For many years Real Estate Auctions have been used to successfully sell property. Will they work forever? Yes, but they attract attention ALWAYS when done in the right way. ALWAYS allow a property stand out from other on the market properties.If you are looking for more tips, check out powell auction & realty.
There is no magic formula which will sell a property at all times, except size. An auction lets you use quality as a way of attracting buyers. Yet most of the customers you’re drawing demand an offer. Therefore, unless your property is in a hot property market or is special and highly sought after, you will prepare to sell at a discount. At least 10 per cent and many times higher reductions should be required.
If you are considering selling by sale, you need to know you are likely to give up any equity for the ease of fast sales. Time is money, though, and use of this approach still makes sense for many sellers. There have been many auctions, not to mention, that have received offers right at or above market value.
When should an Auction be used?
- On any house you are willing to take a discount of at least 10 per cent. The through the discount the better chance of succeeding.
- On any hot market land. If you are in a market where multiple offers are available to any listed property, take advantage of that anticipation and encourage buyers to bid in an open format against each other.
- On any good deal to save. If you have a property that needs to be rehabilitated, revenue producing good cash flow property or any other form of good investment property. Purchase based on numbers from customers, give them the data!
Up until a few years back, sellers who wanted to sell the property by auction usually held a “real” sale. This process requires the employment of an auction company and the paying of commissions costing hundreds and sometimes thousands of dollars, irrespective of whether the property was sold or not.
The Internet came along, accompanied by web sales for “things.” Web Real Estate sales are now beginning to take root. One of the perks of using the Internet is that people don’t need to be on-site to sell. Bids can be put wherever an individual has Internet access.
It is understandable why internet Auctions on real estate are becoming common. They allow many more sellers and buyers to access this successful method of selling real estate.