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Creating an "auction" environment
Location: BlogsREI Auctions Blog   
Posted by: Tom Wood8/19/2009 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 Friday. In addition, the first showings on Friday are limited to a 2 hour window. This gets all interested buyers and agents in the property at the same time creating competition.
  5. Require 48 hour offer response time - Let all agents submitting offers know you will need 48 hours to respond.

This process can work well in the right markets with the right homes. I realize it's not always successful, but it's easy to try.



The one drawback is that in the multiple offer situation, buyers don't typically know where they stand. They are often told to submit their "highest & best".



This is where technology can help. With a couple more steps you can do the same thing but accept all bid/offers online in an open format with a defined deadline. This systematically allows buyers to compete with others and gets you and your seller the best price without all the added paperwork (i.e. offer/counter-offer/counter-counter, etc)



To see how this process is being successfully used today, join us Thursday at 1 pm CST



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