| Right now, it's a buyer's market. Buyers have lots | | | | sellers who need to sell quickly and buyers are |
| of properties to choose from and sellers are | | | | drawn to them because of the idea of a big |
| looking for a way to stand out. It's not a surprise | | | | discount. |
| that more sellers are turning to auctions for help. | | | | As the market and technology changes, a shift is |
| Yesterday I attended a live auction in St. Louis, | | | | beginning to take place and we are seeing more |
| MO in which 6 properties were auctioned. The | | | | real estate auctions take place online. The reason |
| auction took place on the front steps of 1 of the | | | | for this shift is because technology is making it |
| properties. About 40 people attended and | | | | easier, less expensive and just as exciting. |
| probably 20-25 took part in the bidding. Out of 6 | | | | A successful online auction still requires planning, |
| properties, 5 of them sold at prices that, if listing | | | | online and offline marketing, and sometimes |
| in the MLS, would have sat for weeks and maybe | | | | holding open houses. However, all the effort pays |
| months. Only one didn't go well (receiving only one | | | | off by bringing lots of attention and being able to |
| bid) and that property recently caught fire and | | | | condense the time it takes to sell. One of the |
| was a tear down in a rural area, but at least it | | | | biggest benefits is that buyers don't all have to be |
| sold. I've attended auctions before, but in this | | | | at one place at one time to bid. They can connect |
| market it proved to me once again, that an | | | | whenever and from wherever they have Internet |
| auction is definitely the best way to sell quickly | | | | access. |
| and for a decent price. | | | | An auction, whether online or live, helps a |
| It's no surprise that auctions are growing in | | | | property stand out and that's the goal for any |
| popularity, especially in the market we are in | | | | sale. Auctions are a very effective selling strategy |
| today. There aren't many other solutions for | | | | and especially appealing in a slow market. |