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Will an auction work for my property?
REI Auctions Blog By Tom Wood on7/23/2007 7:35 PM

I get this question a lot. The best way to think about an online auction is as a different marketing strategy. Do they work in attracting interest? Yes! Will they help you find a buyer? Sometimes. Will they help a property stand out? Yes! Is it as easy as posting it on an auction site? No. It takes a planned effort, marketing and a little time, but it can be well worth it. However, if you think about it, what other things can you do that will make your property stand out and attract attention like an auction does?

Interested in learning more? Pick up our FREE report: 6-ways to benefit from Auctions

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Tips for making an online auction successful
REI Auctions Blog By Tom Wood on7/18/2007 6:19 PM

When selling by online auction, the idea is to build a frenzy and get as many buyers interested as possible. You do that by:

1) Having a good deal to sell. If it's a property in need of rehab it should be in a decent area and at 70% ARV - repairs or lower

2) Provide as many details as possible. Think about everything you want to know when you buy and put it in there. Include lots of pictures.

3) Start the bidding low - Get people interested in looking at it. You DON't have to use a reserve to start low, you can always have an auction without a reserve and have in your terms that high bid is subject to seller final approval.

4) Make the property accessible. People need to easily get in to see and inspect it so they are comfortable placing a bid.

5) Advertise, advertise, advertise. Auctions naturally draw attention, but people still need t ...

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Auctions, what's the secret?
REI Auctions Blog By Tom Wood on7/13/2007 9:41 PM

We are often asked, do auctions work?  How successful are they?  The answer, very simply is "YES!" they work and they've worked for years.  However, in order to be successful, there are a few key factors to take into account.

1.  Are you willing to let the property go at a discount (at least 10%)? 

2. Are you willing to put effort and funds into planning and advertising?

3. Are you willing to create a listing with lots of pictures and lots of information?

If you can answer "YES" to all 3 questions you have a great chance for success and selling by auction is a great option for you.  Go for it!

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A huge opportunity to find great real estate deals!
REI Auctions Blog By Tom Wood on7/9/2007 11:38 PM
Prior to the Internet, real estate agents controlled the listings. A buyer or investor could only find properties by relying on an agent, looking through local newspapers or driving around neighborhoods.  All of these methods took time and considerable effort.
 
The Internet has changed real estate and now most buyers and investors begin their searches online. Today’s buyer has much more information and control at their fingertips.
 
Now, Real Estate is progressing into another phase, the online auction phase. Not only can investors and buyers find properties online, they can now submit offers in an open forum from wherever they have Internet access.& ...
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Real Estate Auctions. When should you use one?
REI Auctions Blog By Tom Wood on6/25/2007 3:03 PM
Real Estate Auctions have been used to sell properties successfully for many years. Do they always work? No, but if done in the right way, they ALWAYS attract attention. They ALWAYS make a property stand out from other properties on the market.
 
There isn’t a magic formula that will always sell a property, except price. An auction gives you the ability to use price as a way to attract buyers. However, the majority of buyers that you attract are expecting a deal. So, unless your property is in a hot real estate market or is unique and highly desired, you need to expect to sell at a discount. You should expect to discount at least 10% and many times more. 
 
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Real Estate Internet Auctions are gaining momentum
REI Auctions Blog By Tom Wood on6/20/2007 10:10 PM

Before the Internet, real estate agents controlled real estate listings. The only way a buyer could find homes for sale was by relying on an agent, looking through the local newspapers or by driving around neighborhoods.   All of these methods took time and considerable effort.

The Internet has changed the market and now about 80% of buyers begin their home search online. While it can save an agent time by not being in the middle it can also give a buyer an overwhelming number of choices.

As the Internet becomes more common place and technology continues to get better, more of the real estate purchase transaction is moving on-line. One example is the real estate auction.

For years, real estate auctions have b ...

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A New Look at Auctions
REI Auctions Blog By Tom Wood on6/18/2007 9:47 AM

I found the following statement written by Tony A. Isbell in the June addition of REALTOR Magazine.  "Recognizing auction benefits and the need for greater flexibility in a slower market, some real estate salespeople have begun to explore auctions, both in person and online, as a marketing stratgey open to them.  Many are finding that auctions work well if you have a motivated seller and proper advertising exposure." 

I agree with this observation.  An auction is not a solution for every property on the market, but it is a great option in the right situtations.  To read the entire article click here.

We want to help you learn how to profit from using an auction strategy. 

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7 Auction Listing Strategies
REI Auctions Blog By Tom Wood on6/13/2007 5:00 PM

Here are 7 different strategies to consider when creating an auction.

  1. When using a reserve price, start the bidding at least 50% below your reserve price.  -  You can never start too low.  When buyers see you are using a reserve, they expect your starting bid is way below your reserve price.  The idea is to attract attention.  What starting bid will do that for you?
  2. Consider NOT using a reserve price. - You don't have to use a reserve price and some buyers are more attracted to auctions with NO RESERVE (a.k.a.  Absolute Auction).  If you've got a great deal, your starting bid with "NO RESERVE" can attract just as many buyers as using a reserve.
  3. Seller Financing - The number one question asked of sellers ...
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Do you have a buyers list?
REI Auctions Blog By Tom Wood on6/10/2007 2:09 PM

As a real estate investor who "wholesales" properties, it's important to have a buyers list.  When you have a list it makes it easier to find a buyer for your deals.  When designing our auction site, we realized that it would benefit our sellers to have a list of buyers in place.  We are actively growing that list and they automatically get notified when new listings are posted.  In addition, we realized that many sellers already have a buyer's list and it was important to give them an easy way to announce their auction listings.  Therefore, we create a professional e-mail auction announcement that the seller can forward to their list.  The combination of our list, the seller's list and a little additional online and offline marketing will make a big impact on the success of an auction. 

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Over the next 10 years predictions are that 35-50% of all real estate will be sold by auction
REI Auctions Blog By Tom Wood on6/9/2007 8:08 PM

I ran across the above statement today.  I love auctions and think they are a great way to get a property noticed and sold.  It doesn't suprise me that more and more people are realizing it.  I think technology is becoming more effective in making an online auction have a "live" feel to it.  As a result, many auction companies are doing simultaneous live & online auctions.  As for REI Auctions, we will continue to provide the best technical solution and service to make an online auction easy & exciting for you.  It really is a great way to get a property noticed and sold.

Want to schedule an auction training session?  Just Register Now!

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