How to Conduct a Real Estate Auction

1). Find out how many properties will be auctioned and the reserve price for each. The reserve figure is the lowest price the seller is willing to accept, and must be placed in writing by the seller before the auction begins.
2). State the list of conditions for the auction, and call for opening bids on the first property item. Start that bidding at a price slightly below the reserve price. Bidding will escalate and the reserve price will be overtaken.
3). When the reserve price is passed, say out loud, "This property will sell today." The property will go to the highest bidder.
4). Complete the transaction by having the bidder sign his offer to buy. Sign the paperwork and accept the offer to complete the contract and finalize the transaction.
5). Repeat the same process with each property item until all items have been sold. Be sure to fill out the necessary paperwork with the buyers for each property to ensure that all are properly sold by legal standards.