When businesses or individuals decide to move out of their current locations, it can be a challenging process for both the...
When businesses or individuals decide to move out of their current locations, it can be a challenging process for both the tenants and the landlords, and this is especially true for commercial landlords/Commercial real estate owners. The burden of managing surplus assets, excess equipment, and merchandise can be stressful and costly, affecting the entire team involved.
Fortunately, experts at Surplus Asset Management (SAM Auctions) understand these challenges well and offer a comprehensive, landlord friendly solution to ease the transition whenever you need, wherever you need.
Why a Broom Clean Building?
When tenants leave a property, most of the time they leave behind unwanted items, furniture, fixtures, and equipment (FF&E). These abandoned assets can create a significant problem for landlords, leading to increased costs, storage issues, and delays in preparing the space for the next tenant.
However, with SAM Auctions, landlords can rest assured that the property will be professionally cleared and ready for the next occupant fast. After 400,000 happy customers, We excel in marketing and auctioning surplus assets, ensuring a broom clean condition building upon completion.
From Marketing to Final Settlement
One of the key aspects of SAM Auctions' success lies in their proactive approach to marketing surplus assets. Utilizing an extensive database of customers(400,000+) and a professional multimedia marketing campaign, including email and web-based advertisements, SAM Auctions reaches potential buyers across the country.
Before the online auction, the company's in-house sales team partners with the marketing team to make sure that all fixtures, merchandise, and equipment are well presented to the highest bidders.
The Typical Process - Explained
SAM Auctions follows a well-structured pre planned process to ensure a successful sale and a smooth transition until the clear out is complete:
National Advertising Campaign: Upon being awarded a project, SAM prepares a national advertising campaign within their huge buyer network, generating interest for the upcoming event.
Targeted Advertising Campaigns: Prior to the sale, SAM conducts targeted advertising campaigns, highlighting key sales items and the auction date.
Professional Setup: The SAM team professionally sets up the store, ensuring that all assets are showcased effectively for the auction.
Online Marketing: The auction catalog is posted on SAM's auction site, and online marketing efforts begin to generate interest and attract potential buyers.
Preview Day: To maintain transparency and to provide potential buyers with an opportunity to review the equipment, SAM organizes a preview day before the auction.
Auction Day Support: On the day of the auction, SAM provides representatives who can answer questions and guide buyers through the process.
Invoicing and Settlement: After the auction concludes, winning bidders receive invoices and settle their purchases. Final settlement and payment are sent to the client within seven days of project completion.
Clear Out Process: A contracted professional removal crew initiates a thorough clear-out process, typically taking five to fourteen business days, depending on the type, size, and quantity of equipment to be removed.
Understanding SAM's Payment Process
SAM mainly operates on a commission-based model. The company agrees to work for a percentage of the gross proceeds from the onsite retail sales and cleanouts. Additionally, reasonable out-of-pocket expenses incurred during the auctions, including auction set-up fees and marketing costs, are reimbursed.
A Buyer's Premium, a fee paid by the winning auction bidder in addition to the sale price, is also included.
Other Costs - No “Hidden Fees”
SAM Auctions prides itself on transparency when it comes to costs. Some of the expenses incurred during the process include equipment rental, dumpsters, and sprinkler removal, which are invoiced at cost plus 10%. Auction removal and cleanup costs are listed separately on the final settlement. The remaining balance after deducting the auction proceeds and expenses is either refunded to the client or invoiced accordingly as needed.
Responsibilities of Clients and SAM
To ensure a successful project, both clients and SAM have defined responsibilities:
Provide SAM with the contact information of the Property Manager for the closed/closing location.
Furnish square footage, photos, inventory, and a floor plan, if possible, before receiving a proposal.
Offer daily access to the premises during the inventory, lotting, tagging process, viewing day, auction day, and until the broom sweep is completed.
Verify the available inventory that can be sold and removed promptly upon arrival.
Catalog and market all FF&E for the auction.
Collect and remit all applicable sales taxes to the proper taxing authority.
Maintain a five-million-dollar umbrella insurance policy throughout the entire auction and pack-out period.
SAM Auctions offers businesses and commercial landlords a reliable and efficient solution for managing surplus assets during relocations. With a thorough and transparent process, along with a commitment to professionalism and customer satisfaction, SAM Auctions provides a landlord friendly service that benefits all parties involved.
If you are facing the challenge of excess equipment abandonment or a "problem location," SAM Auctions can handle all aspects of the auction and broom sweep the premises, leaving you with peace of mind and a smoothly managed transition.
If you still have any questions regarding this proposal do not hesitate to contact us. We are available and happy to answer any questions you may have that are not covered in this article.
Contact SAM Auctions today to discuss your upcoming project and receive a tailored proposal that meets your requirements!