Real Estate Auctions have gained credibility and popularity among the general public over the past few years. They are a viable alternative to conventional marketing programs. They are an innovative marketing tool which can benefit buyers and sellers. In a seller’s market,
- Auctions can be an ideal way to get top dollar for your house and avoid the agonizing question of whether the first good offer you receive is the best offer you’re going to get.
- Auctions can accelerate a property sale and maximize a property’s selling price.
- Auctions are another means in which to bring buyers and sellers together.
- Auctions provide a quick sale, with closing in about half the time of a typical real estate sale.
- Auctions provide reassurance that property value and market prices can be found. For example, when the people in attendance at the auction see what value others are putting on the property, they may make up their mind to stay in the bidding on the property.
- Remember that the conventional method of selling real estate puts a buyer into the action blindly not knowing where the contractual bidding is at; everyone at auction is in the same playing field & has an equal chance to get it. Therefore, conventional methods might sell a property on one conditional offer leaving the exposure to other potential buyers “out of the action” therefore eliminating a higher selling price.
- Real Estate by Auction, sends a message to the buyers that there is a serious seller. Buyers therefore know that they are not wasting their time.
- The auction method draws attention to a property, and, the hype or sense of urgency to buy a piece of property can be created.