This is the year we will see exponential growth in the use of online auctions to sell real estate. The technology and user experience is getting better all the time and it's easier than ever for real estate agents to use them.
On Thanksgiving weekend, REDC (Real Estate Disposition Corporation) sold $33.6 million of real estate through online auctions on it's website (www.auction.com) and the following weekend sold $37.8 million. REDC is one of the largest companies using online auctions, but there are many others.
One misconception is that people will bid on real estate without seeing it in person. This is NOT how it usually works. Real Estate that is sold via online bidding usually has "Preview" times when the house it open for interested buyers. The Internet just provides the technology to automating the bidding process.
With the huge amount of real estate inventory, the continual growth of the Internet, and the need to accelerate the sale of real estate, it only makes sense that in 2010, we'll see an explosive growth of online real estate auctions.
Are you ready?
Friday, January 8, 2010
2010: The Year of the Online Real Estate Auction
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