Real Estate Auctions
Why a Real Estate Auction?
- Better educated, more spohisticated global real estate market
- More savvy consumer demanding options
- A major trend in other countries and mainland cities is to utilize real estate auctions to effectively and efficiently sell properties
- Time is money: 30 to 60 day average turn around with a real estate versus a six month average with traditional listing
- Devaluation minimized and greatest value realized
- Complete turn-key “estate” marketing available: furniture, cars, jewelery, art etc. can be auctioned simultaneously with the property
Systems, Strategy, Structure and Security – “For marketing the property and saturating the GLOBAL MARKET”
Any and all national and local media:
- Business publications (Wall Street Journal,USA Today)
- Television commercials
- Radio commercials
- Trade Publications (Homes & Land, Harmon Homes, Buyers Guide)
- Email Blast
- Direct Fax
- Direct mail/DirectMarketing
- Multi-dimentional Internet Hot-Hyper Linking to all
- International Internet auction sites
- Streaming video property previews
Selling Real Estate at Auction
More and more sellers are making the choice to sell their homes by the auction method. Sometimes sellers do this for properties that are hard to value, like custom luxury homes, waterfront homes, ranches, acreage and homes with historical significance. Though many properties that go up for auctions have never been listed in the market before, some have been listed, but have not sold as they are competing with lots of other properties.
Quick Turnaround Time. Probably the number one advantage is the quick turnaround time auctioneers offer. An auction almost guarantees a sale within 90 days, and most sales are complete within 30-45 days. The sale itself is conducted within a day or two. For some properties, the bidding lasts only a few minutes, although there have been plenty of instances where bidders have become involved in a “bidding war” lengthening the time of the sale, and hiking up the price of the property. But that’s also an advantage. In short, auctions are perfect for individuals or businesses who have a deadline to sell their property, but want a competitive sale.
There’s No Limit on the Final Sales Price. This is, indeed, an advantage. With traditional real estate sales methods, sellers run the risk of overpricing their property and seeing very little interest. Or, they run the risk of under pricing their property and selling it for much less than it is worth. At an auction, the price is determined by the highest bidder and there is no cap on high bids.
Sellers Know When Their Property Will Sell. Long listing periods for real estate can be avoided if you sell your property at auction. When the auction date is set, you know exactly when your property will be sold. And if it’s your home you’re selling, you don’t have to hassle with that endless flow of people inspecting your home at any possible day and hour and having to always have your home in show ready condition..
No Contingencies. Property sold by the auction method is sold without contingencies. This means the property is sold “as is.” Prospective buyers are given time to view the property prior to the sale so that they can inspect it and make an informed decision. Sellers don’t have to worry about re-negotiating a contract after they’ve already agreed upon a price when property inspections are completed.
Sellers also do not have to worry about the “closing” being held up because the buyer is trying to qualify for a home loan or must sell his or her own property before he or she can buy theirs.
Your home is also not tied up for an option period, during which prospective buyer showings traditionally stop while your listing is shown as “pending”.
Comprehensive Accelerated Marketing. Auctioneers are well-versed at marketing to the public; they have a client list at their disposal and access to “Auctioneer only” web marketing. They are also used to marketing focused on the event of auction day. The advantage here is that the real estate will get marketed to a number of potential buyers that it wouldn’t have been marketed to otherwise and will focus on getting buyers to act within a specific timeline.