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Simple safety checks to avoid construction auction pitfalls

Home Business Management Finance & Investment Simple safety checks to avoid construction auction pitfalls

SOME research before entering into a transaction with an auctioneering company can avert disappointment and problems that may occur through dealings with unprofessional or unscrupulous auctioneers.

That’s according to Sonja Styger, Chief Administration Officer of the South African Institute of Auctioneers (SAIA), who said that construction companies, rather than jumping headlong into the bidding process or putting up assets for auction, should first establish whether the company selected is legitimate and a member of the association.

SAIA is the professional body of the industry and provides oversight and guidelines for the industry.

“I can think of not one good reason why a potential seller or buyer would choose to use an unregistered auctioneer. There is no cost benefit, nor is there safety in not knowing the credentials of an auctioneer,” Styger said.

“That is the reason why we have gone to great lengths to make SAIA member-lists easily available on the web, social media, in office or by means of a simple phone call to our office. When listing assets that are potentially worth a lot of money, or buying goods with their hard-earned cash, we always advise people to take the time to contact SAIA and be safe rather than sorry.”

She said the lists are constantly updated and easily indexed according to the company name, region and industry served. They can be found on several SAIA platforms including the website www.auctioneering.co.za.

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