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Q. What is a Real Estate Auction?

A.  A real estate auction is an innovative and effective method of selling real estate through competitive bidding. It is an intense, accelerated real estate marketing process that involves the public sale of any property—most certainly including those that are nondistressed and in elevated price ranges where the traditional brokerage model is less effective.

Q. How will auction benefit me?

A.

BENEFITS TO THE SELLER:

  • Buyers come prepared to buy

  • Comprehensive valuation of the property location

  • Quick disposal reduces long-term carrying costs, including taxes, insurance,   maintenance & Utilities.

  • Assurance that the property will be sold at true market value

  • Exposes the property to a large number of pre-qualified prospects

  • Accelerates the sale to 30-45 days

  • Inspections performed upfront

  • Creates competition among buyers—auction prices often exceed the price of a negotiated sale

  • The seller knows exactly when the property will sell

  • Eliminates numerous and unscheduled showings

  • Takes the seller out of the negotiation process

  • Ensures an aggressive marketing program that increases interest and visibility

  • Seller can utilize a reserve price and does not have to sell. Reserve prices are met __% of the time

BENEFITS TO THE BUYER:

  • Smart investments are made as properties are usually purchased at fair market value through competitive bidding

  • The buyer knows the seller is committed to sell

  • In multi-property auctions, the buyer sees many offerings in the same place at the same time.

  • Buyers determine the purchase price

  • Auctions eliminate long negotiation periods

  • Auctions reduce time to purchase property

  • Purchasing and closing dates are known

  • Buyers know they are competing fairly and on the same terms as all other buyers

  • Buyers receive comprehensive information on property via due diligence “Property Packet”

BENEFITS TO THE REALTOR:

  • Generates a list of ready, qualified buyers

  • Offers clients and customers new selling and purchasing options

  • Increases revenue and market share

  • Develops your own market niche

  • Assurance that property will be sold at true market value

  • Property is sold within a relatively short period of time

  • Exposes the property to many potential purchasers

  • Auctions bring people in to look at all your listings, not just the auction listing

  • Successful auctions result in referrals and return business

  • Agents can earn commissions as referring agent/broker, cooperating agent/broker, or as the listing agent/broker

 

 

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