To some, this post might sound like me just beating a dead horse. I've got to tell you though, the ways real estate professionals market property for sale is changing. Today there are websites, email, media relations and TV. You guessed it. I am also going to spout off about real estate auctions. This afternoon is another first as our first ever ONLINE ONLY property auction kicks off due to client demand.
Back to the story.....
Yesterday I received an interesting call. It was from a Top Producer here in Columbus. We have been talking on and off for a few weeks about working together to offer higher end properties at auction. He wants to be able to offer his clients all of the options available to them.
Yesterdays call was even more interesting though. We were not talking about his clients properties. We were talking about his. His house. Nice area. Desirable.
We talked about timing of the auction, specific issues such as 4th of July Holiday. We talked about specialty ads in publications targeting executives. We discussed TV and Press Relations. We discussed (the evil) email.
I am supposed to meet with him at the property this afternoon to discuss things more in depth. He is really serious.
I'm not saying that auctions are right for every situation or every property. That would be a stretch. They can be good for a lot of properties and a lot of situations however.
If I have not yet convinced you to investigate auctions as an option for selling property, I am going to keep trying. I would encourage you to reach out to a real estate auctioneer in your area for details. You can find them here on Active Rain and Localism or you can go to http://www.auctioneers.org/, the website for the National Auctioneers Association.
I leave you with this thought. Over 80% of the properties that I have offered at auction have sold. If they didn't, it was because the seller could not afford to take market rate for the property. Over 98% of the properties that end up "In Contract" close. 95% of the properties that close, do so without timeline extensions.
Do you have questions about distressed assets, receivership or bankruptcy sales, auctions? Email me at rfk@gryphonusa.com and I'll try to answer it in an upcoming post.
Richard F. Kruse is the President of Columbus, Ohio based Gryphon USA, Ltd. (www.gryphonusa.com). The Gryphon Organization includes Gryphon Asset Management providing receivership and consulting services in the distressed marketplace, United Country Gryphon Realty & Auction Group (www.ucohiorealty.com & www.ucohioauctions.com) providing real estate brokerage and auction services throughout Ohio and OnlineAuctionUSA.com (www.onlineauctionusa.com) providing commercial asset liquidations from the Midwest to East Coast.
United Country Gryphon Realty & Auction Career Opportunities Available. Call 614-885-0020 x 17
Hi Rich !
Thanks for sharing this info with us. Keep posting !
Nalliah Thayabharan
Commercial and Residential Building Inspector
Expert Building Inspections Ltd
Hi Rich,
80% sounds great!
For my own education if I lived in OH and was a RE agent, what would be the best way for me to educate my clients on the auction process, and also, as an agent, what is the best way for me to work with an auctioneer (should I register my client in advance, or just show up, etc?)
Thanks for your help!
Shauna~
Very impresive!
Bill
JM - Numbers don't lie.
SM - Auctioneers all over the US are conducting eduational sessions on auction. I would call an NAA auctioneer and ask them to speak. I am considering a web based ting or conference call thing. The best way to work with an auctioneer is to call them and ask about their buyer broker terms. Some offer fees and some do not. On the sell side, all that I know will offer fees if you refer them a seller.
At my auction, you would need to register the client in advance and if you did, I would be thrilled to pay a co-op.
R
Rich,
It sounds worth investigating.
Fran