The South African Institute of Auctioneers (SAIA) has published a comprehensive new booklet to simplify the auction process for buyers, sellers and the general public.
The ‘SAIA Auction Information Guide’ aims to popularise auctions by providing an easy-to-understand overview of the industry while addressing common questions and some commonly held misconceptions that the public might have, the SAIA says.
SAIA national secretary Sonja Styger explains that the guide is meant to be a go-to manual for anyone interested in auctions. It is designed to help readers better understand auction terminology, and explains procedures, while highlighting the responsibilities and rights of all parties involved.
The guide also emphasises the growing significance of online auctions, a space that has seen rapid expansion in recent years.
The guide is divided into sections to cater to the needs of various audiences. These sections are as follows:
- General Information: An overview of the auction industry and its benefits.
- Buyer’s Information: A detailed roadmap for participating in auctions, including bidding and responsibilities.
- Seller’s Information: Guidance for owners and businesses on how to list items and maximise returns.
- Live Onsite Auction Guide: A step-by-step walkthrough of traditional in-person auctions.
- General Online Auction Procedures: Insights into the digital auction landscape, covering registration, bidding and finalisation.
- Important Auction Terminology: A glossary of essential terms to ensure clarity and confidence during the auction process.
- Detailed Vehicle Auction Information: Specific advice for buyers and sellers navigating vehicle auctions.
- Detailed Property Auction Information: Expert insights into property auctions, including valuation and legal considerations.
- About SAIA: An overview of SAIA’s role in the industry and why the public should prioritise SAIA members for their auction needs.
SAIA says its focus on transparency and education is the driving force behind the publication of the booklet, which is aimed at fostering trust within the auction industry.
The guide emphasises the need for buyers and sellers to work only with SAIA-accredited auctioneers owing to its members’ adherence to ethical practices and professional standards.
For auctioneers, the guide serves as a guideline and tool to adhere to procedures. SAIA says that this is especially true for the growing online auction industry and provides necessary information for all participants. The guide equips participants with the information they need, from registering for an auction to understanding digital bidding.
“It is an invitation for everyone to experience the excitement and opportunities that auctions offer. By providing clear, accessible information, we aim to make auctions more inclusive and trusted by all. Whether you’re a first-time bidder or an experienced seller, the guide offers valuable insights to ensure a smooth and successful auction experience,” Styger says. 