A couple of weeks ago, I was working with a real estate agent on her first online auction.
The seller was a widow who had equity in her home, but could no longer keep up with the payments or the size of the home. The house had been listed for 6 months with no offers.
They wanted to try something new, something to get attention and motivate buyers to make offers so I helped them market it through an online auction.
We put up signs, mailed post cards to the neighbors and put up fliers in the local businesses.
The marketing attracted interest, but more importantly the process lit a fire under a buyer who had previously viewed the home. They didn't want to compete with other buyers so they wrote an offer that was accepted before bidding opened.
This is not unusual as I've seen about 20% of the properties I market through auction get a "pre-auction" offer before bidding opens.
There is something to be said about being able to create urgency by setting deadlines like the auction process does. It's definitely a unique, powerful and exciting way to sell real estate.
You're welcome to join our next training session where we discuss the online real estate auction process in more details. Register Here