Business Building by Margaret Kelly
RISMEDIA, September 12, 2008-It’s not easy to get buyers and sellers excited about real estate in today’s market, but you can try piquing their interest with talk of quick sales, competitive bids and expedited closings that come from real estate auctions.
Each year, more and more real estate agents present auctions as a new, and often enjoyable, option for their clients because of the added exposure for properties and strong potential for buyer savings.
And the growing number of online auctions-from government-sponsored to private-means even greater opportunities to market tough listings and engage new-home shoppers in convenient online searches and bidding.
Your knowledge and confidence in the real estate auction process may be just the encouragement your reluctant buyers and frustrated sellers need to move off the fence and onto the real estate scene.
Advantages for Sellers
Arguably, one of the toughest parts of selling a home is playing the waiting game, particularly when the sale is urgent. Homeowners constantly wonder: will there be a showing this week? When will we see an offer? Are the buyers out there?
Auctions can help eliminate these variables. Sellers name the time, date and location of their home sale. People who show up are there for one reason: to buy. And the auction company generally assumes responsibility for making sure qualified buyers turn out.
Plusses for Buyers
Buyers are drawn to auctions because they’re in control. Once they’ve previewed homes with their real estate agent, all that’s left at auction is deciding how much to bid.
Buying at auction means no waiting for a seller to accept an offer. The highest bidder takes the prize, often within a few weeks of the sale. And auctions are a good way for consumers to get more for their money.
Place Your Bid
Your responsibility is to know the process inside and out, and help prepare buyers and sellers for every step: finding an auction company; touring and inspecting homes before events; looking at comparables and preparing contracts; among other typical services.
Take time to learn more about the opportunities auctions can offer you and your clients. Realtor.org is a great place to start building your knowledge of this emerging sales strategy.
You stand to gain referrals, boost your sphere of influence and flex your market savvy.
Margaret Kelly, CRB, is chief executive officer of RE/MAX International.
For more information, visit www.remax.com.