Right now, it’s a buyer’s market. Buyers have lots of properties to choose from and sellers are looking for a way to stand out. It’s not a surprise that more sellers are turning to auctions for help.
A couple weeks ago, I attended a live auction in St. Louis, MO in which 6 properties were auctioned. The auction took place on the front steps of 1 of the properties. About 40 people attended and probably 20-25 took part in the bidding. Out of 6 properties, 5 of them sold at prices that, if listed in the MLS, would have sat for weeks and maybe months. Only one didn’t go well (receiving only one bid) and that property recently caught fire and was a tear down in a rural area, but at least it sold. I’ve attended auctions before, but in this market it proved to me once again, that an auction is definitely the best way to sell quickly and for a decent price.
It’s no surprise that auctions are growing in popularity, especially in the market we are in today. There aren’t many other solutions for sellers who need to sell quickly and buyers are drawn to them because of the hope of a big discount.
As the market and technology changes, a shift is beginning to take place and we are seeing more real estate auctions take place online. The reason for this shift is because technology is making it easier, less expensive and just as exciting.
A successful online auction still requires planning, online and offline marketing, and sometimes holding open houses. However, all the effort pays off by bringing lots of attention and being able to condense the time it takes to sell. One of the biggest benefits is that buyers don’t all have to be at one place at one time to bid. They can connect whenever and from wherever they have Internet access.
An auction, whether online or live, helps a property stand out and that’s the goal for any sale. Auctions are a very effective selling strategy and especially appealing in a slow market.
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Monday, July 9, 2007
Real Estate Auctions - An effective way to sell!
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