VIC REAL ESTATE AUSTRALIA Appropriately prepare to conduct an auction to sell a property. This includes: Meeting with the vendor prior to the auction to seek final instructions, including the potential to change the reserve price if bidding reaches a certain price below the reserve. Confirming the vendor's understanding of the agreement for the reserve price, and whether they are happy with the reserve. Locate and provide terms and conditions of auction that must be read out according to legislation effective in their state or territory