The Auction Process: From Start to FinishBy Shawn Terrel, President United Country Real Estate | Auction Services
October 31, 2018
An auctioneer’s role is a lot deeper than just bid calling. If you’re thinking of buying or selling property via auction, it’s important to know...
The auction method is a popular and sometimes more effective way to sell and buy real estate or personal property. An auctioneer’s role is a lot deeper than just bid calling. If you’re thinking of buying or selling property via auction, it’s important to know how the process works.
The process starts with an initial consultation. The auctioneer and maybe even a real estate broker will give you an in-depth review of what to expect from the process. They’ll conduct a full property inspection and gather any necessary property information. Also during the consultation, the auctioneer will discuss next steps and provide you with a timeline.
The second step is conducting a market analysis. The analysis will provide a clear understanding of the current market and potential buyers to help ensure fair market value of your property. Auctioneers will conduct the analysis, research demographics of potential buyers and create a report for you.
After that, an auctioneer will put a plan in place. The plan will outline the most effective use of marketing and other promotional tools for the property and the auction. For example, United Country Auction Services will include your property in our national website, provide access to more than 750,000 opt-in buyers, advertise in real estate publications and create a custom website for the property. If a good marketing campaign is in place, your property will reach a large audience of potential buyers and generate excitement about the auction, giving you a greater chance of success.
Finally, auction day comes. Comprehensive event planning and consultation will happen in the days leading up to the auction and the day of. That includes showing the property to prospective buyers during pre-determined dates, including online auction/bidding capabilities, earnest money management and contract facilitation services. An experienced auctioneer and their team will make this process as seamless as possible for you and for the buyer(s).
After the auction, the auctioneer and their team will make sure any loose ends are tied and provide a seamless transfer of ownership for your property. This includes processing titles, coordinating the closing and providing a seller recap and any other needed documents. Once all the t’s are crossed and I’s are dotted, you’re good to go! It’s that simple.
Trained, professional auctioneers are highly skilled and talented in their work and will make sure you, as the seller, and the buyer are taken care of. Many auctioneers are experts in marketing and advertising and some of even appraisers or have other titles or certifications. Make sure you find one who fits your situation the best.
United Country Real Estate is the largest integrated network of conventional and auction professionals in the country. To find one of our expert auctioneers near you, visit www.UCAuctionServices.com.