What is a simulcast auction?
A simulcast auction is an auction which is being conducted live – either at the property location or in a ballroom setting – but also gives bidders the option to participate remotely either online or on the Tranzon mobile app. Many simulcast auctions include a live audio/video broadcast feed so that bidders can see and hear the live auction. However, some may offer remote bidding only without the broadcast. This still allows the online bidder to participate fully in the auction in real time.
How do I register for a simulcast auction?
The registration process can vary from one auction to another depending on verification and deposit requirements. You can find registration instructions on the auction’s property listing page.
The contact person for the auction is listed on the property listing page as well, and is available to assist you with the registration process or any other questions you may have.
When should I register?
We recommend that you register as early as possible before the scheduled opening of the auction, to allow time for your registration to be verified.
Am I obligated to bid once I register?
No. You must register to be able to bid, but registration does not in any way obligate you to bid.
If you ask for my credit card information during the registration process, do you actually charge my card?
A valid credit card is sometimes required as part of the bidder approval process. Charges will not be processed, but a temporary hold may be placed on the card. You should always carefully review the Terms and Conditions for the auction you are registering for; these terms will include the amount and duration of any credit card holds or other deposits required of bidders.
How should I prepare to participate in a simulcast auction?
Here’s a checklist you’ll want to make sure to cover before auction day:
Download and thoroughly read the Property Information Package (PIP), found in the “Documents to Download” section of the property listing page, to make sure you understand what you’re bidding on and the terms of the sale.
Carefully read and accept the Terms and Conditions for the auction.
You’re strongly encouraged to attend one of the available property previews or speak to the listed auction contact about scheduling a preview. Auction properties are sold without contingency, so you should see the property for yourself before bidding to ensure that it meets your needs as-is.
Register to bid and make sure you’ve received notification that your registration has been approved before the start of the auction.
When will the bidding start and end?
The approximate start time of the simulcast auction will be posted on the property listing page, but bidding will not officially begin until the on-site auctioneer opens the floor. Be sure to note that all times are expressed in Eastern Time (ET).
You will know when bidding has officially begun or is underway when the bidding buttons are active, allowing you to enter and confirm your bids.
The end time of a simulcast auction, just like any live auction, is unpredictable and at the discretion of the auctioneer. Simulcast auctions can be fast-paced; a property is sometimes sold in only a few minutes.
How is bidding in a simulcast auction different from bidding in an online auction?
When you participate in a simulcast auction, you are in essence taking part in a live auction from a remote location. What this means is that – unlike an online-only auction – your bid is not automatically accepted when you enter it. Rather, your bid must be accepted by the auctioneer, just as if you were anyone else in the room during the auction. If a “floor bidder” (a bidder who is present at the auction) enters the same bid as you, it is at the auctioneer’s sole discretion which bid to accept – and is usually determined by which bid he or she saw first.
What is the Maximum Bid feature?
By entering a Maximum Bid in a simulcast auction, you are giving the bidding clerk permission to bid on your behalf up to the Maximum Bid amount you specify. The clerk will only bid on your behalf in the bidding increments requested by the auctioneer, and will stop attempting to bid on your behalf when your Maximum Bid amount is reached, unless you increase it or resume bidding in increments.
What if someone enters the same bid as me?
This is a common occurrence in live/simulcast auctions and is the key reason why the auctioneer has the final say over whose bid is accepted among two or more bidders offering the same bid. This is part of the fun of the auction experience, whether you’re attending in person or via your computer or mobile device.
I was the high bidder. What happens next?
A Tranzon agent will usually contact you immediately after the auction closes.
· If the auction did not have a reserve and did not require seller confirmation, you will be provided with information about your deposit, closing, and other post-auction details.
· If the auction was subject to a reserve or required seller confirmation, you will be advised whether your high bid has been accepted. If your high bid was accepted, you will be given post-auction details. If your high bid was not accepted, you will be advised as to next steps. Any bidder may make post-auction offers on an unsold property through Tranzon agents.
What if I have other questions?
Call or e-mail the contact listed on the auction’s property listing page, or contact the Tranzon main office at 888-791-7307 ext. 84 (toll-free). Our auction professionals are always happy to help with any questions you might have.