How to list livestock with a ‘Make an Offer’ option?

Understanding how to use the 'Make an Offer' feature as a selling tool

Summary

AuctionsPlus is committed to ensure that the buyers and sellers of livestock achieve mutually satisfactory outcomes. Although auctions are known for their efficiency and transparency, buyers and sellers can benefit from negotiating before or after the sale to eliminate the price risk associated with auctions. To meet this need, AuctionsPlus has introduced the 'Make an Offer' feature.

While the 'Buy Now' option defines an exact price at which a prospective buyer can purchase a lot, the 'Make an Offer' feature allows any number of interested buyers to submit an offer. A significant (and distinguishing) feature is that, while a seller is obligated to accept a 'Buy Now' application, the seller is not obliged to accept any 'Make an Offer' application, or even if they do, accept the highest offer. If an offer is accepted, the buyer is required to honor any offer they submitted.

Nominating a Lot for 'Make an Offer'

Step 1 - Completing the assessment

Complete the current Assessment entry process capturing assessor, vendor and livestock details across existing screens. The 'Make an Offer' feature will join 'Buy Now' as being available once the assessment is published.

Step 2 - Select the 'Bid Type'

Upon deciding to use the 'Make an Offer' feature, select the 'Bid Type'. Options available to selling agents are '$/head', 'c/kg Live' and c/kg Dressed'.

Step 3 - Accepting the Terms & Conditions

Upon selecting the bid type, the selling agent will be asked to review and accept the Terms & Conditions relating to using this feature. Select 'I Agree' button to proceed.

Step 4 - Finalising 'Make an Offer'

 Once the Terms and Conditions are agreed, the selling agent then defines

1. The minimum value that an offer will be considered, as well as confirming in the following field. This is designed to help avoid circumstances where an incorrect value may be misstyped.

2. The selling agent is offered the option to open the lot to offers pre and/or post auction.

3. The selling agent may also stipulate any ‘special’ conditions or requirements that are to be considered by a potential buyer.

The assessment is then completed as per usual.

Monitoring and Accepting an Offer

Step 1 - How to view and monitor offers

The selling agent can monitor the offers submitted for those lot nominated for ‘Make and Offer’ via the Agents Dashboard. Please note that the selling agent will be automatically notified of a submitted offer by email and SMS, to ensure that the agent does not miss an opportunity to accept.

Step 2 - Actioning a submitted offer(s)

The selling agent select the ‘View Make An Offer’ on a relevant lot to review all submitted offers, and to action an acceptance, if required.

As pictured, the contact details of the buyer are available, the value of the offer and the duration until the expiry of the offer.

At this point the selling agent may

• Accept the Offer - which automatically flags the lot as SOLD (and by implication removes the Make an Offer, Buy Now and facility to bid in an upcoming scheduled auction).

• Amend the Make an Offer minimum price and conditions.

• Remove the Make an Offer feature from the lot.

Upon accepting an Offer the successful buyer is immediately notified via email and SMS

Step 3 - Using 'Make an Offer' feature post-sale

The selling agent may also nominate a lot for ‘Make an Offer’ post-sale via the ‘My Sale Results’ tab on the selling agent's Dashboard. Akin to applying 'Buy Now' post-sale, the agent selects ‘Add Make an Offer’. As above, the agent then enters 'Minimum Offer Price' and special conditions, if any.

Important Considerations

It is important that any user wishing to use the 'Make an Offer' feature be aware of the following:

1. Only registered accredited AuctionsPlus buyers can action the 'Make an Offer' feature.

2. The Seller is not obligated to accept any offer, but once accepted, is subject to the accepted AuctionsPlus User Agreement.

3. The buyer is obligated to honour any accepted offer.

4. The buyer may edit or cancel an unaccepted offer at anytime.

5. Upon receiving an acceptable offer, it is the responsibility of the selling agent to formally ‘Accept’ via the AuctionsPlus platform. Accepting the offer automatically sets the lot’s status to SOLD.

6. If the selling agent negotiates a revised offer with a potential buyer, the buyer is to update their offer via the AuctionsPlus platform, with the seller then formally ‘Accept’ via the AuctionsPlus platform.

7. If the selling agent cancels the 'Make an Offer' on a lot, all posted buyer offers are cleared and cannot be retrieved.

8. If the selling agent amends an assessment on a lot with 'Make an Offer' activated, all posted buyers offers are cleared and cannot be retrieved.

9. The Selling Agent has until 30 minutes prior to the scheduled sale start to accept an offer. After this deadline, all unaccepted posted offers are cleared and cannot be retrieved.

10. A buyer may submit an offer up to 30 minutes prior to the scheduled sale start.

11. The 'Make an Offer' feature is disabled from 30 minutes prior to the scheduled auction start to 90 minutes post auction close.

12. The 'Meet Reserve' feature continues to take priority post-auction, and so offers cannot be submitted within 90 minutes of sale close.

13. A post-sale 'Make an Offer' nomination by the selling agent will expire in 48 hours after the auction has concluded, at which time all unaccepted posted buyer offers are cleared and cannot be retrieved.

14. Where the selling agent has requested the 'Make an Offer' feature to be available both pre and post auction, any offer posted pre-auction offer is NOT carried over to post-auction.

15. So long as an offer has not been accepted, the selling agent may withdraw the Make an Offer feature from the lot.

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