Real Estate Auctions - not only for distressed homes

Many people still attribute the word "auction" to a distressed, run down property that needs a lot of work. While that is true in some cases, more and more nice and even luxury properties are being marketed using an auction.

An auction is simply a process of starting low and taking the highest bid instead of the traditional, start high and hope someone comes close with an offer. An even bigger benefit is the ability to schedule the house showings and the end date/time when all offers are due.

When you look at today's market, where the average time to sell is 6-12 months depending on the area. Is there any reason why more sellers aren't considering auctions?

The good news is that the Internet has opened the playing field so real estate agents now have tools to add online bidding/auctions to their services.

No longer are the success of auctions only for the licensed auctioneer.

If you're a real estate agent, banks and other sellers need your help in getting their properties sold faster. You can do it today, don't wait for someone else in your area to take the lead.

266 bids, 26 buyers competing, 5461 views

This cartoon says it all. The numbers in the title are the current stats of one of the recent auctions using the RE Auction Systems platform. It's just an example of what can be done that is different than the "norm". In this or any market, it no longer makes sense to put a "For sale" sign out and wait.

Seller's and their agents need to take the lead. Using an online auction gets buyers to take action. It really is the best way to get a property sold.

NAR & NAA offer real estate auction course

WASHINGTON, Sept 10, 2008 /PRNewswire-USNewswire via COMTEX/ -- The National Association of Realtors(R) and the National Auctioneers Association, in response to the growing consumer interest in and demand for real estate auctions across the country, have developed a new online course for Realtors(R), "Introduction to Real Estate Auction."

"Realtors(R) add value to the real estate transaction with their expertise in managing complex real estate transactions, and auctions are no exception," said NAR President Dick Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif. "More real estate is sold by auction every year, and Realtors(R) are there to help both buyers and sellers navigate the auction process successfully."

Real estate auctions are one of the fastest growing sectors of the overall auction market. These auctions, once dominated by unique homes that were difficult to appraise, fixer-uppers and homes in foreclosure, are gaining popularity among buyers and sellers in many U.S. markets. NAA reports that the residential real estate auction sector alone generated about $17 billion last year - up 5.3 percent from 2006.

Although a listing sold at an auction can typically sell within 9-12 minutes, the process of buying or selling a home through this method can be complex. The "Introduction to Real Estate Auction" course helps Realtors(R) provide valuable auction services to their clients, including identifying potential properties for auction, marketing properties for auction, and partnering with auction firms. The course is also an approved elective for the Accredited Buyer's Representative(R) (ABR(R)) designation, which is conferred by NAR's Real Estate Buyer's Agent Council (REBAC).

Realtors(R) can register for the online course at www.REALTOR.org/REALTORUniversity. NAR offers more than 300 hours of online training through REALTOR(R) University, including continuing education, professional development, and designation and certification courses.
The National Association of Realtors(R), "The Voice for Real Estate," is America's largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

Information about NAR is available at http://www.realtor.org/. This and other news releases are posted on the Web site's "News media" section in the NAR Media Center.
REALTOR(R) is a registered collective membership mark which may be used only by real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS(R) and subscribe to its strict Code of Ethics. Not all real estate agents are REALTORS(R). All REALTORS(R) are members of NAR.

SOURCE National Association of Realtors http://www.realtor.org/