Real Estate Auctions vs. Traditional Real Estate Sales - Which Is Right For You? | Part 1
This is a great topic for home sellers as they do not really understand the auction method of sale as it pertains to real estate. So, is selling your home at auction a better way to go rather then listing it with a traditional real estate agent?
The answer is an emphatic yes.
The auction method of sale gives consumers many more options when it comes to selling their home. But before I speak to the advantages let’s clear up some of the misconceptions. The word auction does not always mean foreclosure or short-sale. The auction method of sale is absolutely not always for distressed situations. This method of sale and the psychology behind it generates a tremendous amount of curiosity and interest for home buyers. Just seeing the word Auction on a real estate sign or in the MLS get buyer’s energized. If the auction is marketed correctly and administered ethically by an Auctioneer, the community will recognize this means of sale as a positive and not a negative. Buyers will always want to preview auction properties before traditional real estate listings.
The auction buzz
So now you have the energy and a buzz around your property that is being sold at auction. What are the advantages? The first advantage is flexibility. If you list your home with an auction firm, make sure they are also licensed to carry out traditional real estate sales, too. If the home does not sell at auction then it can immediately come on the market in the traditional sense. This will give you a competitive advantage with respect to a sales strategy. Yes a sales strategy, more tools that can bring an actual signed sales contract in less than 30 days. By coupling the auction method to traditional real estate sales you have created the perfect situation to sell your home.
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Comment by Tom Wood on 25 May 2008:
Roy,
I think you are right on with your comments. What surprises me is that a lot of people still don’t see the it. It will come, especially with the ability to now offer online bidding as well.
Great post…thanks!
Tom
Comment by Roy Slater on 27 May 2008:
Thanks for the kind words. I think as people become more hip to the auction method they will find it is a valuable means to sell their home in less time while still hitting fair market value. The auction method is gaining in popularity so we’ll just have to see how the market responds.