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Real Estate Online Auctions: 101
REI Auctions Blog By Tom Wood on8/26/2009 11:25 AM

It's no surprise that online auctions are quickly becoming the most powerful way to sell real estate in any market. The problem is that most people don't understand the process and the strategies to make them successful.

Hopefully, I can help clarify the use of online auctions and share some basic strategies.

The general philosophy of an auction is that the terms are the same for all buyers and the competition between buyers determines the price. This is different than the traditional MLS listing where terms are usually negotiated with price.

One big misconception about auctions is that the seller has to sell his property at the highest bid regardless of what that is. The fact is, that most online auctions are done & ...

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Creating an "auction" environment
REI Auctions Blog By Tom Wood on8/19/2009 12:22 PM

The ideal selling situation is whenever you can have multiple buyers competing for your listing all at the same time.

Here are some ideas that will help you create this "auction" environment.

  1. Price - The price has to be as good as or better than anything comparable in the area.
  2. Condition - The house should show very well, even be professionally staged if possible
  3. Quality Listing - Put quality photos, a video tour (if possible), and a well written property description in the MLS listing.
  4. Limit Access - Ideally you put the quality listing in the MLS on a Sunday night with no showings until the following Frida ...
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Are you ready for the bidding wars?
REI Auctions Blog By Tom Wood on8/5/2009 8:56 AM


 

The market is starting to turn, there’s talk of the “bottom” being reached and buyers are not such a rare commodity anymore. Now we are hearing about multiple offers and the start of bidding wars.

It’s all great news, but there’s still a lot of inventory out there. How can you get your listings noticed? How can you negotiate with multiple buyers to achieve the highest offer for your sellers?

One growing strategy is to create urgency and stimulate demand by using an online auction. An online auction provides open competitive bidding to achieve the highest possible offer for your listing.

There are still a lot of misconceptions about online auctions, so here are a f ...

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Create a bidding frenzy!
REI Auctions Blog By Tom Wood on7/30/2009 12:07 PM

If you've ever attended a well run "live" auction, you've seen the competition and bidding frenzy it can create.

Creating a bidding frenzy is a powerful and exciting way to sell real estate in a "live" setting, but doing it online is easier.

How do you create an online bidding frenzy? Here are some strategies.

Price - Opening bid must be perceived as a great value.

Limit Access - By limiting access to the property through scheduled open houses, it forces all buyers to be there at the same time, creating competition.

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Our First NAA trade show
REI Auctions Blog By Tom Wood on7/23/2009 8:18 AM


 

Kevin and I had the privilege of attending our first National Auctioneers Association (NAA) Conference and Trade show in Kansas City last week.

As an exhibitor, we enjoyed meeting and talking with several auctioneers from around the country as well as attend a couple of the sessions.

It was interesting to see how technology is playing a larger part in the auction industry. If an auctioneer wasn't using online bidding yet, they were thinking about it and staying aware of the latest technologies.

I think Ebay has done a lot for the auction industry by making the public more open to the auction method of buying and selling.

Overall it was a wonderful experien ...

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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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