BROKER REQUIREMENT 

To become a certified broker with AUCTION NAIRA, a broker will need to consider the under listed: 

  •  Must undertake our in-house training.
  •  Must possess a minimum of Ordinary National Diploma (OND) as educational qualification.
  •  Must be able to communicate fluently in English and one local dialect. 
  •  Must have knowledge of choosing categories.
  •  Must be a good negotiator. 
  •   Must possess and know how to use a smartphone with high picture resolution.

Dealer/Broker Cadre 

Auction Naira operates an elevation system for its brokers. There are three classes of brokers:

  •  Basic: Are newly accredited brokers, they will be elevated to Executive Broker when they successfully complete sales of 30 items on the platform.
  •  Executive: As an Executive Broker, the system will automatically pay for the enrollment of a broker to become an Associate with the Certified Institute of Auctioneers, which is designed to raise a broker status/rating on the system.  
  •  Super Agents: These are confirmed associates on the platform. This cadre of brokers will represent the company at physical auctions. 

The bottom line of the elevation system is to monitor performance of brokers and also reward them accordingly. 

Dealer/Broker Rating System 

The system has an automated rating system that monitors the performance rating of each dealer/broker. The system is designed in a way that for every rejected broker listing on the website, the broker loses rating and when a rating falls below system benchmark, the brokers will be expelled from the system. 

Dealers/Brokers Rating Index 

Broker rating is measured with the following:

  • Brokers must ensure all pre listing items and profiling requirements are captured for listing on Auction Naira.

Standard Listing Requirements

  • Proof of ownership certificate of item to be sold.
  • Seller’s government registered ID.
  • Standard required pictures of the item.
  • Accurate item specification and information.
  • In the case of a vehicle, a condition certificate to be obtained through a recommended mechanical engineer.
  • Dealers/Brokers must ensure to make items available for inspection upon request.
  • Dealers/Brokers must ensure to make items available for technical evaluation upon request.
  • Dealers/Brokers must align with the Terms and Condition of Auction Naira. (transparency, honesty and sincerity of purpose)

Brokers Rewards 

Brokers are rewarded through a regulated brokerage fee of 5% as sales commission on sales of items from their inventory (which should be agreed with the seller before listing).