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Author:Tom WoodCreated:6/2/2007 12:50 PM
All about Online Bidding for Real Estate

Putting a house up on the auction block
By Tom Wood on10/11/2007 12:25 PM

I just found this very interesting article today on CNN Money.com

NEW YORK (CNNMoney.com) -- As more and more people get frustrated with the sluggish housing market, people who want to sell their homes are looking at a different tactic...auctioning off their home. We'll tell you what you need to know if you're thinking about putting your home on the auction block. According to the National Auctioneers Association, residential real estate auctions are on the rise. From the time the group has started collecting statistics in 2003, growth of residential real estate auctions have grown almost 40 percent.   To read the rest...

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Auctions Catch On As a Way to Sell Houses
By Tom Wood on10/11/2007 12:24 PM

I just found this article today on CBS News. Very interesting!

(CBS) When the real estate market is as slow as it is now, homes can sit on the market for months. But auctions, both online and in-person, are emerging as a fast sales option. In fact, an online auction could even sell a house in minutes! Early Show financial guru Ray Martin explained how home auctions work, and when they can be a good choice for buyers and sellers, on the program Thursday. To read the rest...

Interested in learning more? Pick up our FREE report: 7 Benefits of Online Real Estate Auctions

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Benefits of Auctions - Real Estate Agent's view
By Tom Wood on9/7/2007 8:55 PM

Here are some of the benefits of Real Estate Auctions from a Real Estate Agents point of view.

  • Agents have more sales options available instead of just MLS listings.
  • Agents can develop their own market niche, by offering auctions.
  • A property can be sold relatively quickly and sellers know the day it will close.
  • Auctions get a property noticed by many interested people and will generate a list of ready, qualified buyers.
  • Auctions bring people in and they will notice the agents other listings, not just the auction listing.
  • Successful auctions will result in referrals.
  • Auctions can be marketed as events to generate excitement and interest in a property.
  • Auctions give buyers a sense of urgency to act.
  • Auction buyers are usually pre-qualified and the highest bidder ...
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The benefits of a Real Estate Auction - Sellers point of view
By Tom Wood on9/7/2007 8:55 PM

Here are some of the benefits of using a Real Estate Auction from a seller's point of view.

  • Auctions create competition among buyers. Consequently, the auction price can exceed the price of a private sale.
  • An auction generates excitement and heightens buyer interest.
  • An auction gives the property the most exposure in the shortest period of time and accelerates sales.
  • The auction process provides 3 opportunities to sell - before, at and after the auction.
  • Auction brings interested buyers to a point of decision - they must act now or lose an opportunity to purchase the property.
  • Auction is a true market forum.
  • The seller controls the auction process - they plan and select the date they want to sell.
  • The seller sets the terms and conditions of the sale while maintaining controld of the pr ...
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Do auctions really work?
By Tom Wood on8/20/2007 9:57 AM
“Do online real estate auctions really work?” is a common question from sellers who are new to using online auctions to market a property. The answer: Yes, they do work! If they didn’t work, we would be seeing a decline in online real estate auctions and instead we are seeing an increase. 
 
Prior to the popularity of the Internet, only live auctions were available. A live auction is successful in drawing attention, but they require coordination, advertising and auctioneer fees. It’s not uncommon for a seller to pay thousands of dollars upfront and it doesn’t guarantee a property will sell. Live auctions are still successful today and there will always be a place for them.
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Multiple offers - a seller's dream!
By Tom Wood on8/12/2007 7:13 PM

As a seller, there isn't anything better than receiving multiple offers on your property.  Having a property that is wanted is a great feeling.  The fun part of selling by auction is that it stimulates buyers to bid against each other.  Multiple interested buyers translates into multiple offers and when automated online, it's fair to all buyers involved.  This is just one of the many reasons real estate internet auctions are becoming so popular.

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Will an auction work for my property?
By Tom Wood on7/23/2007 7:35 PM

I get this question a lot. The best way to think about an online auction is as a different marketing strategy. Do they work in attracting interest? Yes! Will they help you find a buyer? Sometimes. Will they help a property stand out? Yes! Is it as easy as posting it on an auction site? No. It takes a planned effort, marketing and a little time, but it can be well worth it. However, if you think about it, what other things can you do that will make your property stand out and attract attention like an auction does?

Interested in learning more? Pick up our FREE report: 6-ways to benefit from Auctions

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Tips for making an online auction successful
By Tom Wood on7/18/2007 6:19 PM

When selling by online auction, the idea is to build a frenzy and get as many buyers interested as possible. You do that by:

1) Having a good deal to sell. If it's a property in need of rehab it should be in a decent area and at 70% ARV - repairs or lower

2) Provide as many details as possible. Think about everything you want to know when you buy and put it in there. Include lots of pictures.

3) Start the bidding low - Get people interested in looking at it. You DON't have to use a reserve to start low, you can always have an auction without a reserve and have in your terms that high bid is subject to seller final approval.

4) Make the property accessible. People need to easily get in to see and inspect it so they are comfortable placing a bid.

5) Advertise, advertise, advertise. Auctions naturally draw attention, but people still need t ...

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Auctions, what's the secret?
By Tom Wood on7/13/2007 9:41 PM

We are often asked, do auctions work?  How successful are they?  The answer, very simply is "YES!" they work and they've worked for years.  However, in order to be successful, there are a few key factors to take into account.

1.  Are you willing to let the property go at a discount (at least 10%)? 

2. Are you willing to put effort and funds into planning and advertising?

3. Are you willing to create a listing with lots of pictures and lots of information?

If you can answer "YES" to all 3 questions you have a great chance for success and selling by auction is a great option for you.  Go for it!

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A huge opportunity to find great real estate deals!
By Tom Wood on7/9/2007 11:38 PM
Prior to the Internet, real estate agents controlled the listings. A buyer or investor could only find properties by relying on an agent, looking through local newspapers or driving around neighborhoods.  All of these methods took time and considerable effort.
 
The Internet has changed real estate and now most buyers and investors begin their searches online. Today’s buyer has much more information and control at their fingertips.
 
Now, Real Estate is progressing into another phase, the online auction phase. Not only can investors and buyers find properties online, they can now submit offers in an open forum from wherever they have Internet access.& ...
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