Commissions & Settlement
VanDerBrink Auctions works on a commission basis. We negotiate all commissions with our sellers. Our commission Structure Varies according to the size of the sale, type of auction, and potential gross proceeds. Commissions can vary from 4-15% of Gross auction proceeds for Personal Property, Collections, Estates, and other non-Real Estate Auctions. Real Estate commissions typically vary between 1-6% of a completed successful closing. Some other fees may apply and will be fully disclosed.
VanDerBrink Auctions collects all Monies/Sales Tax and Complete Settlement will be within 21 days or sooner, upon clearing of checks. This process has been escalated, with electronic check registry. VanDerBrink Auctions also accepts Credit Cards as payment. This has proven to increase sales for our Sellers. We will go through and answer any questions you will have about payments and this process. We work to get you your money as fast as possible.
All expenses can be deducted from the auction proceeds or may be paid as we are getting ready for the sale. We will discuss all your options with you.
The Settlement Packet comes with a complete print out of the auction, receipts, balance sheet, summary, pictures, and any other receipts-items pertaining to the auction. The Settlement packet has proven to be very easy to understand and is completely detailed accounts of the auction. Lawyers, Judges, Trustees, and Executors have found our reports very detailed and concise.
VanDerBrink Auctions will give the Sellers a complete computerized print-out of the auction, copies of
advertising statements, and all other receipts pertaining to the auction. A preliminary printout will be given immediately after the sale.
VanDerBrink Auctions also provides Sellers with inventories, stories, flyers, and pictures that can be memorable and informative. VanDerBrink Auctions works to provide our Sellers with a complete summary of their auction and what it took to conduct the sale.
VanDerBrink Auctions wants to make your next auction a successful one. VanDerBrink Auctions utilizes a auction contract between the seller and the auction company. This contract has some key details on how the auction will be conducted.
- The contract is an agreement between the seller and the auctioneer. It explains the obligations of the seller and the auction company. Terms of the contract are negotiated between the seller and the auction company.
- The contract sets the time(s), date(s), and location(s) pertaining to the auction. The contract also states the negotiated commission that will be charged for this service.
- The contract provides estimated advertising budgets and allowances for possible expenses that may occur. For example: labor, rentals, and possible fees for the location of the auction. The contract also states which party is responsible for these expenses.
- The contract is signed by both the seller and the auction company and a copy is kept by each party. If this is a real estate contract the proper state forms or applicable forms will be used for that transaction.
- A contract is needed to provide accurate and professional auction services. It’s not meant to be intimidating, but merely needed in today’s business world.