Real Estate Advantages
- Differentiate your property from all other local listings
Your property is usually the only property, or one of a few, in your market up for auction. An auction gives buyers and local real estate brokers the perception of getting a great deal, so they investigate and tour your property.
- High profile marketing campaign
Don’t get lost in the classifieds or the Multiple Listing Service (MLS). A multi-tiered approach to marketing your property that includes a full color brochure, direct mail, Internet marketing, print advertising, public relations, signage, and a 3 – 5 day open house just before the auction is commonly the best way to get top dollar!
- National, regional and local exposure
Advertising is targeted to qualified buyers of real estate. Ads of up to a full page in size are created exclusively for your property. Many buyers of real estate are not local to the market. Our advertising reaches a larger audience so you get more interest in your property.
- Reach more qualified buyers
Buyers at a real estate auction are serious. To attend the auction, and receive a bidder’s number, each buyer must present certified funds from $5,000 to $100,000. Usually, a total of 10% of the contract price is due on auction day, with a closing scheduled within 30 days of the auction. Most buyers pay cash to purchase at auction, and no financing contingencies are allowed at an auction sale.
- Choose your date and time
We market your property to sell on a specific date. Selling a property and the moving process can be disruptive and requires extensive planning. There are advantages to selling your property on the date and time of your choice and convenience.
- Eliminate disruptive showings
We show your property during a preview period. Typically, this is a 3 – 5 day period before the auction date. This minimizes interruptions and the inconvenience of showings during business hours, on weekends, evenings, meal times, etc.
- Bidders compete for your property
When multiple bidders compete for your property, prices go up. An auction usually last less than 30 minutes for a single property, which creates a strong sense of urgency. Bidders that want your property will bid up to their highest possible price to avoid missing out. A traditional real estate sale is based on the premise that buyers negotiate down the price.
- No contingency sale
A real estate auction is sold in an “As-is” condition. Buyers are not allowed any contingencies, including any for financing.
- Close within 30 days
The auction contract usually stipulates that closing shall take place within 30 days. Many cash buyers can and will close within a shorter time frame than the allotted 30 day time frame.
- Benefits to the Seller:
- An auction generates excitement and heightens buyer interest.
- Property is sold “as is, where is” without contingencies.
- Brings interested buyers to a point of decision – they must act now or lose an opportunity to purchase.
- Buyers are prepared to buy.
- Shorter marketing time that reduces carrying costs, taxes and maintenance.
- Exposes the property to a large number of pre-qualified prospects.
- The seller knows exactly when the property will sell.
- Eliminates numerous and unscheduled showings.
- Ensures an aggressive marketing program that increases interest and visibility.
- Once the auction-marketing program begins, sales on competitive properties that are for sale in the area are virtually eliminated until the auction sale is completed.
- The seller actively participates in the sale process.
- The Auction takes the seller out of the negotiation process.
- Properties Suitable for Auction:
properties are saleable by auction. All types of residential,
commercial and industrial properties, as well as vacant land are good
candidates for sale through this method. There are some instances where
the auction may not be a suitable marketing technique and those are
situations when the property will only appeal to a narrow market and in
those instances we provide a customized marketing plan for a
conventional sale. A good auction property is one that may:
- Have a high percentage of equity.
- Be unique, but there are still enough potential buyers to market it.
- Be vacant – the auction process is fast and reduces the risk of liability and or vandalism.
- Be difficult to appraise – the auction provides the atmosphere where fair market value is achieved by exposing it to the greatest number of potential buyers.
- Be located in an area where there is an over supply of homes in relation to the number of buyers.
- Be sensitive to timing in its sale.
- Most properties are saleable by auction. All types of residential, commercial and industrial properties, as well as vacant land are good candidates for sale through this method. There are some instances where the auction may not be a suitable marketing technique and those are situations when the property will only appeal to a narrow market and in those instances we provide a customized marketing plan for a conventional sale. A good auction property is one that may: