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Tips for making an online auction successful
Location: BlogsREI Auctions Blog   
Posted by: Tom Wood7/18/2007 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 to know they are happening. Yard signs, directional signs, newspaper ads, local fliers, buyers list, etc. Let everyone know!

6) Online Auctions are NOT binding, buy they are a great way to negotiate with many buyers at the same time. Make sure you get to contract with the high bidder as soon as the auction ends.

7) Auction for assignment fees or downpayment is an option and starting to be more common. Success with that approach usually depends on the terms being offered (i.e. seller financing, etc.)

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