Real Estate Auctions: Accounting of Sales Helpful Definition

Real Estate Auctions- Acccounting of Sales

Each real estate auction that is conducted and contracted requires a certain amount of accounting for every customer, client, transaction or otherwise. The details of a real estate auction may differ from traditional models of selling real estate in a private treaty forum. Normally, a real estate auctioneer enters a fiduciary relationship with a seller as a single agent and must account for all actions during the exclusive real estate auction listing period, until, and after the transaction is closed. Some of the benefits that sellers enjoy in a real estate auction event, are strategies to include aggressive marketing and event management. A complete proposal is given in detail to pin point advertising and marketing, scheduling of the auction event, contracting, and closing coordination. The marketing plans all aspects of the event is outlined from traditional placement of advertisement in newspapers, full color brochures, periodicals and specialty magazines, search engine strategies may include search engine optimization techniques such as organic optimization, pay per click advertising, social media optimization, viral marketing, and to follow with physical requirements such as placement of signs, installing directional placements, banners and other prominent notification of the auction event.

Further accounting is placed in the details of a non-contingent contract explaining to the purchaser and seller the strict requirements when purchasing a property at a real estate auction event. All details are listed and prominently displayed for the purchasers viewing in adequate time to make necessary arrangements. After consummation of the real estate contract the information is then placed in the hands of the closing agent for the collection and dispersement of funds, critical accounting,and to identify the needs of the buyer and sellers with respect to scheduling the required time of the closing event. The critical accounting is necessary and must be maintained for strict compliance in every real estate auction.

Many people are interested in real estate auctions, but may not know or understand the auction business and how to participate in real estate auctions. By posting definitions and examples I hope to give a better understanding of real estate auctions terms. These terms are direct definitions given by NAA (National Auctioneers Association).

Accounting of Sale

A report issued to the seller by the auctioneer detailing the financial aspects of the auction.