“Do online real estate auctions really work?” is a common question from anyone new to using online auctions to sell real estate.
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. That's why REDC (auction.com) has added "online only" auctions in addition to their ballroom-style auctions. In fact, REDC's "online only" auctions are regularly bringing in higher sales numbers than their ballroom-style events. A recent press reported that for the first weekend in December, REDC's online sales were $37.8 million and their sales at their ballroom-style events were $31 million.
The Internet has made the auction process available to real estate agents and is changing the real estate auction industry. The success is still related to how well it is advertised and whether the pricing is right, but an online auction is an easier alternative than it use to be.
Another reason that online real estate auctions are becoming popular is because buyers are more comfortable bidding online. It's easier to bid online than to write up a sales contract, and negotiation between multiple buyers is all automated.
If you aren't familiar with online real estate auctions, it's a great time to do some research and find out more.
We'll also share what we've learned on on next webinar - Real Estate Online Auctions