By Katrina Creer
Michael Garofolo credits a 1998 bottle of Penfolds 389 with launching the career that now sees him conducting several property auctions a day.
He chose the acclaimed Cabernet Shiraz – deemed by one critic as even better than the collectable Grange of that year – to show off his skills in the Novice Auctioneers Competition held by the REINSW. Each entrant selects an item which they then auction off for charity in front of a panel of judges.
The bottle of red proved to be the right choice. It not only sold under the hammer but put Mr Garofolo straight into the final in 2017.
“I had never auctioned off anything before that night, I had only done practice ones,” he said.
“I had also done a lot of emceeing for weddings, I’ve got a gift of the gab and a booming voice, so I have no problem talking and I’m good with numbers.
“I was also working in hospitality at the time, so it was easy for me to chat about the wine, and I don’t mind a drop of red.”
" Real estate was of interest to me - I knew I didn’t want to be a sales agent, but I had bought my own home at auction and thought to myself ‘you know what, I could do that’, Mr Garofolo said."
For the hotly contested final, Mr Garofolo sourced two tickets for The Jane McGrath Day at the Sydney Cricket Ground as funds were being raised for the McGrath Foundation. These were snapped up under the hammer and clinched him the coveted title.
The NAC has launched the career of many successful auctioneers around NSW since it was first held in 1990. Last year’s finalists were asked to sell a house and the winner was awarded $1,000 prize money and two tickets to the REINSW Awards for Excellence Gala Dinner.
Importantly, the annual event is an opportunity for budding auctioneers to refine their skills and be noticed by the best in the industry.
The bottle of red that Mr Garofolo first auctioned was purchased by Damien Cooley who also offered him a job shortly afterwards. It fetched $350 under the hammer but its value has now more than doubled. But it is worth far more to Mr Garofolo who says without the NAC, he would have never landed his lucky break. He went on to become a Partner within Cooley Auctions in 2019.
The former ASX futures trader took an unusual route to hold the gavel, coming from a finance rather than real estate background. He was motivated to make a career change after starting a family. At the time, Mr Garofolo was working the graveyard shift at the stock exchange dealing in the US and Asia markets but wanted a job with better hours allowing him to be a hands-on dad.
He had what he describes as a ‘Jerry Maguire’ moment and one day decided to leave his job then and there. He spent the next two years studying for his auctioneer accreditation and did a six-month work experience stint as an assistant to Tom Panos.
Even after his NAC win, he continued to work in part-time hospitality while establishing himself in the business. Six years after his win, Mr Garofolo now conducts multiple auctions a day. It is not just a Saturday job - he calls auctions throughout the week and also visits every property and vendor prior to auction day. He sees himself as an extension of the sales team arming himself with as much knowledge as possible to ensure no bids are held back and a premium price is achieved.
It wasn’t until after calling his 100th auction that the nerves started to subside and his advice to budding auctioneers is to ‘practice, practice, practice’.
They also need to be highly organised and efficient with their time as the job often entails driving considerable distances and detailed scheduling. Most importantly, an auctioneer should never be too aggressive, arrogant or disrespectful.
"You have to remember people are trying to buy a home and do the best that they can for their family, Mr Garofolo said."
“Put it this way, I’ve never met a buyer who didn’t want to pay less and I have never met a vendor who didn’t want to sell for more and it’s your job to get them to meet somewhere in the middle.”
Could you be the next Novice Auctioneers Competition champion?
NAC 2023 begins on 10 May in Newcastle and we encourage you or any budding auctioneers that you know to enter!
This year there will be six heats across New South Wales, hosted by some of NSW's best auction houses and agencies.
REGISTER NOW to take part in the 2023 Novice Auctioneers Competition.