Home auctioning is a growing industry, fast competing with the traditional home listing by hometown-based real estate agents. In an age when we need everything done instantaneously, home selling and buying remains one of the most time-consuming and laborious tasks in the retail industry.
More and more sellers are exploring home auctioning as a definitive, clean alternative to a traditional listing.
Here are some of the benefits of real estate auctions:
Fast Selling Time
Auctioning your property brings about the results sellers are looking for with a very fast turnaround. Think of it as an open house guaranteeing a buyer. The traditional open house rarely results in a buyer, and if it does, the open house itself is only a precursor to the process that must follow to actually close the home.
An auction brings in buyers who have already explored the specific attributes of your home and have prequalified. They come to the auction armed with the required security payment and financial documents. At the end of the event, your home is sold.
Access to Varied Buyers
With the ease of online auctioning, sellers have access to a wide variety of buyers. The likelihood of meeting your reserved price increases exponentially with the number of bidders present. That number increases with global access by potential buyers. Access is particularly beneficial if your property value is high. Through online auctioning, you are now reaching audiences targeted worldwide by your auction real estate agency.
The act of auctioning itself creates a competitive spirit among participants, and more often increases the final bid. It is within our human nature to achieve a win regardless of the competition. When you put participants together, there is a validation of the potential buyer’s interest by those who are present. If other potential buyers are bidding within the same range, it solidifies the value of the home to all of those participating, and participants are willing to continue to bid.
Sold as Is
Another benefit to auctioning is the finality of the sale. There are no contingencies, no negotiating. Properties are sold “as is.” The highest bidder wins. The seller does not have to negotiate the price based on some physical condition of the structure or value formula contrived by a buyer’s agent.
Finally, the seller is continually inconvenienced to accommodate viewings by potential buyers in a traditional listing arrangement. With home auctioning, there are no scheduled personal viewings or open houses. Marketing the property and auction is undertaken by the auction agency.
Most commonly, bidders are welcomed to view the property over a short period of time immediately preceding the auction or on a date within a few days to a week before the actual event. The homeowner is not subject to the continual interruption and preparations for home showings. One effort for one event, and the result is a home sold!
For over 30 years, Smith & Co. Auction Realty has been committed to providing exceptional service to exceed your auction needs. Be sure to check our blog for news regarding upcoming auctions and visit our Auction page to start bidding!