|   Bidder Registration
Real Estate Internet Auctions
Your Source for Online Real Estate Auctions!
Real Estate Internet Auctions
Your Source for Online Real Estate Auctions!
 (Central Time)   
Help   »   Blog
Create a bidding frenzy!
Location: BlogsREI Auctions Blog   
Posted by: Tom Wood7/30/2009 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.

Limit Time - Making the property available for only a limited time creates urgency for the buyer to act.

Easy Offers - Allow interested buyers and their agents to bid online from the comfort of their home or office.

Open Competition - Allow everyone to see the current high bid. It's easier for a buyer to justify an increase of their offer if it's only $500 or $1000 more than the current offer.

These strategies combined with good marketing are all it takes to succeed with online auctions.

I'll discuss marketing strategies next week.

Permalink | Trackback

Your name:
Security Code
Enter the code shown above in the box below
Add Comment  Cancel 

Copyright 2006-2018 by REI Auctions   |  Privacy Statement  |  Terms Of Use  |  Powered by REAuctionSystems