Hi, I am an auctioneer in Cincinnati and I thought I would share some of my findings as an auctioneer and realtor here in the Cincinnati Market.
First, I think this is a great way and great website to discuss current market conditions. This medium is also a great way to share all of our successes and non successes in Real Estate.
Regarding Auctions: I have had 4 auctions in the last 4 weeks and I wanted to share with you a little bit about auctions and why they work.
I am with Comey & Shepherd Realtors, Cincinnati's oldest privately held real estate company. I joined about a year ago and received my license as an auctioneer around September of 2008.
I can say this, auctions are a great way to get attention to your property and are a great way to sell your property, at the same time, auctions are not the answer for everyone.
I have been approached several times by people insisting that I should sell their property at auction. After I am done understanding their position, many times I have to say no. This keeps me from disappointing my client and me.
I thought I would share some qualifiers I have to do an auction.
Motivation- A seller has to have a motivation, if they do not have motivation; you will burn your tires and ou may not get them a satisfactory result. I have had non motivated sellers before; some just think that you can work your magic to get that 50,000 home equity loan that they took out to buy a car. Other people may not be motivated because they may feel that they won't sell less than an unreasonable number. Sellers, who do not have a motivation, might be tough to please.
Equity in property - Your seller must have flexibility within his financial position. Sometimes an auction will yield great results, sometimes an auction will not yield the results your seller had in mind, in order to have a successful auction, your seller must be able to understand that the market value of the house can be determined with enough bidders bidding against each other.
What it has to offer? This can come in many forms, such as location, instant equity, charm and more. A property that is unique or has something to offer will always sell better than a house that has many more like them on the street. While reviewing the property that you are to auction, make sure that your client has a property that offers attractiveness to your buyers. No attraction, no bidders.
Put them all together and you have a great equation for a great auction!!!!
Please feel free to add your comments.
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