As real estate auctions become more popular there will be more companies that claim they are legitimate real estate auction firms. Many of these companies specialize in estate or auto auctions. Real estate auctions are a completely different business.
Make sure you ask the right questions to evaluate auction firms and pick one that is qualified.
Does your company sell real estate exclusively at auction, or do you also sell with the traditional list and sell method?
Companies that claim to sell real estate at auction but are also list and sell agencies have a conflict of interest. If a company is practicing both, they do not have complete confidence that the auction method of marketing is the right choice for your real estate transaction.
Does your company exclusively sell real estate at auction or do you also conduct auctions selling other types of product?
Some auctioneers claim that they sell real estate at auction, when in actuality they also sell other products at auction and do real estate on the side. When you are selling real property, your best bet is to work with a real property specialist that exclusively sells real estate at auction.
How many successful auctions has your company completed and how many years has your company been in the real estate auction business?
Look for auction companies that have the knowledge and experience, that comes from conducting many successful auctions. Ask around and find out what kind of reputation and track record each company has. You should ask for references and contact people who have done business with each firm in the past.
What type of marketing does your company utilize?
What every successful auction has in common is a professionally executed marketing campaign. Make sure your auction company is up to the task. They should have a clearly defined marketing system that includes all direct mail, print, online advertising and social media campaigns.They should be able to create a highly targeted marketing campaign that will get the best possible results.
What professional organizations do you belong to?
What kind of continuing education do you and your staff participate in?
The hallmark of a professional company is that they are continually learning and striving to be the best they can be for their clients
What if my home is listed with a realtor?
Many established auction firms partner with real estate agents. This arrangement is beneficial to the agent and the seller because the auction house pays a commission to the agent.
What are your terms and conditions?
Make sure that you read the company's terms and conditions, and make sure that you understand their use of specific terminology.
What else should I ask?
Auctions may be held at an estate, a public meeting place, or even structured as an online auction. You'll want to have confidence that the company can conduct the auction in the venue or you have in mind, and that the auction team can handle all the necessary logistics with ease. This will help to insure that the auction goes as smoothly as possible.
Once you have answers to these questions, usually one company will stand out above the rest: they are your choice.
For more information on real estate auctions call (877) 612-8494 or go to www.ajkaras.com.
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