Over the years, selling a property at auction has gained popularity, with most homeowners being attracted to its secured and hassle-free process. Most real estate agents have also noticed an increase in the number of sellers choosing to bring their home or properties to the market via a local auction rather than putting up listings or doing hard-selling practices.
In the old days, choosing to auction a house or property means a desperate choice – either the property is linked with seized bank-owned properties or hopeless sellers. But this notion has changed over time, as seen on the apparent increase in the number of homes and properties sold on different auction platforms.
So, how do home auctions work? Auctions are way too unpopular before, but its influence has slowly penetrated the traditional real estate market, leaving room for sellers who have a hard time using the usual listing method.
For some realtors and sellers, creating an online listing is tedious and time-consuming. You need to make a detailed one by providing complete information and compelling visuals. These visuals are usually in the form of videos and photos, which technically takes time to produce. Although editing photos is now made easier with advanced technology, other sellers are not convinced and prefer to join an auction.
You can now choose to auction property online or through the usual bidding setup. If you prefer to do it online, websites such as auction.com or fizber.com are good sites to consider. Otherwise, you can get in touch with a local auctioneer in the area.
Are you planning to sell your property? Here are six reasons why you should try auctioning.
Auctioning a property needs a comprehensive marketing strategy. It usually takes a week to finish a concrete plan on how to auction the property well and reach potential buyers. If executed well, this plan can close your deal at an acceptable price.
Compared to the traditional way of selling a property where sellers usually receive the full amount after a specific time frame, the seller in an auction typically receives the payment within a set of 20 working days. This is a proven methodology that works best most of the time.
As soon as the auctioneer starts the bid and ends it with a solid “sold” bang, contracts are already exchanged. Moreover, the buyer should complete the payment before or on the date stated in the agreements. This assures sellers that the sale will not be forfeited.
Doing an auction is an effective marketing strategy designed to generate maximum interest to the buyers. By encouraging numerous interested parties to come forward and place bets, the seller is ensured to have competitive bidding, where the best possible price is achieved.
Transparency in Processes
An auction is not just a game. It is an important event where interested buyers converge to win the property of their choice. Here, the sellers are aware of every offer because each bid is made in public. They also have the authority to set a minimum reserve price. It is one way to eliminate the risks of selling a home below the market value.
Auctioneers are often local experts who operate on a national level. They have a great network and exposure to both markets, which fuels your chances of success in closing a deal on auction day.
In the end, closing the deal is your ultimate goal, so whether it is through an auction or a traditional listing, go on and push through it. So, those are the six good reasons why you must try auctioning your property.