Are you getting the most out of the Internet?

There's no question the Internet is an important part of any real estate business. I can't imagine there's any active real estate agent who doesn't have a website or a least a web page on their company's site.

After all, with over 84% of buyers searching for homes online, you'll struggle to compete without one.

However, it's not just having a website, it's what you do with your website to provide value. Some real estate agents are reaching out by using social media, virtual tours, SEO strategies and blogging which are all great strategies, but there's still something missing.

I believe the real opportunity is being able to engage and negotiate with buyers in real-time. One way to do this is by accepting offers/bids online for your listings. When you allow buyers to bid online, you leverage technology to create urgency, negotiate with multiple buyers at once and get your client the highest and best offer.

Using online bidding (a.k.a. an online auction) takes your listing to the next level. Now, not only can buyers see pictures and videos and all the details about a property, they can submit an offer (bid) from anywhere with an Internet connection.

The Internet is truly a powerful medium, make sure you are leveraging it, the best you can!

Don't let unsuccessful bidders get away!

It takes effort to be successful with an online real estate auction. The property has to be prepared, pictures taken, open previews coordinated and lots of advertising.

The goal is to get a lot of people interested in a short amount of time. The more interested buyers competing, the better chance for success.

When it's all over and you identify a winning bidder, are you taking advantage of all your work and expense? Are you following-up with the unsuccessful bidders?

If not, you need to consider it. The unsuccessful bidders are good leads for you to work. They can provide a back-up if your winning bidder falls through or you may be able to turn them into buyers for another property or future auction.

They are buyers who have interest in buying. You already have a relationship because they bid on one of your listings. You have an opportunity and advantage, so make sure they don't slip away without your offer to help.

Are online real estate auctions exciting?

There isn't anything much more exciting than watching an online real estate auction come to an end. Especially if you are the seller or listing agent. You get to see the price continue to increase as buyers bid it out against each other.

I captured one of our recent auctions ending with Camtasia and put this video together so you could enjoy it too.

Click here to watch it!

Does an auction mean I failed?

Sometimes real estate agents stay away from using auctions because they think it makes them look bad. They think that they are raising their hand and saying "I failed selling this property the traditional way and I'm forced to try an auction".

This is far from the truth. Yes, an auction is often used in a desperate situation, but it doesn't need to be that way.

A real estate online auction is simply a great way to accelerate the sale, while automating the negotiation with several buyers at the same time. It gives the Realtor the ability to be in control of selling their listings.

It's a "slight edge" that a Realtor can use in any market.

Online Real Estate Auctions - A Powerful Option

In most areas of the country, it’s a great time to be a buyer. There are lots of properties to choose from and lots of great deals available. But what if you need to sell?

Homeowners and real estate agents are struggling to get their properties noticed and sold. It’s not surprising that now more than ever, sellers are turning to other creative strategies to market their properties. One such creative strategy is an online auction.

While live auctions have been successful for centuries, the rapid growth of online auctions is relatively new. This recent growth is the result of a slowing real estate market, advancing technology and our acceptance of buying online.

Online auctions are becoming an easier and inexpensive alternative. They still require preparation, marketing and effort, but a growing number of online auction sites provide additional tools and resources to make the process easier.

Here are the basics of how an online auction works. The homeowner or listing agent gathers all the property details and takes pictures just as they would for any other listing. They select the online auction system they will use, the dates of their auction (usually 2-3 weeks), and the terms of their auction. They plan their marketing, decide on their hidden reserve (minimum price) and determine their starting bid. When everything is in place they create and activate their online auction, do some marketing, open houses and then watch the bids roll in.

When the auction ends, the highest bidder who has met or exceeded the reserve price is the winner. One thing to keep in mind is that an online auction is not binding. Therefore, it is important that the seller, buyer and agents (if any) get together shortly after it ends to sign the paperwork and collect escrow monies.

That’s all there is to it. It definitely requires effort and the right pricing in order to be successful, but it’s a great option to have when you need to sell quickly.

Online Real Estate Auctions - A New Marketing Strategy

In most areas of the country, it’s a great time to be a real estate investor looking for property to buy. Investors have plenty of wholesale deals, rental properties and land deals to choose from. Sellers and real estate agents are struggling to get their properties noticed. It’s not surprising that more sellers are turning to creative ways to market their properties. One such creative strategy is an online auction.

While a live auction is still a great way to sell, an online auction is much easier to coordinate and less expensive. They still require preparation, marketing and sometimes holding open houses, but a growing number of auction sites make the process easier. Sellers are finding that marketing their property through an auction gives them an advantage over everything else on the market. When driving in your neighborhood what stands out more, “House For Sale” or “Real Estate Auction”? In my neighborhood, “Real Estate Auction” wins every time. An auction sparks people’s curiosity and they want to see what it’s all about. It gets interested buyers and investors into the property.

Here are some more advantages for sellers who are marketing their deals through an online real estate auction:

• Auctions create competition among buyers and sometimes the auction price can exceed the price of a private sale.

• An auction generates excitement and heightens buyers interest.

• An auction gives the property the most exposure in the shortest period of time and accelerates the sale.

• The auction process provides 3 opportunities to sell - before, at and after the auction.

• Auction brings interested buyers to a point of decision - they must act now or lose an opportunity to purchase the property.

• The seller controls the auction process - they plan and select the date they want to sell.

• The seller sets the terms and conditions of the sale while maintaining control of the property throughout the auction.

• Auctions take the seller out of the negotiation process.

• Auctions are an aggressive, advanced marketing program that increases potential interest in and awareness of a property.

An auction, whether online or live, helps a property stand out and that’s the goal in any marketing strategy. Auctions are a very powerful, effective strategy, and especially appealing in a slow market.

If you are selling any real estate, make sure you get educated and involved with online real estate auctions.

Interested in learning more? Pick up our FREE report: 7 Benefits of Online Real Estate Auctions