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Are you getting the most out of the Internet?
REI Auctions Blog By Tom Wood on1/28/2009 2:50 PM

There's no question the Internet is an important part of any real estate business. I can't imagine there's any active real estate agent who doesn't have a website or a least a web page on their company's site.

After all, with over 84% of buyers searching for homes online, you'll struggle to compete without one.

However, it's not just having a website, it's what you do with your website to provide value. Some real estate agents are reaching out by using social media, virtual tours, SEO strategies and blogging which are all great strategies, but there's still something missing.

I believe the real opportunity is being able to engage and negotiate with buyers in real-time. One way to do this is by accepting offers/bids online for your listings. When you allow buyers to bid online, you leverage technology to create urgency, negotiate with multiple buyers at once and get your client the highest and best offer.
&l ...

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Online real estate auctions...exciting to watch!
REI Auctions Blog By Tom Wood on1/21/2009 2:05 PM

Last Friday we captured the end of one our customers listings on video. This 2 minute video is a great example of the bidding frenzy that can occur as an auction winds down.

What's especially interesting in this example is that the listing agent didn't do any of the things we suggest to market it. There were no auction signs in the yard, there were no open house previews and there was no effort in marketing it. This was a sort of "test" for them.

I strongly believe that any listing agent who embraces this strategy and works the "whole" process will dominate in their market.

Click here to watch the video

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What can you learn from a "live" auction?
REI Auctions Blog By Tom Wood on1/14/2009 1:57 PM

I've attended several "live" real estate auctions in the past to observe and learn. Most of them I've attended were successful, but I've also attended a few that haven't been.

There was even one I attended that didn't receive a bid. I really felt bad for the auctioneer and the seller. All the time and money they spent and only about 20 people showed up. Unfortunately, that's just part of the business.

There is a lot to learn by observing a live auction and the most important thing I've learned is marketing. If the auctioneer can't get people to show up, it doesn't matter how well he can work the crowd, the chance for success is minimal. For each "live" auction, thousands of dollars are usually spent on direct mail, newspaper ads, etc with no guaranteed results.

That's why I've been so drawn to using online auctions. The success is still greatly effected by the marketing, but it is much easier to get p ...

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Online real estate auctions take effort!
REI Auctions Blog By Tom Wood on1/7/2009 9:37 PM

Putting a property up for auction online is only half the job. Yes, it's possible buyers may stumble across it and place bids, but the chances for success are greatly reduced if that is all you do.

There is an opportunity to stand out from the crowd, be different and be responsible for the success. If you list a property for auction and then use open house previews, yard and neighborhood signs, internet marketing and local marketing, your chance for success greatly increases.

An auction naturally draws interest, whatever you can do to let people know about it increases your chance for success. Don't sit back and wait, be a maverick marketer and see your success soar.

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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.
&l ...

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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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