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Our business model is designed to maximize the market exposure of property, provide extraordinary customer service for sellers, maintain the highest ethical standards of conduct, and improve the image and respect for all professionals involved by delivering results that exceed expectations.
Although our sellers dictate our market time line, our typical market campaign will involve an intensive marketing blitz of 3 to 4 weeks, culminating in a sale by auction (choosing the best of several auction methods). Buyers must inspect the property and conduct due diligence prior to the auction date, because the highest bidder (and backup bidder) on auction day will sign non-contingent contracts and commit to a fast closing (usually within ten days). Bidders must be pre-qualified by a mortgage lender, and may have to bring a deposit in order to register to bid on the property. Although there are many types of auctions, in most real estate auctions the final bid is subject to seller confirmation (acceptance).
The marketing team will consist of a local real estate broker who will list the property on the appropriate Multiple Listing Services and Realtor websites, present it to the local real estate community, show it to prospective buyers, make property information packets available, and advise would-be bidders of auction registration procedures and loan pre-qualification requirements.
In some cases, if it serves the sellers' best interests, we might allow bidders to negotiate and contract for the sale prior to the auction date; but in most cases this will be discouraged or forbidden to retain the integrity of the auction process for everyone. If this happens, your listing agreement with the sellers will determine the compensation terms for all parties. If the property is sold at auction, the buyer will pay a buyer's premium which is added to their winning bid amount to determine the contract sale price; commissions are paid from this amount to the auction company, listing brokerage and buyer's broker, if any.
Other members of the property's designated marketing team will include a preferred local lender and a local title company. This lender will be strongly recommended (not required) to pre-qualify potential bidders; the title company will provide the typical services and will receive and manage the bidders' deposits.
All members on a property's marketing team (seller, auctioneer, broker, lender, title) will be expected to deliver exceptional service, and all members will grade the performance of the others to determine preference for future property marketing projects. Working with Auctions and Options for Real Estate may require duties that exceed your typical marketing plan, but those items will be detailed in the co-marketing agreement that you can consider and evaluate prior to accepting the assignment. We expect excellence and will deliver the same.
All advertising for property will reference the co-marketing effort of broker and auctioneer, and will inform buyers of auction date and how to access additional terms. Broker's sign will be used at the property, and our auction sign rider will be added to broker's sign that indicates the auction date and time.
This is how property auctions are structured if we initiate the marketing. We are also available as an add-on service to a listing that you currently have in place. Every property and seller's need will be unique, therefore flexibility is always an option. Call us today to discuss your project.
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