Thursday, October 30, 2008

Online bidding gets the conversation started

In a sea of homes for sale it can be difficult to get buyers interested in your listings.

But what if you did something a little different? Something that very few agents are doing? Something that makes your listings stand out, and gets buyers to make the effort to view it? Something that makes it easy for buyers to make an offer and get the conversation started?

This something is online bidding a.k.a online auction. Many agents are afraid of the "A" word so to better explain it, I call it online bidding.

The concept is simple, market your listings in a manner that attracts attention by starting the price low, but makes it easy for interested buyers to make offers online. This creates excitement and most importantly gets buyers thinking about your listing.

Unfortunately, there are a lot of people who don't understand how it works. I can tell you it does and is being used successfully today.

In case you're not sure, let me give you the worse case scenario. For 3-4 weeks you attract more attention to a listing than you have for the past 3-4 months. Bidding doesn't reach the sellers minimum price, so what are you left with? A handful of buyers who are willing to negotiate with the seller further. However, even if that doesn't work out, these buyers are looking for homes and many are not represented by agents.

Again, that is worst case. If it's done right, there's a good possibility you sell it to the high bidder which will result in a ripple effect of new business for you.

Online bidding is a great market strategy and if you know little or nothing about it, you'll find it worth your while to do some research. Talk to agents using it successfully, discover the systems that make it easy for you. Try it out for yourself.

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