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The unrealized benefits of using online auctions
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Posted by: Tom Wood5/14/2009 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 also have a list of the other bidders contact information that you can invite to your next auction or help them buy another property.

2) Marketing a property through the auction process attracts many more buyers to your open house "events". You can collect information on these buyers so you can follow-up if they aren't the winning bidder and help them buy another property.

3) Since you attract more buyers to your open house "events", you can approach a mortgage broker or lender to pay to be on site at your open house. If done right, you can collect enough to cover all the costs of advertising, catering, etc.

4) Your auction marketing will attract other homeowners who are tired of waiting for their property to sell. Those who are motivated will be very interested in having you do an online auction for their property. One online auction almost always leads to another one and many times several more.

5) The majority of winning bidders at an online auction are not represented by a buyer's agent. That means there is a good chance you won't have to split your selling commission.

These are some of the many added benefits of using online auctions to market and sell a property that most agents don't realize or capitalize on.

Hope you found it helpful!

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