Online auctions are becoming a popular choice for property sales owing to their straightforward and tested approach. Dedicated teams like those associated with Blackshaw Real Estate are steering this phenomenon.
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You are assured total flexibility when opting for an online auction, depending on how soon you intend to sell your property. You can use this trusted route when you plan on quickly selling your residential, commercial, leased, or vacant space.
Selling Real Estate Using Online Auctions
Real estate auction platforms have witnessed a steady increase in property sales as it encourages greater buyer engagement. Properties that remain listed for longer in the open market do not attract buyers with ease.
The sense of urgency an auction generates arouses the interest of serious buyers. Here is how online, when undertaken by reputed agents like those representing Blackshaw Real Estateaccelerate your property sale.
In the absence of a ceiling on bids, the auction becomes a competitive arena. Some entrepreneurs decide to build an auction website to capture their market share with better offers and overall service quality. Interested parties are often willing to bid higher in this unique setting than at a conventional negotiated sale. For the buyer, an opportunity missed at an auction is lost forever.
A reserve price is usually set for your property before the auction commences to ensure you receive an acceptable sale amount. The fixed reserve price protects your interests and the inherent value of your property. However, this figure is not revealed to potential buyers.
Attracts Serious Buyers
Auction houses invariably subject potential bidders to a prequalification process to assess their seriousness. Only a serious buyer will willingly take the plunge due to the quickness of deciding outcomes at an auction.
Moreover, due diligence checks of potential buyers are undertaken before the bidding process. A fallen hammer closes the deal and indicates the exchange of legally binding contracts. The buyer is required to pay the seller a nominal percentage of the deposit when the bidding ends.
At traditional property sales, both parties exercise a fair amount of secrecy and caution when disclosing information. In contrast, a public auction is a very transparent process considering interested parties must organiSe their finances before bidding. This ensures the participation of only those who can afford the purchase.
The streamlined and time-bound feature of an auction is very appealing. In the absence of an intricate property chain, you and your property’s potential buyer stand to benefit. Knowing the date of sale enables you to decipher whether you need to pay your home maintenance and property tax outgoings or not.
The auction indicates a specific date by when the proceeds of sale must be made available. Via traditional routes, the sales transaction can prolong for months. You can accordingly budget should you need to release capital for future investments.
Essential Characteristics of a Real Estate Auction House
Before hiring an auction house or auctioneer for your property sale, evaluate the potential parties on the listed parameters.
- Number of properties they have sold through this medium.
- Effectiveness of their existing marketing strategy.
- Training, certifications, and relevant licenses to their credit.
- Prior experience of selling properties at auctions and if their domain of expertise lies in carrying out property sales similar to yours.
- Method of qualifying potential bidders.
- Industry practices and ethical standards they have adhered to.
- Clarity on the auctioneer’s fee structure and the amount you are expected to settle versus the buyer’s share of payment.
- Inputs received from references contacted with firsthand experience.
Most auctioneers today are licenced realtors who specialise in selling properties at auctions. They extensively market your property on different mediums using descriptive content and corresponding visuals.
Depend on the exceptional services of a reputed real estate agency whose primary focus is client satisfaction.