Real Estate Auctions
"The actual selling of your property is done days and weeks
ahead of the auction. At auction day we merely establish the
price and the buyer."
The popularity of Real Estate auctions has recently surged in Canada, although they are common place in the United States and especially in Australia. This increase in popularity indicates that people are coming to realize that auctions can be a viable alternative, and in many cases superior, to the negotiated sale method in North America.
This century-old home in Lochiel was appraised at $195,000, and sold at auction for $225,000. There were 21 registered bidders and 3 Realtors representing potential buyers present at the auction.
The cost of holding and maintaining idle property eats away at your profit. Simply put, the longer you keep a property before you sell it, the more it will cost you in interest carrying charges, taxes and other expenses.
Consider these benefits
- An auction puts a time limit on the negotiations. It allows you to set a schedule for the next phase of your life. You can confidently plan when you will sell and when you will be paid.
- The auction solves the problem of setting an "asking price". In traditional sales, if the asking price is too high the property will not sell. If it is too low it may sell quickly but the seller doesn't not receive what they should have. The "asking price" problem is even more complicated if one of the potential buyers is a friend or neighbour
- No published asking price means no ceiling on what you may receive
- You will generate the interest and attention of potential buyers who are prepared to buy now, without conditions
- You will be promoting only your asset with your marketing dollars. You are in control, you set the terms
Our commitment to detail has been the key to our successful auctions. Attractive brochures and advertisements, professional signage, clear property corner markings, detailed information packets and public inspection dates are but a few of our proven strategies for success.
"You only have one opportunity to sell:
we understand and recognize that your auction needs to be
conducted in the most professional manner possible."
While an owner always retains the right to prevent a sale, the auction clearly focuses on bringing people together and achieving a sale based upon marketplace forces. This serious approach convinces the buying public to take an equally serious approach in considering their financing, their plans for this home and how much they are prepared to invest on auction day.
Theresa celebrates the successful auction of an estate home in Martintown.
Property Inspection, Research and Preparation
Once we have been hired to auction a property, our first step is to inspect the property (not a formal inspection) and identify the key selling features. We will also research the property is so far as to verify the zoning and secure municipal site plans. It is the wish the property owner, we will also arrange for formal property inspections, surveys and or professional property assessment.
We will also prepare or "stage" the property for viewing and auction by performing cosmetic landscaping, cleaning and repairs in required.
We will create a multi-page full-colour brochure promoting your property. This brochure will include several professional photographs, key information about the property, site plans and maps. It will also include the full terms and conditions of the sale. This document becomes the foundation of all responses to requests for information. The brochure is made available to buyers in both electronic and hard copy forms.
Advertising and Promotion
The success of a Real Estate auction depends on effective advertising and promotion. We have a proven formula for getting our message through to prospective buyers. It is a multi-faceted approach that involves traditional media, the internet, and direct marketing to lead generators.
We will hold a minimum of two viewing sessions prior to the sale of the property. Typically, these viewing sessions will be held a week apart, at least one week before the auction. At this time all prospective clients are given a "bidder package" with complete details about the property and the actual auction process. Open houses will be fully staffed by the Auction personnel.
Co-op Arrangement with Real Estate Salespersons
It is important to have the support of the local real estate community. We will offer 2.5 percent of the winning bid price of the real estate to a co-operating broker who represents a successful client.
Your property will enjoy unparalleled exposure, interest, and competition resulting in the highest price if you sell it by Auction. The excitement and urgency of an Auction will generate bids from all buyers in the marketplace at the time of the Auction. You will also have the added comfort of knowing exactly when the property will sell. Remember, an auction can maximize your sales revenue above any other method of selling.