In most areas of the country, it’s a great time to be a real estate investor looking for property to buy. Investors have plenty of wholesale deals, rental properties and land deals to choose from. Sellers and real estate agents are struggling to get their properties noticed. It’s not surprising that more sellers are turning to creative ways to market their properties. One such creative strategy is an online auction.
While a live auction is still a great way to sell, an online auction is much easier to coordinate and less expensive. They still require preparation, marketing and sometimes holding open houses, but a growing number of auction sites make the process easier. Sellers are finding that marketing their property through an auction gives them an advantage over everything else on the market. When driving in your neighborhood what stands out more, “House For Sale” or “Real Estate Auction”? In my neighborhood, “Real Estate Auction” wins every time. An auction sparks people’s curiosity and they want to see what it’s all about. It gets interested buyers and investors into the property.
Here are some more advantages for sellers who are marketing their deals through an online real estate auction:
o Auctions create competition among buyers and sometimes the auction price can exceed the price of a private sale.
o An auction generates excitement and heightens buyers interest.
o An auction gives the property the most exposure in the shortest period of time and accelerates the sale.
o The auction process provides 3 opportunities to sell – before, at and after the auction.
o Auction brings interested buyers to a point of decision – they must act now or lose an opportunity to purchase the property.
o The seller controls the auction process – they plan and select the date they want to sell.
o The seller sets the terms and conditions of the sale while maintaining control of the property throughout the auction.
o Auctions take the seller out of the negotiation process.
o Auctions are an aggressive, advanced marketing program that increases potential interest in and awareness of a property.
An auction, whether online or live, helps a property stand out and that’s the goal in any marketing strategy. Auctions are a very powerful, effective strategy, and especially appealing in a slow market.
If you are selling any real estate, make sure you get educated and involved with online real estate auctions.