auction vs. traditional.
real estate auction partners, llc.
316.371.1246 phone ~ 316.854.8633 fax
P.O. Box 780145 Wichita, KS 67278
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REAL ESTATE AUCTIONS: THE BASICS & BENEFITS - The National Association of Realtors
Q. What is a Real Estate Auction?
A. A real estate auction is an innovative and effective method of selling real estate. It is an intense, accelerated real estate marketing process that involves the public sale of any property -- most certainly including those that are non-distressed -- through open cry, competitive bidding.
Q. How will auction benefit me?
A. The real estate auction is a win-win proposition for everyone involved.
BENEFITS TO THE SELLER:
* Buyers come prepared to buy
* Quick disposal reduces long-term carrying costs, including taxes & maintenance
* Assurance that property will be sold at true market value
* Exposes the property to a large number of pre-qualified prospects
* Accelerates the sale
* Creates competition among buyers - auction price can exceed the price of a negotiated sale
* Requires potential buyers to pre-qualify for financing
* The seller knows exactly when the property will sell
* Eliminates numerous and unscheduled showings
* Takes the seller out of the negotiation process
* Ensures an aggressive marketing program that increases interest and visibility
BENEFITS TO THE BUYER:
* Smart investments are made as properties are usually purchased at fair market value through competitive bidding
* The buyer knows the seller is committed to sell
* In multi-property auctions the buyer sees many offerings in the same place at the same time
* Buyers determine the purchase price
* Auctions eliminate long negotiation periods
* Auctions reduce time to purchase property
* Purchasing and closing dates are known
* Buyers know they are competing fairly and on the same terms as all other buyers
* Buyers receive comprehensive information on property via due diligence packet
BENEFITS TO THE REALTOR®:
* Generates a list of ready, qualified buyers
* Offers clients and customers new selling and purchasing options
* Increases revenue and market share
* Develops your own market niche
* Assurance that property will be sold at true market value
* Property is sold within a relatively short period of time
* Exposes the property to many potential purchasers
* Auctions bring people in to look at all your auction listings
* Successful auctions result in referrals and return business
* Agents can earn commissions as referring agent/broker, cooperating agent/broker, or as the listing agent/broker
I really enjoyed my experience. Everyone was so friendly and helpful, especially Bob and Traci! They are the best! I never felt pressured and always knew step by step what would be taking place. I appreciated the personalized attention I received and the fact that they were just an email or a phone call away! They do all the work to make it easy on us! I was very pleased with the amount my house sold for. It was a fast, painless adventure and a very positive experience and I will recommend them to friends and family in the future. - Mona Hiebert
