More and more auctioneers are joining AR and significantly more lenders and individuals are looking at the auction method of marketing as a way to dispose of property. Our volume of offerings in Columbus Ohio is up significantly over last year and the calls come in just about every day.
There are a lot of strategies for optimally positioning the property for a positive sale and there are quite a few hurdles.
One thing that real estate auctioneers have no control over is a stale listing. I suppose auctioneers can turn down transactions on property that has been on the market too long. Some will and some won't.
Stale listings are tougher to sell at auction just like they are tougher to sell through general brokerage. The sooner you pull the trigger, the better. The best results come when the property is never listed before auction.
Another thing that will impact results is the advertising. One of the terms for most real estate auctions is that the seller pays for the ads. This is usually paid up front based on a budget and profile created by the auctioneer.
The profile the auctioneer designs and proposes to you takes into consideration hitting all ad venues such as print, mail, email and web and also specifically targets the buyer segments most likely to buy the property. Cutting the budget or modifying the profile is usually detrimental to the sale.
In today's market more promotion needs to be done than ever before and positioning of the asset is extremely important.
If you want information about offering your property at auction, the terms and conditions of typical sales or would like experienced representation as a buyer at an upcoming auction, please call us at 877-5-GRYPHON.
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
