Residential Real Estate Auctions

In this next post in our Using Online Auctions series, I’ll dispel a common myth that real estate auctions are only suited for distressed properties. In fact, online auctions are perfectly suited for sellers with brand new properties. As you’ll see, online auctions are increasingly seen as an alternative marketing strategy, not a last resort option.

Sellers elect to auction properties and forgo a traditional real estate sale primarily because of one over-arching reason: auctions accelerate sales. Below are several characteristics of the online auction that ensure velocity of sale.

• The Bid Deadline
  • The Bid Deadline creates a sense of urgency for prospective buyers, getting all those fence-sitters in the game.
  • The Bid Deadline also lets everyone know that there is a certain date of sale.
• Focus Market Attention
  • LFC’s online auction campaigns feature aggressive marketing campaigns that grab buyer attention
• Global Reach
  • Online auctions have a global reach.
  • Bidders can perform all their due diligence and submit bids from anywhere in the world. Bidders no longer have to show up at a ballroom for a live, outcry auction.

Do you agree with these benefits of an online auction? Do you think using a conventional real estate sale is better? We would love to hear from you so please send us your comments.

The next post in our Using Online Auction Series will compare outcry auctions with online auctions.