We recently had a Buyer for one of our listings utilize our "Buy Now" feature to avoid being caught in a bidding war. In this particular instance, the Listing Agent listed the home for $285,000 in the MLS. Her CMA came in at $315,000. Our strategy is to list a home in the MLS at roughly 10% below market, and run an online auction of the property approximately 3 weeks after the property is listed. The Seller and their agent can also set a Make Offer range in our system, as well as a "Buy Now" price. In this particular … (2 comments)
online real estate auctions: How to get Multiple Offers on EVERY Listing
- 06/07/11 10:14 AM
I know what you're thinking... "Yeah right, another BS claim about how I can become a gazillionaire selling real estate." You're right, you won't become a gazillionaire selling real estate, because gazillion isn't a real number. You CAN however, force multiple offers on every type of listing except for one. BidOnRealty.com offers Realtors® a three-pronged online price negotiation platform highlighted by an online auction system that the Realtor® controls, including start/stop time, minimum bid and reserve price. You can use the system for Non-Distressed, Short Sale and REO listings. We also just added a commercial category as well as a … (8 comments)
online real estate auctions: It's Not Easy Being Green
- 04/22/11 03:51 AM
Kermit the frog was right. It's not easy being green. But if we all make an effort to conserve our natural resources, our grandchildren may actually end up with a habitable planet. We're doing our part here at BidOnRealty.com. Our platform includes a paperless Make Offer system, whereby the Listing Agent and Seller can set a range in which offers will be entertained. This feature is typically used to enable buyers to make an offer on a property prior to the start of the online auction. Let's look at an example:
Home is listed in the MLS for $200,000, with the … (2 comments)
online real estate auctions: I Want to Buy, I Just Don't Want to Bid.
- 04/21/11 11:08 AM
Some people just don't have the stomach for a competitive auction. They fear that the price will go too high for them, or, they just want to know that they'll get the house right now. For those we offer:
Go ahead, click on it. It will take you to an informative page on our site that outlines how BidOnRealty.com works from a Buyer's perspective. This option is for Buyer's who do not wish to participate in the auction of a property. The Listing Agent and Seller can determine a "Buy Now" price that they are willing to accept, and cancel … (6 comments)
online real estate auctions: Are You Shy and Reserved, or Absolutely Outgoing?
- 04/19/11 04:58 AM
I spoke with the IT director of a large local franchisee of a national chain brokerage yesterday. He oversaw their online presence, but comes from a traditional real estate sales management role. He recently managed a large group of REO Agents, and became burnt-out on the whole game. I was surprised by the fact that he (as a Realtor®) preferred Absolute auctions. What is the difference, you might ask between an Absolute Auction and a Reserve Auction? An Absolute Auction is when the Seller has agreed to the sell the property to the highest bidder, regardless of the amount of the high … (3 comments)
Eric Michael posted an interesting blog a few months back about real estate auction sites entitled:Real Estate Auction Sites Suck. Yowza! It seems he had a rather unpleasant experience with one of the several nameless, faceless, foreclosure mill auction houses in cyberspace. Now, me being an owner of a warm, fuzzy, consummately interactive auction site tailored exclusively to the needs of Realtors®, found it necessary to call Eric to find out just what had made him so bitter. Quite frankly, I was not at all surprised by what he said. 1. Buyer was charged a 5% buyers premium if they won the auction. 2. Buyer could … (5 comments)
As a homeowner, you probably are under the impression that auctions are only available for foreclosures and bank owned properties. Maybe you're one of those "out of the box" thinkers and went so far as to call a few auctioneers about selling your home. You probably hung up pretty quickly though when they told you how much they charge. Perhaps you've thought to yourself, "I like the idea of an auction, but auctioneers are so expensive. I wonder if a Realtor® could sell my home via an auction?" Have you ever considered the best of both worlds?
The Orlando Sentinel published a sob story today about a poor unsuspecting couple who got in over their heads by buying a foreclosure property in an online courthouse foreclosure auction. http://www.orlandosentinel.com/business/realestate/os-foreclosure-auction-hazard-20110202,0,5898308.story The gist of the story is that this couple purchased a property in one of Orlando's nicest neighborhoods for $20,000 at an online, courthouse foreclosure auction. The property had been foreclosed upon by the HOA, not the lender. After they won the auction, and were simply giddy with excitement, they discovered there was an outstanding mortgage lien to Wells Fargo for $220,000. Oops. The irony? He is a CPA and … (0 comments)
online real estate auctions: Auction Myths vs Realities
- 02/01/11 02:47 AM
There are a lot of myths out there concerning real estate auctions. Many believe you must be a licensed Auctioneer in order to hold an online auction. In 47 states, you do not need an auctioneer's license to hold an online auction of your listing(s). As long as the property is listed for sale with a licensed Real Estate Broker, you can hold your own online auction. Let's dispel a few more myths while we're at it... Myth - Auctions are only for distressed properties Reality - Auctions work best whenever two or more parties are interested in a property, … (2 comments)
online real estate auctions: That Reminds Me of a Seinfeld Episode
- 01/14/11 03:17 AM
Not a day goes by without something reminding me of a Seinfeld episode. What a great brand they built with that show. Dozens of "Seinfeldisms" have made their way into our daily conversations: "Yada Yada Yada", "Not that there's anything wrong with that", "Double-dip" come to mind. How can we build our own brands to be at the forefront of our client's minds? Do your clients immediately spout out your name when someone asks them if they know any good real estate agents? Are they "Raving Fans"? Every day, we've got to knock their socks off. I don't mean just offering exemplary … (3 comments)
online real estate auctions: Is That a Threat? No, It's a Promise.
- 01/13/11 02:18 AM
I keep hearing stories from all over the country about how stale REO listings suddenly sell when pulled from the Listing Agent for auction. Interesting how just the "threat" of an auction is enough to get someone off the fence. The vast majority of us are still in a Buyer's market, and will be for the foreseeable future. Buyers know that they need not act quickly on a listing, so they don't. But when confronted with the possibility that the property is going to auction, they fear losing it, and make an offer before the auction takes place. What a great … (0 comments)
online real estate auctions: The Shotgun vs The Sniper
- 01/11/11 03:27 AM
The auctioneer has a shotgun, the Realtor, a sniper rifle. When it comes to effective marketing, the sniper wins every time. Are you tired of REO managers handing over your listings to an auctioneer, and cutting your commission? The perception is that the auctioneer does a better job of marketing and selling those properties than a Realtor does. The reality is that the auction method is what gets the property sold, not the auctioneer. A Realtor with local market expertise can out market (with the help of his trusty sniper rifle) an auctioneer (and his shotgun) every time. Don't tell me that a billboard … (2 comments)
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