Thursday, August 26, 2010
An online auction gives you 3 ways to sell
One of the many benefits of using an online real estate auction to market a property is that it gives you 3 ways to sell the property during the process.
1st way (Pre-bidding): Instead of letting people bid on the property as soon as it goes online, you can advertise it in a "preview" mode before bidding opens. By having it in "preview" mode for 7-10 days before opening the bidding, you create the urgency for buyers to submit a written offer and get it under contract so they don't have to compete. The seller can accept a pre-bidding offer and cancel the auction before online bidding opens.
2nd way (Online bidding): This is the most obvious. At the end of the online auction, the high bidder puts the property under contract as expected by the terms.
3rd way (Post auction): If for some reason, the bidding doesn't meet the reserve price, the auction process will have produced a list of buyer leads interested in the property. You can contact all of them, let them know the seller is interested in the highest and best offer they are willing to submit.
If you'd like to learn more about this process join our next online real estate auction training session.