When you think of auctions, you think of a fast-talking man with a grey beard and chic bowtie. The auction industry has always had a reputation for being a male-dominated field, steeped in tradition and often perceived as an exclusive club. However, times are changing, and women are increasingly making their mark, bringing fresh perspectives and dynamic energy to the auction floor.
In this interview, we sit down with Monique Smit, one of the trailblazing women in the industry, to discuss her journey and the invaluable advice she has for prospective buyers looking to navigate the world of auctions.
Who is Venditor Auctioneers:
Operating for nearly three decades, Venditor Auctioneers has built a strong reputation as a specialist in the auction industry. Beyond its expertise in auctions, the company has established itself as a leader in selling residential, commercial, and industrial real estate. Their services also include auctioning movable assets, agricultural and farmland, construction equipment and vehicles.
In an extremely competitive industry, Venditor Auctioneers strives to set itself apart by delivering excellent customer service. As Monique puts it, “If you have those fundamentals right, you’re only going to grow.” This commitment to service has certainly paid off, with Venditor Auctioneers growing steadily to become a leader not just in auctioneering but also in the broader real estate space.
The Career Journey of Monique Smit
Like many of us who stumble upon a career we come to love, Monique’s journey in the auction industry started by chance.
It was never planned. The process was something that intrigued me.
While working as an assistant, she exhibited a deep curiosity about the auction industry, often dedicating time to research and immerse herself in the field. Her commitment was evident as she actively sought out opportunities to broaden her understanding. When a chance to gain hands-on experience in auction administration presented itself, she embraced it with enthusiasm and determination.
This pivotal moment allowed her to apply her growing knowledge in a real-world context, where her passions for auctions truly flourished. Her relentless pursuit of excellence and unwavering dedication have since propelled her career forward, and she remained passionately involved in the auction industry ever since.
“I was good at it and I didn’t want to leave!” She says.
While many view auctions as a simple exchange of goods, she saw them through a different lens, recognising the psychological and human behavioural aspects that influence the outcome of an auction. The way people interact during the auction and the overall auction experience captivated her then, and it remains to do so till this day. “No auction is the same.”
“I’m naturally competitive, and place a high value on transparency and fairness. That’s exactly what an auction embodies: a process where competitive bidding meets transparency and fairness!”
Monique has described her journey as a “full circle moment,” having started her career at Venditor Auctioneers in 2007 and now, years later, returning as its Managing Director.
Tips for Prospective Buyers
So what’s Monique’s top tip for buyers looking to purchase at auction? It’s something we’ve said time and time again – be an informed bidder! Whether you’re a seasoned buyer or heading to the auction floor for the first time, researching helps you assess the risks involved and make informed decisions.
“Before heading to an auction, always review the Terms and Conditions or Auction Pack, available on our website, and make contact with the auctioneer should you have any questions” says Monique.
An Auction Pack is loaded with all relevant information pertaining to the asset being sold, be it movable or immovable assets. The pack outlines what is expected from the buyer pre- and post-auction and allows the buyer to work through the Terms and Conditions and, most importantly, the fine print.
What about first time buyers?
If you’re a first-time buyer, Monique essentially has this advice: Don’t be afraid to ask questions. Venditor is always ready to assist with any questions, ensuring first-time auction buyers understand the process. For example, did you know that every property auction requires a deposit? The auction rules and regulations state that the highest bidder on auction, must pay a deposit on the fall of the hammer. The deposit, depending on the auction, is normally between 5 – 10% of the amount bid.
She cautions prospective buyers to make sure they have the necessary funds to successfully execute all payment commitments as outlined in the terms and conditions.
Ever heard the saying, “what you see is what you get”? Buying on auction is exactly that. Assets are sold voetstoots on auction and therefore it is important for buyers to attend viewing days prior to the auction and to familiarise themselves with the condition of the asset they intend on buying.
Another tip? “Have an auction strategy.” The excitement of being at an auction is undeniable, and therefore buyers must have an auction strategy in place. “Auctions are a competitive environment, and sometimes that gets the best of us.” Be clear about your desired outcome and set realistic limits.
Monique’s Top Tips:
- Do your due diligence
- Know what you qualify for
- Don’t go beyond your means
- Speak to Venditor if you have questions
The Takeaway
As the auction industry evolves, it's inspiring to see trailblazers like Monique Smit leading the charge, breaking down barriers, and reshaping the landscape. Her journey from a curious typist to Managing Director of Venditor Auctioneers exemplifies the possibilities that lie within the industry for those with passion and determination.
Monique's advice for prospective buyers—conducting thorough research, understanding your limits, and asking questions—are invaluable tips for anyone looking to succeed at auction. With industry leaders like Venditor Auctioneers committed to excellent service and transparency, buyers can feel confident and supported as they navigate the auction process. As more women like Monique continue to make their mark, the future of auctioneering looks brighter and more inclusive than ever.
Don’t miss out on incredible auction opportunities. Browse all the latest auctions from Venditor Auctioneers on Auction Calendar.
