Selling Property Through Auction Why Consider an Auction? Only way to find the highest price on an asset with multiple motivated buyers. - When bidders compete, sellers win Works well with assets which are hard to place a value on Time definite sale strategy Time Defined Sale By Competitive Bid Can sell it now when it needs to sell now. Sellers remain in control (time, place, terms, conditions, price) Comprehensive targeted marketing
Why Consider an Auction? Buyers arrive prequalified, ready to purchase - Losing bidders are still unsatisfied buyers sell them what they are looking for. No negotiations or contingencies Competitive bidding process will expose the market value Works in good and bad economic times Types of Property to Auction Almost Anything Can Be Sold At Auction Residential Homes Commercial Property Vacant Land:
(farms, ranch, development, recreational, etc.) Condominium Units Luxury Property Personal Property: (heavy equipment, estate inventory, business liquidation, intellectual property, and much more) The Blended Method AC Auction Formats Reserve Auction
A reserve is the minimum value the Seller agrees to accept in the auction agreement. Absolute Auction An auction in which the property is sold to the highest bidder regardless of the amount of the winning bid. Live On Site Auction Bidders come to one location for the auction either at the property or a ballroom / gallery setting Internet Auction (online auction)
An auction where the property is offered to the public via an internet (online) portal to place their bids, versus a live event. Qualification of both the Client and Property for the auction method of marketing Is My Client a Good Auction Candidate? Step 1: Determine The Sellers Frame of Mind The seller is much more important than the property during qualification Sellers demeanor Is the seller comfortable considering and learning more about the
auction method Sellers format preference: Absolute or Reserve auction Ability to fund marketing campaign Typically 1-5+% Required Upfront Marketing expectations Establish all other Sellers general expectations Sell only as a whole? Multi-par? Etc. Identify any additional family member(s) or other(s) with a natural interest Is My Client a Good Auction Candidate? Step 2: Identify the sellers WHY!!!!! Determine all possible motivations for selling
How to find reason for wanting to have an auction General Conversation Ask a lot of questions and really listen to their answers. Goals Price expectations or requirements Timing expectations Timing requirements (Do they have a must sell by date?) Pain points - Impending foreclosure, medical bills, divorce Dreams and fears Identify all seller obligations
- Debt, litigation, liabilities, etc. Is My Listing a Good Auction Candidate? Step 3 : Understand Property Sales & Marketing History Step 4 : Confirm all property information is accurate Step 5: Research general local area market conditions Market analysis overall economy Buyer and capital availability Demand for product Timing seasonality Market acceptance of the auction method of marketing Competitive analysis Are the properties commoditized Example the market flooded with hundreds of single family lots for sale
Similar offerings in the marketplace Past performance of similar auctions Is my Listing a Good Auction Candidate? General Disqualifying Factors : Seller overbearing / hard to work with / difficult Seller prediction of failure Seller has hired multiple qualified auctioneers & has been dissatisfied with all of them Multiple past failed auction attempts Unwillingness to give control to the Auctioneer Unwillingness to provide upfront marketing funds Unwillingness to fix bad condition issues Unrealistic pricing expectations Long listing period without price reductions
Property is pending litigation Determining seller has not disclosed significant and important property information Partnering Compensation Considerations Broker / Agent Auction Program Broker / agent commission may stay the same! Auctioneer may charge a buyers premium Broker / auctioneer may split the sellers commission and /or buyers premium make it worth it. Will encourage future deals, enthusiasm of agents Broker / agent may receive a referral fee for referring it if planning to completely step out of the process Treat local UC offices as team members Disastrous to exclude local UC brokers from the sale
Lessons from Westcliffe, CO vs Pocket Hollow Ranch (MO) Broker / Agent Opportunities Recommended broker / agent auction program Broker / agent can represent a buyer at the auction Broker / agent can assist in representing the property Broker / agent has shared access to all inquiries and prospects generated from auction process Broker / agent has access to additional sellers who want to discuss selling their property Broker / agent should get tons of marketing exposure from the auction process throughout the process - Co-advertise with Local Office to excite Local Office - Leads to future deals and desire to work with you Advertising Marketing Strategies
Seller Funded Marketing Campaigns Normal for seller to front marketing expenses Prepares seller for auction and strengthens engagement in the process (makes a better seller) Minimizes risk for broker/agent/auctioneer in event of no sale Depending on property type and location, marketing plans usually range 1-3+% of estimated value Marketing Campaign Development Campaign Execution
Timeline establishment and management Creative direction Coordination of design, message, interactive, PR and media team Copywriting and editing Media buying
Posting to third party websites Vendor management Development, scheduling and deployment of third-party e-mail blasts
Quality control Submitting proofs to client and applying edits Day of Auction Professionally branding your auction is one of the best opportunities to create differentiated customer value through an integrated process Signage PowerPoint (PC) or Keynote (Mac)
Corporate collateral Bid cards Pens Folders
Attire Leave a lasting impression Bidders and attendees are evaluating you for consideration of a future sale of their property without you knowing Auction Resources Provided by United Country Unparalleled experience, expertise, product knowledge and full range of service offerings, tools and everything required to conduct a successful
auction. Full access to specific expertise and knowledge, unmatched within the industry, and a vast network and comprehensive services, provides you a clear and simple path to success of any auction. UCAS team (home office and offices) credibility. In-house auction advertising and marketing agency Enhanced Marketing Solutions (EMS)
Auction Resources Provided by United Country Strategic marketing-plan development and implementation Website development and search engine optimization (SEO) Lead generation and management Exclusive and large buyer database of prospects Access to new media and technology, including online only platform, simulcast of live & online auctions and multi-parcel auction software Unique auction centric E&O coverage Warranty insurance for residential sales Valuation services Selling Property Through Auction
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