Wednesday, 24 July 2013

Holiday Auctions: A Glossary of Commonly Used Terms

By Keely Capel

Holiday auctions are relatively straight-forward and not largely dissimilar to other auctions such as those found on eBay. However whether you are an old pro at buying and selling in auction or not, there are some terms used in holiday auctions that may differ from other auctions. Therefore we thought today it would be a good idea to give you an insight into some of the terms used in holiday auctions so that you can get a good feel and understanding before you place you next bid.

Auction - Method of selling holiday availability to the general public through open and competitive bidding.

Auctioneer - The person or company whom the seller engages to direct, conduct and over see the responsibility of the sale by auction.

Availability/Travel Start Date - The dates and duration in which the holiday property can be used that is currently being offered within the holiday auction.

Bid - A prospective buyers indication or offer of a price that they are prepared to pay to purchase the holiday availability in auction. Bids are normally made in set increments that have been pre-established by the auction house or auctioneer.

Bid Increments - The amount by which a bid increases each time the current bid is outdone

BuyNow -  The opportunity to purchase the holiday property availability immediately without waiting for the auction to finish by paying a pre-determined and fixed price set on the listing.

Country - The country in which the holiday property currently being offered within a holiday auction is located

Lote/Listing - Individual holiday property and selected dates available that has been entered into auction and is open to bidding. Each lote or listing will provide details of the property available, its location, amenities and features along with the date offered.

Highest Bid - The highest value entered as a bid on the current listing, this is often displayed whilst the auction is still running and indicates that a new bid higher than this value must be entered to take priority. This indicates the current price this holiday auction will be sold at if no other bid is placed before the end of the holiday auction

Minimum Bid - This is the lowest bid that must be entered at the start of an auction for you to participate within the holiday auction.

No Sale Fee - The fee charged to the seller in the event their holiday availability remains unsold at the end of the holiday auction. In the case of we do not charge sellers if they are unsuccessful at selling their holiday availability.

Offer Range - Indicates if the seller will accept offers on the holiday availability within a set range. An offer must be made within this range for the holiday auction to be closed and the holiday availability to be secured at that price.

Opening Bid - The first bid to be placed on a holiday auction for it to begin.

Onsite Auction - Meaning an auction that takes place online using a website where the auction format is automated and no auctioneer is present

Property Type - Specifies the type of holiday accommodation that is being offered for sale in the holiday auction. This could be an apartment, villa, farmhouse, cottage etc.

Region - The region within the country that the holiday property that is offered within the holiday auction is located

Rental Feature - A list of all the items featured within the holiday property that is being offered within a holiday auction. Rental features could include a heated pool, extras like daily maid service or access to use a golf course, Ipod docking stations etc

Reserve Price - This is a price fixed by the seller which will not allow the holiday availability to be sold unless bidding is above the set price. It allows sellers to being auctions lower than their minimum accepted price but offers the security that bidding must get above this price in order for the holiday availability to be sold 

Resort - The name of the resort, city, town or village in which the holiday property being offered in a holiday auction is located.

Start/End Time - The time that the holiday auction will begin to run or is due to end. All bids must b placed on the holiday auction within these times. If a bid is placed after the end time of a holiday auction it will not be accepted and the winner will be the highest bid last received before the end time of the auction

Start Price - Indicates the price in which the holiday auction will or did start at.

Winning Bid - The last and highest bid received on the holiday auction before it ended that was high enough to reach the reserve price and won the auction. The winning bid will secure the holiday availability that was offered in the holiday auction

We hope this helps explain some of the terminology that is used within holiday auctions, but if you come across any others you are unfamiliar with then please leave a comment below and we will be happy to explain it.

If you would like to see how a holiday auction works and watch or participate within a live holiday auction please visit our website now.