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.
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