How do Auctions Work for a Seller

Auction Method v. Traditional Listing

Have you listed your home, business, land or other real estate on the market through a broker and it just sits there? The traditional method of selling real estate through a broker can be frustrating and timely, especially in this difficult housing market.

That’s why the auction method is ideal for motivated sellers who want their real estate and personal property sold at fair market value in a timely manner. We understand that time is of the essence, so you can expect a closing in just 60 days from signing an agreement with us.

So how does this work? There are many different kinds of auctions, and we primarily encourage sellers to hold absolute auctions – this means that your real estate will sell to the highest bidder, regardless of price. Some sellers are concerned that their property will sell for too low; but what normally happens is that the combination of a presumption of a good deal and our effective marketing methods brings a crowd of interested buyers. The end result is a sale at fair market value – or better!

Simply put, the auction process is a condensed and intense marketing effort to alert potential buyers to your real estate. The success of any major auction is the result of a well-designed marketing plan. It is important that your property be presented to as many potential buyers as possible. To that end, market groups are targeted as end-user buyers. In the three weeks after you sign an agreement with us, we spread the word with social media campaigns, online advertising, direct mail flyers, email blasts to our internal listings as well as Realtors throughout the region, signs and Web site listings to garner interest. The auction is held, and contracts with the highest bidder are signed that day.

Another difference between traditional listing and auctions is the fees a seller pays. The buyer is responsible for the year’s taxes, all closing costs and the buyer’s premium. The seller is only responsible for the advertising costs. This results in substantial savings for the seller – as well as satisfaction for both the seller and the buyer!

Click here for Frequently Asked Questions regarding the auction method.

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