Well Friends, we survived New Years festivities, but with a toddler and a 1 month old the festivities was watching their movies until midnight. I was considering what to put in this post and I decided to talk about when to consider an auction. I will admit up front that there are times when the auction method is not the best solution, but too often I see auctions being used as a last resort. When it comes to marketing goods the auction method of marketing should be considered first before passed over. This is especially true for real estate.
We conduct several estate and farm sales throughout the year and too many times I see sellers not willing to let themselves sell the real property at auction. Many times the concern is about selling too cheap. However, let me say that as the seller you have the ability to discuss your finances and your minimum acceptance value. No matter what your assets are you should consider selling at auction for three reasons:
- Auctions are competitive. There is only one form of selling where buyers compete over your property. In an Auction, the buyers come to you and compete to win your property. Think about that people are trying to win and your property is the prize.
- Auctions are fast. I know everyone thinks of the fast talking auctioneer when I type this, but truthfully I am talking about the time it takes to conduct the sale. Auctioneers across the country sell products across the country for 7 figures and they do it in minutes, not days or months.
- Auctions are the only type of sale where there is the possibility of getting more than what you want. If you put a price tag on piece of property someone will ask to buy it for less. If you put in an auction it may start low, but there is no telling where it might end.
Honorable Mention: Auctions are fun. When buyers are enjoying themselves they are more likely to spend more money.
As I stated in the beginning there are multiple options for selling when looking at a property, just don't wait until the last minute to schedule the auction. Call us first and we will be happy to come and help you market your property!
One last thing if you know someone who is looking at selling property, we pay for referrals so don't forget to mention us.
Until next time, Matt