|Foreclosure Listings

What agents need to know about Real Estate Auctions

sale of a house by real estate auction with gavelThe process of selling properties off at live or online auctions has become very popular over the last ten years. It is now much more common throughout the US, primarily because so many home owners can no longer afford to sit around and wait for prospective buyers to make the first move.

The decision to sell at auction is considered to be a more proactive technique and even banking institutions are now offering to pass on unclaimed homes to auction companies like Hudson & Marshall, Williams & Williams, and REDC if they fail to drum up enough market interest.

The bottom line is that auctions have become a great way to sell properties, particularly if an owner is keen to make a quick sale or just wants to get rid of the house as quickly as possible. This guide to things an agent needs to know about real estate auctions will help you understand why this approach can often be the best option.

Advertising is Essential

You would be surprised at the amount of sellers who assume that auction sales mean that there is no work to be done. Whilst it is true that offloading a property at auction will take a huge amount of pressure away the need to secure a buyer, if an agent, individual, or auction house does nothing to advertise or promote the property, interest will stay meager.

All Kinds of Homes Are Sold At Auction

There is a misconception among some groups of society that auctions are a last resort option or an approach which is only ever taken if a property is not in good enough shape for a traditional sale. Fortunately, this is absolutely untrue and all kinds of different houses are sold at auction every month. The majority of sales are actually made up of luxury and brand new properties.

Technology Equals More Opportunities

The reality is that technology offers greater access and more availability, as well as a wealth of opportunities which may not have been open otherwise. In the days before internet access, the only choice was to sell a property in tandem with an auctioneer, but now sellers are able to market and offload houses without the support of professional auction experts.