Why Auctions Work
No.1 – Time is Money!!! For many types of properties, selling via auction is a powerful, highly efficient alternative to traditional real estate brokerage. Where marketing approaches of traditional brokerage firms can last many months or even years, the auction process takes every aspect of effective real estate marketing and dramatically compresses the sales cycle, usually taking 75 days or less, minimizes carrying costs, and creates a single moment of competitive bidding that determines the property's true market value.
Auctions are unique events that focus market attention on the property, at the expense of competing properties. Further, auctions create an urgency for buyers who wish to purchase the property, and an absolute buying deadline that did not exist prior to offering the property via auction.
Years of experience in open outcry and sealed-bid auctions have made our real estate auctions highly successful, cost-efficient and will result in the maximum true market value in a timely, certain framework with substantially reduced risk and cost. Over 90% of our auctions are accepted by the sellers and closed. We employ certain strategies and steps that ensure the success of our auctions. Some of these steps include: Customized Sales Strategies. Our associates are highly respected authorities in the real estate field, with decades of cumulative experience and success. From the moment we meet with prospective clients, the expertise of our people is fully evident. During initial consultations, we discuss overall objectives and immediately determine if an auction is the right approach to marketing and selling a particular property. From determining who may be the property's best buyer, where the buyer may come from, and how to effectively inform the marketplace of the property's merits, to explaining the benefits of an accelerated marketing program and the intricacies of the auction process, the expertise and professionalism of our representatives assure potential clients that they are beginning a relationship with a company that is not only knowledgeable and experienced, but also one that cares about our clients and will work with them to make sure they are comfortable with every step of the auction process.
Marketing materials. To articulate your property's best qualities, we utilize state-of-the-art printed and multimedia materials, such as highly detailed buyer's information packets, professional photography, incisive presentation materials, brochures, DVD and PowerPoint presentations, and online tools, including our own cutting-edge website. Our customized marketing programs are tailor-made to leverage the most effective combination of advertising, public relations campaigns, telemarketing, and direct solicitation. We also mine our extensive proprietary databases of prospects and online subscribers with whom we've worked on hundreds of commercial, residential, and investment offerings. The likelihood that a buyer will come from these databases has increased substantially in recent years.
Detailed Bidder Information Materials. One of the most compelling reasons sellers utilizes real estate auctions is their ability to control the terms of the sale, and sell their property on an "as-is, where-is" basis, or in other ways that make sense as situations dictate. And in order for a buyer to feel comfortable enough to purchase a property at auction, he or she must be confident that there was ample opportunity to investigate the property thoroughly before competing in active bidding. Auctions can be conducted “with reserve,” allowing the seller control over, accepting, or rejecting the final bid. They may also be conducted as an “absolute” auction (going to the high bidder on auction day) and yield the highest possible return because it creates buyer pressure to perform Pre-Qualification. In addition to fully acquainting buyers with every aspect of an offering, prospective bidders must commit fully to the competitive bidding process by providing certified funds prior to the auction. These earnest monies are an absolute requirement for prospective buyers. In fact, the entire auction process pre-qualifies buyers. By the time a bidder participates and bids at the auction, the buyer is fully educated about the property, and what price makes the most sense for a bidder to pay. Once a bidder has prevailed with the winning bid, they must immediately sign a purchase and sales contract, which was included in the Bidder's Information Packet. The Bidder's Information Packet outlines the terms of sale and was designed to eliminate any post-auction negotiations or contingencies.
The Auction. Auction Services Ltd. auctions are a thoroughly professional and unique business event, where no detail is left to chance. Our auctions are designed to be easily understood by bidders and create a comfortable environment for bidders to make their purchasing decisions. After the gavel drops, the winning party makes an initial deposit in the form of certified funds and executes the pre-approved real estate contract. The winning bidder--as well as every auction attendee--comes away from the experience impressed with the professionalism of the event.
Post-Auction. Again, an auction isn't successful if we can't close on the winning bid. We stay fully involved as a liaison between bidder and seller and assist with any details that guide the sale to a smooth closing