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Don't let unsuccessful bidders get away!
REI Auctions Blog By Tom Wood on12/29/2008 11:44 AM

It takes effort to be successful with an online real estate auction. The property has to be prepared, pictures taken, open previews coordinated and lots of advertising.

The goal is to get a lot of people interested in a short amount of time. The more interested buyers competing, the better chance for success.

When it's all over and you identify a winning bidder, are you taking advantage of all your work and expense? Are you following-up with the unsuccessful bidders?

If not, you need to consider it. The unsuccessful bidders are good leads for you to work. They can provide a back-up if your winning bidder falls through or you may be able to turn them into buyers for another property or future auction.
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Are online auctions exciting?
REI Auctions Blog By Tom Wood on12/19/2008 3:25 PM

There isn't anything much more exciting than watching an online real estate auction come to an end. Especially if you are the seller or listing agent. You get to see the price continue to increase as buyers bid it out against each other.

I captured one of our recent auctions ending with Camtasia and put this video together so you could enjoy it too.

Click here to watch it!

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Listing Syndication now active
REI Auctions Blog By Tom Wood on12/14/2008 2:52 PM

We're excited to announce that on December 2, 2008 we started syndicating all of our active real estate auction listings nightly. The listings get sent to 28 different real estate sites and as the bidding changes or the listings end, all sites are updated with that information.

Below is a graphic image showing all the sites we syndicate to.

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Online Bidding Webinar - Thursday Dec. 11th
REI Auctions Blog By Tom Wood on12/4/2008 9:05 PM

I wanted to let everyone know about our upcoming webinar. 

I will be showing how Realtors are using online bidding to get their listings sold.

It will be held Thursday Dec. 11th at 1 pm CST.  You can get more details at www.reauctionsystems.com/webinar

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What if my buyer backs out?
REI Auctions Blog By Tom Wood on11/25/2008 1:39 PM

Another common question from Realtors is "What happens if the winning bidder backs out?"

Since online real estate auctions are legally bidding, it's not much different than a standard written purchase contract.  The TERMS on a written contract spells out what happens if the buyer defaults.

You can setup the TERMS on your online real estate auction to define what is expected if the winning bidder defaults.

When a buyer defaults, it's up to you on whether you enforce the TERMS that you state.

The key is to have terms that are not too strict to scare a person from bidding, but also not too unrestricted so it isn't taken seriously.

In summary, you, as the lis ...

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What is your reserve price?
REI Auctions Blog By Tom Wood on11/19/2008 6:12 PM

The most common question asked by a bidder during a real estate online auction is "What is the reserve price?" In other words, what is the bottom line price you will take?

Would you ever tell someone your bottom line price when you're selling a property?

I hope not.

If you do, you've just lost all power to negotiate.

I'm surprised that about 20% of the seller's using our system disclose their reserve price when asked this question.

To me, it doesn't make sense to tell anyone your bottom line price, especially when bidding is open.

Instead, I think it's better to respond to that question by inviting them to submit the highest amount they will pay. ...

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Does an auction mean I failed?
REI Auctions Blog By Tom Wood on11/13/2008 9:49 PM

Sometimes real estate agents stay away from using auctions because they think it makes them look bad. They think that they are raising their hand and saying "I failed selling this property the traditional way and I'm forced to try an auction".

This is far from the truth. Yes, an auction is often used in a desperate situation, but it doesn't need to be that way.

A real estate online auction is simply a great way to accelerate the sale, while automating the negotiation with several buyers at the same time. It gives the Realtor the ability to be in control of selling their listings.

It's a "slight edge" that a Realtor can use in any market.

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Short Sale - Need an offer?
REI Auctions Blog By Tom Wood on11/8/2008 11:01 AM

In order to avoid foreclosures, lenders are often willing to discount what is owed on a home. This is known as a short sale and it is offered in situations where the homeowner can no longer afford to stay in their house.

The reason lenders are willing to do this is because it can be less expensive than foreclosing and taking the home back.

This situation happens a lot and the homeowner is usually told by the lender bring me the best offer you can and we'll see what we can do.

What's the best way to get an offer?

Many agents list the property in the MLS and in their description they indicate it's a short sale situation. Then, they wait. They usually need to lower the price several times before someone finally makes an ...

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Online bidding gets the conversation started
REI Auctions Blog By Tom Wood on11/7/2008 10:13 AM

In a sea of homes for sale it can be difficult to get buyers interested in your listings. 

But what if you did something a little different? Something that very few agents are doing?  Something that makes your listings stand out, and gets buyers to make the effort to view it?  Something that makes it easy for buyers to make an offer and get the conversation started?

This something is online bidding a.k.a online auction.  Many agents are afraid of the "A" word so to better explain it, I call it online bidding. 

The concept is simple, market your listings in a manner that attracts attention by starting the price low, but makes it easy for interested buyers to make offers online.  This cre ...

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Putting a house up on the auction block
REI Auctions Blog By Tom Wood on10/11/2007 12:25 PM

I just found this very interesting article today on CNN Money.com

NEW YORK (CNNMoney.com) -- As more and more people get frustrated with the sluggish housing market, people who want to sell their homes are looking at a different tactic...auctioning off their home. We'll tell you what you need to know if you're thinking about putting your home on the auction block. According to the National Auctioneers Association, residential real estate auctions are on the rise. From the time the group has started collecting statistics in 2003, growth of residential real estate auctions have grown almost 40 percent.   To read the rest...

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