Your own property auction firm

Property sellers: estates, landowners, investors, lenders and owners who want a firm sale date instead of a long listing.

A seller's commission on each lot sold, sometimes plus a buyer's premium and marketing fees. Marketing costs are often charged to or shared with the seller.

• Sales and winning seller trust
• Marketing and organizing events
• Handling contracts and deadlines carefully

• State rules on who may sell real estate at auction. A firm may need a licensed broker, so check with your state's licensing board
• Bonding, general liability and errors and omissions insurance, plus rules on holding buyers' deposits in escrow
• Advertising costs paid up front, with a risk that properties don't sell
• Fair housing and consumer protection laws that apply to how you advertise and sell. Check with your state

Startup costs are typically around $8,000 to $40,000, depending on marketing, bonding and insurance, and how you run your auctions. Advertising is paid up front and properties may not sell, so budget with that in mind. These are estimates.

Monthly revenue is typically around $3,000 to $15,000, depending on how many listings you win and sell. Because advertising costs are paid up front and properties may not sell, results can vary. These are estimates, not guarantees.

Check with your state's licensing board on who may sell real estate at auction, since a firm may need a licensed broker. Also check bonding, liability and errors and omissions insurance, escrow rules for deposits, and fair housing and consumer protection laws.