Friday, May 14, 2010

Why doesn't anyone notice you?

Could it be that there are so many real estate agents to choose from, that the general public can't differentiate?

Maybe it's time to stand out and do something different. Using online real estate auctions to market and sell properties is one of the things you can do. It's new, different and exciting. It will definitely get you noticed.

I've spent the last 5 years using online real estate auctions and here are some answers to common questions about them.

Q) Aren't auctions just for properties that need a lot of work?

A) No, not anymore. Auctions are now being used for brand new properties from builders and banks. Owners of any type of property, who are motivated to sell quickly, are turning to auctions for a solution. Celebrity Cher just sold a property she owned in Hawaii this past January via auction for $8.7 Million.

Q) How long does an online real estate auction last?

A) Typically about 3-4 weeks. However, the speed of information is so fast and technology so good, that one real estate agent does it in only 2 days. It all depends on how fast you can execute your marketing campaign.

Q) Do I need a special license to do an online auction?

A) In every state, you need to be a licensed real estate agent to sell any property other than your own. Each state has different rules. New Hampshire, Rhode Island & Georgia are the only states that I know of that require you to have an auctioneer's license to hold an online auction.

Q) Aren't online auctions just a fad that will go away when the market gets better?

A) I don't think so. I think there are more auctions today than ever before because of the current market. However, I also think they provide a solution that is needed in any market, and sellers will find they are an excellent option for a property in high demand too. If you've ever sold a property where you received multiple offers, think of how much fun it would be to have them bid it out online. What owner wouldn't want to have motivated buyers bidding against each other for their property?

The other thing to realize is that the Internet is never going away. Our society gets more tied into it everyday. Almost everyone looks for properties online today, being able to make a bid online is the next logical step. Online bidding for real estate will change the traditional list & wait for offers model.

If you want to learn how you can use online bidding for your listings, join our next webinar Real Estate Online Auction Success

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