A photo believed to be the only one of its kind of legendary gunslinger Billy the Kid sold at auction this weekend for over five times the amount that the auction's organizers thought it would. The experts believed that it would fetch somewhere around $300,000 - $400,000. It actually sold for $2,300,000. The buyer was William Koch, a Florida billionaire. I guess ol' Bill Koch is a pretty big Billy the Kid fan.
What does this have to do with real estate? The auction method of sale is the best way to sell property quickly, and for the highest possible price. Many would argue that real estate sold at auction sells for pennies on the dollar when compared to "normal" non-distressed sales, and they would be correct for the most part. The reason for that is many auctions attract "bottom-feeder" investors who are there for one reason: to buy low so they can sell high. Quite frankly, the big auction companies cater to this type of buyer, so it's no surprise that the properties sell for so little.
But there is a way to use the auction method right at the beginning of the listing period, rather than as a last resort after a property has languished on the market for months at a listed price that was simply too high. EVERY PROPERTY WILL SELL IF THE PRICE IS RIGHT. Our system enables Realtors to list properties on our site and hold your own online auction under parameters that the Listing Agent and Seller choose. No auctioneers are involved, and no commission due the Agents is sacrificed. It's also a much less stressful way for a Buyer to buy. They can place bids anonymously, and transparently, knowing exactly what they must bid in order to get the home they desire.
The Billy the Kid photo example is an extreme example, but there is a reason that desirable things (i.e. a quality home) can fetch the best price for a Seller by being sold at auction. It's been done for centuries, isn't it time it is accepted by the general real estate community?
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