Thursday, January 13, 2011

Last month, I shared how I've found some "hidden" deals for buyers in my St. Louis market on (REDC auction company)

I'm still finding them, and the reason they are "hidden" is because of the lack of coordination and communication between the local listing agent and REDC. A big opportunity for the local listing agent who takes ownership of the process and does the online auction themselves.

In addition, I've been contacted by at least 2 buyers a week wanting to know where to find the "deals". I think it's because the word is starting to get out in the media that the real estate market has hit the bottom and on it's way back up.

Many of these buyers are intimidated by online auctions because they are still "new", so I started to give some thought to what can be done to help buyers be more comfortable with the process.

Here are some initial ideas (some obvious, but surprisingly often not done)...

  1. Clearly communicate the dates and times of the open house previews
  2. Create short video that answers FAQ's and invites them to contact you with additional questions
  3. Make it easy for buyers to ask questions (email, phone, online chat, text, etc.)
  4. Give the winning bidder 5 days to do inspections after the auction (not done with traditional auctions)
  5. Don't use a buyer premium, collect your commission from the seller
Do you have any additional ideas? I'd love to hear them.

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