America's Auctioneer Myers Jackson

Explains Buyers's Premium

America's Auctioneer Myers Jackson Explains Buyer’s Premium How does Myers Jackson get paid? He explains the buyer’s premium-sellers commission-flat fee payment. The answer is Yes - all of the above. An Auctioneer may negotiate the percentage or fee to be paid when services are rendered. Services rendered are complete when Myers Jackson America’s Auctioneer says his 3 famous words, “Sold, Sold, Sold!”, or upon an agreement between the buyer and seller. Now in most instances, the Auctioneer has the seller’s authority to transfer the property when the Auctioneer says “Sold! Sold! Sold!” While Myers Jackson consults with Sellers prior to auction, Buyers are notified in advance of the buyer’s fees. These notifications include auction terms and conditions as well as auction announcements. Not to mention an announcement made by Myers Jackson at the start of the auction. The percentage of pay varies and is assessed on an individual contract basis. For availability, Myers Jackson Percentage, Buyers Premium, Sellers Commissions message me here.

Myers Jackson Explains Buyer’s Premium

The home has everything your family needs and wants. It is in the right neighborhood and school district. The yard has plenty of space for the kids and pets to play. You have studied the home’s stats on your real estate agent’s website. It’s finally auction day. As the auction begins the auctioneer announces the buyer’s premium. “What is a buyer’s premium?” you ask? Case in point Myers Jackson’s Percentage is not without dictation prior to the sale. He states it at the start of each of his auctions. Keep in mind that auctioneers do not merely make an appearance on auction day, chant a few fast-spoken words, then head to the next town. No. Truth is that the auctioneer has been working hard to prepare the auction for weeks, perhaps even longer. For example, marketing the upcoming auction with its details and lots. Myers Jackson Explains Buyer’s Premium In the case of a real estate auction, the auctioneer is also a licensed auctioneer and real estate agent or broker. Myers Jackson America’s Auctioneer, CAI, AARE, BAS, CES recently just received his license as a Texas Real Estate Broker. Myers travels the state and the nation conducting auctions – be they real estate, personal property or veteran fundraisers. Terms and conditions for each auction may differ, yet the one thing that you can always count on is that Myers will state the Buyer’s Premium at the beginning of the auction. Where as the client receives their pay for the property they are auctioning, the Buyer’s Premium allows the auctioneer to receive pay for the hard work they have put into the auction during its duration from start to finish. Not only is Myers a real estate broker and Auctioneer in Texas, he is as well licensed as a broker, agent and/or auctioneer in as many as 24 states. You can follow his various auctions live on site and online. Pay close attention to many of the photos of the lots in these auctions. Look for Myers Jackson’s watermark. He is a phenomenal photographer spending many hours photographing the lots for his real estate, personal property and fundraiser auctions. As you can see, much effort is put in on the auctioneer’s behalf besides just taking bids and swinging a gavel.

America's Auctioneer Myers Jackson Explains Buyer’s Premium

Now, the question at hand. What exactly is the buyer’s premium? The seller pays the auctioneer by means of a commission. On the other hand, the winning bidder pays the auctioneer the buyer’s premium. The percentage is disclosed by the auctioneer prior the auction. It is state law where regulated. This is communicated verbally at the start of the auction and in the content of the terms and conditions bidders must agree to when registering for the auction. The buyer’s premium percentage rate is added to the sale price prior to tax. With buyer’s premium going to the auctioneer and taxes going to the appropriate local and state entities. Buyer’s Premium and the Taxes: Collection of taxes is on the auction’s total which includes the winning bid and the buyer’s premium. Buyer’s Premium dictates the total sale amount in both live and online auctions. Now the buyer’s premium may vary from auction to auction. As will the taxes which will depend on the county and state that the auction is taking place. Real Estate Contracts have no tax added. Myers Jackson Explains Buyer’s Premium Many factors can affect the turn out of an auction. It may have been raining for weeks and the day of the auction is greeted with mud and still more rain, therefore no one comes out for the auction. The auctioneer has invested a lot of effort and work to prepare the auction to have no turn out. Yet, it may be a beautiful cloudless day with a comfortable breeze bringing more people than expected to the auction. So, as we see, the buyer’s premium is paid by the winning bidder to the auctioneer for their work not only during the auction but leading up to it as well. Considering all of the efforts on behalf of the auctioneer preparing the auction, this percentage is very well deserved. Myers Jackson Explains Buyer’s Premium that is different for each sale, subject to personal property and or real property specific terms and conditions.