction Nickname on the "My Account" page for the Auction Administrator.
|
Auction Nickname
This will be used to create the default URL for your auction website, e.g., www.AuctionPoint.com/Auction Nickname. Choose a nickname that is property-specific and easy to remember.
|
Auction Room Image
The Auction Room Image will be displayed on the main auction room page of the auction website. This image can be the same image as used on the Splash Page.
|
Auction Start Time/End Time
AuctionPoint recommends a bidding window of 4 hours for an auction. However, this timeframe is completely configurable for your needs.
|
Auction Sub-title
This is the secondary headline on your auction website.
|
Auction Title
This is the primary headline on your auction website.
|
Auction Website URL
The auction website URL is the website address for your property auction. The default URL is www.AuctionPoint.com/Auction Nickname.
|
Bid History
The bid history, a chronological listing of bidders and bid amounts, is available to the Auction Administrator during and after the auction. To monitor the auction via the Bid History screen, the Administrator must refresh the page. The best way to view the auction is via the auction website, where the highest bid is automatically refreshed and displayed.
|
Bidder Number
The purpose of the bidder number is to ensure bidder confidentiality. Once a potential buyer has provided the Winner’s Deposit, either by credit card or check, they will be assigned a bidder number. The bidder number of the current high bidder is displayed under the Current Bid in the auction room. The bidder number may be required in order to view due diligence materials, if required by the Seller.
|
Bidder Qualification
The Bidder Qualification function enables the Auction Administrator to qualify and disqualify Registered Users to bid. Registered users who provide a credit card authorization for the Winner's Deposit automatically become Qualified Bidders. Registered users who submit a check for the Winner's Deposit must be qualified by the Auction Administrator via the Bidder Qualification function, upon receipt of the Winner's Deposit check.
|
Broker Info - Select Slot
Select the order in which broker names and contact information are displayed on the auction website.
|
Buyer's Premium
AuctionPoint collects a buyer’s premium from the winning bidder at the close of escrow. The existing commission structure between the listing broker and seller remains unchanged. The buyer’s premium is based upon a percentage of the winning bid amount. This percentage is set in advance of the auction based on the property’s estimated sale price.
|
Capitalization Rate
Capitalization rate is a measure of the ratio between the net operating income produced by the property and its sale price. The Seller has the option to include this number on the auction room page, but must enter the Net Operating Income of the property in order to do this. Because property taxes will adjust based on the final sales price, the Capitalization Rate can either be current or a future estimate.
|
Minimum Bid Increment
The minimum bid increment is the minimum amount by which a bidder can raise the current bid in order to become the highest bidder.
|
Net Operating Income
Net Operating Income, or NOI, is the gross scheduled rent less operating expenses.
Because property taxes will adjust based on the final sales price, the NOI can either
be current or a future estimate. Please contact the Listing Broker to understand how
the Net Operating Income is calculated for this property.
|
Original Asking Price
The Original Asking Price is the initial price that was set for the property and is displayed to bidders in the upper left area of the Auction Room page. The higher the Original Asking Price relative to the Starting Bid, the more compelling the auction will be to potential buyers.
|
Preferred Lender
The Seller has the option to list a preferred lender for the property. The preferred lender should be familiar with the property and have the ability to readily discuss financing options with potential buyers.
|
Processing Fees
If the winning bidder provides a credit card authorization for the Winner's Deposit and the Winner's Deposit is forfeited to the Seller because the winning bidder does not go forward with the transaction, a 5% processing fee will be deducted from the Winner's Deposit prior to payment to the Seller.
|
Procuring Broker Commission
This is the commission that will be paid to the procuring broker, stated as a percentage of the final sales price. The percentage entered here will appear on the "For Brokers" tab on the auction website.
|
Property Details Image
The Property Details Image will be displayed on the Property Details tab of the auction website.
|
Property Info - Address Line 1 and Address Line 2
Address Line 1 and Address Line 2 will be displayed on the auction room home page. They will also be displayed for the Auction Administrator throughout the set-up screens.
|
Qualified Bidder
Qualified Bidders are able to bid at the auction and have access to all information posted on the auction site. A Qualified Bidder has submitted the Winner's Deposit, which has been received by the specified party (typically the broker). Registered users who submit a valid credit card authorization for the Winner's Deposit are automatically converted to Qualified Bidder status. Registered users who send in a check are qualified by the Auction Administrator upon receipt of the check.
|
Register
Registering as a member with AuctionPoint is free and as simple as entering your contact information. Registration is required in order to start an auction.
|
Registered User
A Registered User has registered for the auction. Registered Users who submit the Winner's Deposit via valid credit card authorization immediately become a Qualified Bidder. Registered users who submit a check as a Winner's Deposit do not become a Qualified Bidder until the check is received and the Auction Administrator qualifies the user via the Bidder Qualification function.
|
|
|
Splash Page Image
The Splash Page Image will be displayed on the home page of the auction website.
|
Start an Auction
Starting an auction requires registering with AuctionPoint, paying a nominal start-up fee and submitting an Auction Deposit. You then enter all relevant auction information (e.g., property details, due diligence, contact information, brokerage logo, etc.) and launch your auction website. You should then begin your marketing campaign.
|
Starting Bid
The Starting Bid is the lowest price at which the property can be sold. Bids below this amount will not be accepted by the system. A low starting bid will attract a greater pool of potential buyers, typically resulting in a higher final price.
|
Winner's Deposit
The Winner’s Deposit is a non-refundable deposit charged to the winning bidder, and is set by the listing broker. It can be provided via check or credit card authorization. Winner's Deposits submitted by check are typically made payable to an escrow company and held by the broker until the end of the auction. Winner's Deposit checks are returned to all non-winning bidders. If the Winner's Deposit is submitted by credit card, the credit card is authorized but not charged. The card will only be charged in the event a winning bidder fails to sign the Purchase Agreement within 2 business days of the auction end date. The credit card of the winning bidder will not be charged if he signs the Purchase Agreement, and he will be required to submit the full earnest money deposit to escrow via check.
|
