PropertyAuction.com, a niche marketing website dedicated exclusively to real estate auctions, recently announced results from its survey on Real Estate Auction trends for 2011 and expectations for 2012. Industry-leading real estate auction companies participated in the annual survey with an even greater response than last year.
“With the real estate market still in crisis, an influx of foreclosures and the sluggish economy, real estate auctions have become a chosen method of sale by many homeowners and professionals,” says PropertyAuction.com President Ori Klein. “Offering sellers an option for a time-specific liquidation of properties and buyers with a lucrative opportunity to acquire assets, the amount of auctions are increasing nationwide and being utilized for every property type.”
This past January, PropertyAuction.com presented its clients with a survey to assess industry activity in 2011 and predictions for 2012. Topics included frequency of auctions by region, auction type, online bidding, mobile accessibility, the use of social networking, advertising allocation and rate of success.
Noteworthy findings include respondents reporting that the Southwest, Central and Southeast regions of the country had the highest amount of real estate auctions in 2011, with the West Coast states seeing the least amount of auctions. This data underscores what is reported in the media, with states like Florida and Nevada still struggling with an abundance of foreclosures.
Participants of the survey also revealed that despite utilizing print advertising as their most frequent type of marketing representing on average 44 percent of their overall budgets, signage proved to be the most effective in promoting their real estate auctions last year. Internet advertising ranked second, with print trailing in third place. This result may prove to be a determining factor for auctioneers when preparing marketing campaign budgets for 2012.
Respondents were also polled on their predictions for 2012. Statistics show that homes, condominiums and co-ops will be the residential asset type most frequently brought to auction. Land will be the commercial asset type hitting the auction block the most. Real estate professionals and auctioneers also predict that the Southeast will have the highest amount of auctions, and Lender REO will be the most frequently auctioned property type in 2012.