Real Estate Auctions vs. Traditional Real Estate Sales - Which is Right for You? | Part 2
Is it a sales plan or marketing plan?
The typical sales plan for a Realtor is to market the property on the MLS and wait for offers. Ok to be fair, I am a Realtor as well, we do run ads in the print media but typically most buyers find homes online via the MLS sharing it’s listing data with major, consumer real estate websites or from Realtors sending clients MLs listing data directly. In a sense the MLS markets the property. As a Realtor this is automatic. As soon as I input your home in the MLS it is marketed on the major real estate consumer portals. This great for marketing but sellers need a means to illicit sales offers. The auction method adds a wonderful dynamic with respect to a sales plan and not just a marketing plan.
The most important days to sell your home.
Most of the action on a newly listed property occurs in the first 30 days. Interest is always higher during this time. Capitalize on this point in the sales cycle. Let buyers bid in real time and get offers immediately. Yes you will have a better chance of getting a higher sales price by auction method in the first 30 days then by sitting and waiting. This is especially true with a property that shows well and has a nice location. Get your home under contract in 30 days. And yes, you will achieve fair market value from bidders.
The pricing dilemma
Traditional real estate wisdom says to price high and slowly come down until you get an offer. In a booming market this is great. However, in a normal or slow market this does not work. By doing this you have increased your sales cycle by months and may not get offers altogether if the property sits too long and becomes stigmatized. As an auctioneer we price low and then go high. We end up at the same fair market price you would of achieved by pricing high right at of the gates. The difference is auctioneers do it in 30 days and not 6 months or even a year. Besides, if you wait 6 months to sell your home, think of what six months of mortgage payments equals when pricing your home. The auction method may make even more sense if you start doing the mortgage math.
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