Thursday, December 05, 2019

Benefits of Real Estate Auctions


 

As a marketing strategy, the real estate auction provides a distinct array of benefits and advantages.

Benefits to the Seller

  • High seller holding costs are eliminated.
  • The seller sets the terms and conditions.
  • The seller can be assured that the property will be sold at true market value. ƒ
  • The seller knows when the property is expected to sell.
  • The time to market is reduced.
  • The requirement to have numerous open houses and property showings is reduced.
  • The property is exposed to a large number of pre-qualified buyers.
  • An auction creates competition among buyers.
  • Buyers make a firm decision about the property.

Benefits to the Buyer

  • The seller is motivated to sell.
  • An auction reduces the time to purchase property, including negotiations.
  • There are no contingencies because the terms are known.
  • The buyer may receive favorable financing.
  • Buying real estate at auction is an exciting method of purchase for many.
  • Buyers compete fairly and on the same terms as other buyers.
  • Buyers—not sellers, agents, or appraisers—determine the property's true market value.

Benefits to the Real Estate Agent

  • Real estate agents can earn commissions by working with auction firms.
  • Real estate agents can expand the services they offer to sellers and buyers.
  • Real estate agents can supplement their current business by representing clients at real estate auctions; real estate agents also can develop a new market niche.
  • A real estate auction can expose a property to many qualified buyers.
  • Properties advertised through auction are sold within a relatively short period of time.
  • Successful auctions can generate referrals and repeat business.

Courtesy of NAR

 

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