People have historically related the idea of selling a home at auction to foreclosures and “ugly” fixer-upper houses. But today, those reasons are only a small percentage of why homeowners choose the real estate auction market in order to sell their home. For example, the home you see pictured above was immaculate, with all the latest amenities – certainly not in either of the previously mentioned categories.

I was the auctioneer for that home, and I sold it for $3.4 million.

Forbes magazine wrote that “auctions can be a smart and efficient way of selling your home in a variety of markets”, and I’ve certainly found that to be true. 

Here are just a few reasons why selling your home at auction is a smart choice:

Competition is king. Bidding wars drive prices higher. Rather than calm, lengthy, and sometimes detached negotiations through realtors, a live auction is fast-paced and immediate. Bidders need to make quick decisions on whether to bid higher or let the property slip through their hands, so emotions are fueled with adrenaline. And rather than only attracting local buyers, your auction may be simulcast online so interested buyers don’t have to be on site in order to bid – more buyers = more bids!

Save time and money. You know exactly when your home will sell – auction day! You choose the day that’s best for you. No waiting around with your fingers crossed while your home languishes on an MLS (Multiple Listing Service) list. You’ll save money on holding fees, property upkeep and maintenance, and other expenses you’ll incur while your property sits in real estate listings. 

You name your selling price. You can put a “reserve” on the auction, which means that even if the auctioneer opens the bidding at a lower price than you’re willing to accept, the home won’t sell if the bidding doesn’t meet your minimum desired price – your reserve. Auctioneers typically start bidding below the reserve to get bidders going, then once the bids start, the price goes up quickly. The seller always has the option to accept or reject any bid.

Choose an experienced real estate auctioneer. With my 35+ years of experience, I know how to use key advertising effectively to attract a wide audience of serious real estate buyers – locally, regionally, and nationally – to get the most interest in your property. I know how to read bidders and understand the bidding process inside out; this gives me the advantage of keeping bidders interested and entertained, which draws higher bids than may have been expected.

If you’re thinking about selling your home, business or other real estate, give me a call to find out how the auction process can work to your benefit.