Friday, February 27, 2009

Living in a cave?

I ran across this fascinating story about a family who turned a cave in Missouri into their home. They are not able to get bank financing so they are trying to sell it on Ebay.

They have received so much exposure that the last time I looked they had over 900,000 views on their online real estate auction and there are still 11 days left.

Evidently they are having technical problems trying to answer questions and approve bidders and Ebay is working on it.

All this attention will surely bring a solution. I'm sure a bank will step in and offer financing or they will be able to sell it for a nice profit. It's another example of how well the Internet can work for marketing.

Here is a link to their blog and forum http://www.Caveland.US

Thursday, February 19, 2009

Online real estate auctions ... do they work?

“Do online real estate auctions really work?” is a common question from anyone new to using online auctions to sell a property.

The answer: Yes, absolutely they work! That's why were seeing a huge shift of auctioneers and real estate agents to adjust their selling strategies and start using them.

Prior to the popularity of the Internet, only live auctions were available. A live auction is successful in drawing attention, but they require coordination and there's a substantial marketing cost involved.

Today, however, the Internet has made the auction process available to more people and is changing the real estate auction industry. An online auction can be just as successful in drawing attention and be done for much less cost. The success will still be related to how well it is advertised and whether it’s a good deal, but an online auction is an easier alternative than it use to be. Sellers are looking for more options, an online auction provides one.

Another reason that online real estate auctions are becoming popular is because buyers are more comfortable bidding online. No longer are online auctions just for “as-is”, sight unseen properties. The best success comes by opening the property for previews and allowing inspection periods and/or providing inspection reports. Another reason for their popularity is that it’s easier to bid than to write up a sales contract. All negotiation is automated and done on line.

An auction is one of the best ways to market or find a deal on a property. As buyer confidence grows and the online Real Estate auction success continues, more sellers will move to online auctions, changing the way real estate is bought and sold for everyone.

Wednesday, February 11, 2009

Will an online auction work in my area?

One common question from real estate agents who are new to online auctions: "Will it work in my area?"

The answer is that as long as people in your area have access to the Internet, than yes it will work. If people have no access or only slow dial-up than it will still work, just probably not as well.

Even if no one locally has Internet access, which is rare, you can still reach a world-wide audience of buyers and you just never know who may be interested.

The Internet is a powerful medium, and an online real estate auction will help you reach the most buyers possible in the shortest amount of time.

So, yes an online real estate auction will most likely work in your area! The real question is, will you be the leader or follower?

Wednesday, February 4, 2009

Online real estate auctions, what are the advantages?

The traditional way of selling properties involves listing in an MLS, doing some advertising and maybe holding some open houses. It works okay if you have lots of patience, but how do you stand out from every agent with every property doing the same thing? How do you create a sense of urgency for your buyers?

This is where online real estate auctions come in. They provide a great option for you to sell your listings. It minimizes the hassles of prospects visiting the house frequently at untimely hours as well as attracts more buyers than any other method of selling.

Here is a list of some of the advantages of holding an Online real estate auction.

1. Reach: A huge advantage of an online auction is that you can attract buyers from anywhere in the world. The more buyers you attract, the greater the competition and higher the bids that come in.

2. Control: You decide the date and time the auction will end. You decide when to hold the house open for previewing. The time you spend marketing it is limited to 30 days or less.

3. Competition. It is a known fact that when buyers compete at an auction it drives up the price. Online real estate auctions are no different. The more buyers you attract the greater the excitement and higher the competition.

4. Automation. An online real estate auction lets you negotiate with multiple buyers at the same time in real-time. No paperwork, just let technology take over.

5. Buyer leads. An online real estate auction only produces 1 winning bidder, but it also produces a list of interested buyers (non-winners) that you can turn into bidders or buyers on your other listings.

Regardless of what type of real estate market we are in, an online real estate auction provides a great way to attract more buyers, create competition and urgency and ultimately sell your properties for a better price.