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Luxury Homes - Turning to Online Auctions
REI Auctions Blog By Tom Wood on6/24/2009 10:30 AM


As the number of real estate auctions continue to grow, it's clear that they are no longer just for distressed and run down homes. Auctions for luxury homes are becoming more common and I'm seeing even more done with online bidding.

The Internet is a priceless tool for getting attention and activity on any property and using an online auction helps focus the activity. In addition, buyers love the convenience of being able to place a bid anywhere they have an Internet connection.

Check out the current auction ending July 7th for a beautiful home in Newport, Rhode Island. Originally listed for $14,000,000 the opening bid is only $6,500,000.

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Creating Urgency and Competition for Buyers - Priceless!
REI Auctions Blog By Tom Wood on5/28/2009 11:29 AM

Recently, one of our new customers ran her first online auction to sell one of her properties. It was another good example of how creating urgency and competition, gets buyers to take action.

Being new to the process, she was very diligent in reading all of our training materials and strategies, watching the how-to videos, etc. She also called and e-mailed me several times through the process with other questions and to get my opinion.

Now the property she was selling was minimal at best, it was a 2 bed, 1 bath 860 sq. ft. home with no basement, but it was nicely rehabbed and ready to move in. It was a good property for a landlord because it could be rented and would cash-flow.

The auction was open for online bidding for 2 ...

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Real Estate Online Auctions - Strategies for Success
REI Auctions Blog By Tom Wood on5/21/2009 9:31 AM

Over the past 4 years, I've been focused on using Online Auctions to market and sell real estate.

There is a huge opportunity right now to take advantage of all the buyers looking for deals in today's market. When you sell using an online auction you draw more buyers than any other method. Buyers today know (thanks to the media) that there are great deals to be had, they just don't know where to look. When you sell using an auction, you are telling them LOOK HERE.

However, even with this great opportunity, there is still a lot of confusion on what is needed to make an online auction successful. Here are a few strategies that will help you succeed with this powerful method.
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The unrealized benefits of using online auctions
REI Auctions Blog By Tom Wood on5/14/2009 9:51 AM

Technology continues to provide better tools and strategies for selling real estate. It only makes sense that real estate agents who stay on the "leading edge" will have an advantage over those who don't.

Using online real estate auctions is one strategy that can give an agent the "edge" and we're still in the initial stages of them taking hold in the market place.

Many real estate agents don't realize, that besides selling the property being auctioned, there are several "side" benefits of using an online auction. Here are some of them...

1) Since all the bidding is online, you get a record of everyone that placed a bid. At the end of the auction you will have a high bidder but you will ...

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Online Real Estate Auctions - FAQ's
REI Auctions Blog By Tom Wood on4/29/2009 10:33 PM


After 14 years of working in the computer industry, I was naturally drawn to the concept of online auctions when I got involved in real estate. I've spent the last 4 years using online real estate auctions and here are some more answers to common questions about them.

Q) Aren't auctions just for properties that need a lot of work?

A) No, not anymore. I'm starting to see auctions for brand new properties from builders and banks who just need to get rid of them. Owners of any type of property, who are motivated and must sell quickly, are turning to auctions for a solution.

Q) ...

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Real Estate Online Auctions - FAQ's
REI Auctions Blog By Tom Wood on4/15/2009 8:42 PM

I've spent the last 4 years using online auctions to market and sell real estate. During that time, I've encountered a lot of confusion from both buyers and sellers. Here are some answers to some frequently asked questions.

Q) Will an auction force me to sell too low?

A) No, not if you set it up correctly. There are 3 main types of online auctions. If you use a Reserve Auction, you can set a hidden reserve price on the system and the auction will not be considered successful unless the reserve is met. If you use a Minimum Bid Auction, you don't set a system reserve but you can state in your terms that the winning bid is subject to seller approval (This type is c ...
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Online Auction "Jolts" the Hamptons
REI Auctions Blog By Tom Wood on4/2/2009 9:11 AM

Two weeks ago a couple of brokers in New York had great success running an online auction for properties in the Hamptons.

Here are some highlights from an article published after the auctions ended. A link to the full article is at the end....

A Prudential Douglas Elliman-sponsored online auction, run by brokers Vince Horcasitas and Enzo Morabitohas has helped bring buyers back to the market.

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It's a great time to be a buyer!
REI Auctions Blog By Tom Wood on3/25/2009 1:17 PM

There is no doubt that there are great deals to be had in today's real estate market.

Motivated sellers, low interest rates and government incentives of up to $8,000 for first time home buyers are just a few of the factors that are turning the market around.

I heard today that we are starting to see a big increase of first time buyers hit the market. That should have a ripple effect all the way up the line.

Buyers are even finding deals in places like The Hamptons, New York.Check out this article for more details.

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Auction.com for $1.7 million - Are you serious?
REI Auctions Blog By Tom Wood on3/18/2009 1:06 PM

REDC which is famous for the real estate foreclosure auctions going on in ballrooms across the country has just bought the domain www.auction.com for $1.7 million.

To me that indicates, 2 things:

1) REDC is doing extremely well with their auctions.

2) REDC believes real estate auctions will continue to grow as an effective way to sell real estate quickly. (I agree, and see it as an opportunity for local agents to piggy-back on their success)

To read the entire article, click here.

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Online Auctions in the Hamptons
REI Auctions Blog By Tom Wood on3/11/2009 1:44 PM

Here is a link to an interesting article about a progressive real estate office in New York using online auctions to move their listings. If they can make it work in the Hamptons, you can make it work in your market!

Read it here:Hamptons under the Hammer

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