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How To Sell Your Real Estate More Effectively in Just 90 Days | Add Comment

    • Good Piont 6/18/2009
    As a real estate broker in Utah, I have a little knowledge of real estate auctions, but I don't know how to contact or evaluate an experienced auctioneer. How do you suggest going about that? I do know that in this state a real estate auction has to be conducted under the supervision of a licensed broker. This is little-known I believe, and I'm sure I've seen violations before.

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      • Good Questions ro pequalify an auction company 6/19/2009
      Sounds like I should publish a new article! Questions to ask & better size up an auctioneer, or brokerage firm trying to put one on: 1.Who has been your auction advisor? 2.What is an acceptable closing rate for auction sales? You will find ranges anywhere between 65% to 85% on average. Those with better percentages will do fewer auctions, and that is what you want to shoot for. 3.What is your closing rate? 4.What is the most important aspect of an auction sale? This better be the seller. Prequalification is huge and the largest contributor to whether an auction will be successful. 4.What is the best predictor of a successful auction sale? Same answer as above. 5.What is your fee schedule associated with your auction sales? This varies by geography, if it is residential vs. commercial as well. 6.As a percentage of the overall success of your auction sales, how important would you rate Auction day? 7.What is your typical marketing budget per property or per auction sale? Typical rule is a half a percent to 1 percent of the value of the asset. Not a hard rule and there are exceptions. Ask them what methods they use and what methods are not used? 8.From the time the first auction advertisement appears until Auction day, how much time? For residential - should be 30 days. Commercial - 45 to 60 days. 9. How are you compensated? Flat rate, Buyer Premium, traditional commission? 10.When would you consider a sealed bid auction over a live auction? 11.Show me some case studies of the last few auctions you had. What were the results? Something to keep in mind is that some auction companies are really marketing companies. They sub-contract the bid caller. This is crucial for you to know - as you would need to see case studies that are consistent with the bid caller working with the auction company. A bid caller can make the difference in a good or bad auction event. Even more critical is for you to meet the auction bid caller. Ask the bid caller/auctioneer who else they work for, or contract with. Find out where they spend most of their time. Can't give away all secrets. I have limited space here, and it is critical that you don't get a big head thinking you know all the answers. Many broker have thought they can do this on their own to fail miserably. Should you want to contact me with other questions, email me at michaels@sagelistings.com.

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