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Discusses the options sellers and buyers of luxury real estate have when it comes to luxury property auctions.

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Gary Gilbert

Gary Gilbert

I have been involved in multi-millions of dollars worth of luxury real estate auction transactions advising both sellers and buyers.

Luxury Home Auction Buzzwords Defined.

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
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Thursday, 12 September 2013 Category Luxury Property Auction

Sell and Close Your Luxury Home via a non-Distressed Auction by Year-End

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
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Tuesday, 03 September 2013 Category Premier Home Auctions

The Traits of Luxury Home Auction Sellers (Video Blog)

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
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Monday, 26 August 2013 Category Luxury House Auctions

Luxury Home Auctions Excel in Hot Markets Too/Million Dollar Listing Los Angeles

by Gary Gilbert
Gary Gilbert
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Thursday, 15 August 2013 Category Luxury Property Auction

Straight Talk Regarding Luxury Home Auctions

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
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Thursday, 08 August 2013 Category Luxury Home Auction

Who Wins at Luxury Home Auctions - Buyers, Sellers or the Auction Company?

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
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Thursday, 01 August 2013 Category Premier Home Auctions

Sold and Closed are Two Different Things Entirely When it Comes to Luxury Real Estate Auction Company Results.

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
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Wednesday, 24 July 2013 Category Luxury Home Auction

Look Familiar? Priciest Car Ever Sold at Auction for $29 Million

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
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Monday, 15 July 2013 Category Luxury Home Auction

Price Reductions Prior to a Future Luxury House Auction

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
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Thursday, 11 July 2013 Category Luxury House Auctions

What Defines Ready for a Luxury Property Auction Seller?

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
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Wednesday, 03 July 2013 Category High End Home Auctions

The Psychology of an Absolute Luxury Home Auction

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
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Thursday, 27 June 2013 Category High End Home Auctions

I'm Not Quite Ready to Try a Luxury Home Auction, What is My Next Step?

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
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Monday, 17 June 2013 Category Luxury Home Auction

Good morning for Austin's Hill Country. I hope all of you Fathers enjoyed your special day Sunday.

Today, let's touch on a question that I'm asked on occasion, one I heard this weekend, which is "I am not quite ready to try a non-distressed luxury home auction, what should I do for now?"  Whether it is my recommendation to a seller that I don't think they are quite ready for the auction route or they express that opinion to me, I always want to do what is in my seller client's best interest. Remember, it does no one any good to move forward with an auction only to have a no sale.  A good auction firm will pass on all business they feel does not have a very good chance of selling (and closing). A questionable firm, no matter how successful they may appear on the surface, will take all business they feel has any chance of selling (which more times than not ends up in a no sale).

So, do I recommend a for sale by owner?  Not usually unless they fit a certain seller profile.  I usually recommend a proven realtor that I have worked with before or one that comes highly recommended by colleagues.  However, I do so with one strong recommendation which is that of not conducting price reductions, a subject that I touch on here often.  Have the realtor price it realistically, see what happens and let's revisit in six months or one year.  So, what does realistically mean?  It is a number that is quite difficult to determine.  The traditional method of sale will use comps and appraisals to determine such.  The high end auction method will use those parameters to a certain degree but for the most part will use the opinion of end-user buyers bidding at auction to determine such.

Would you rather have true, fair market value today allowing you to close a certain chapter of your life and move on or would you rather receive an unknown amount later delaying your plans to move on?  It really depends on the seller's goals.  I know what I would prefer.

Let's discuss this subject or any others in more detail.  Contact me anytime.

Gary

Tags: luxury house auction, luxury home auction, high end house auction, luxury home auction companies, high end home auction

Non-Distressed House Auctions Still Perceived as Distressed

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
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Saturday, 08 June 2013 Category Luxury House Auctions

I  write you all today from high in the mountains where I am viewing a luxury mountain cabin that will be auctioned in a couple of weeks.  I overheard one of the other parties touring the home ask someone from the luxury real estate auction company how much in arrears (how behind) the owner was on the home owner association dues.  That person automatically assumed that because the home was being offered at auction that the seller was distressed.  Not surprisingly I heard the representative tell the potential bidder that there was no debt on the property and that that the non-distressed seller was simply downsizing.

You've heard me mention here many times before that downsizing is one of the more common reasons non-distressed sellers choose the luxury home auction method (the others of course are moving, retiring, allocating assets and health issues).

So, do you or does your client fall into one of these categories?  If so, I would be happy to share my expertise with you regarding high end real estate auctions.  Just ask.

Gary

Tags: luxury house auction, luxury home auction, high end house auction, luxury home auction companies, high end home auction

Making the Decision to Utilize a Legitimate Absolute Luxury Home Auction

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
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Thursday, 30 May 2013 Category Luxury Home Auction

I was visiting with sellers yesterday and without fail, the subject of an absolute auction came up as the focal point of the conversation.  For those of you who don't know what an absolute auction is, it means that the property being offered is supposed to sell to the highest bidder, regardless of price.  I use the word "supposed" as I see that some luxury real estate auction companies out there using absolute auctions don't see it that way.  Sadly, they advertise the property as absolute only to cancel the auction on sale day if there are not sufficient bidders or if the prices being bid are not sufficient.  More about that later.

Back to the meeting with the potential sellers- they have made the mental and business decision to close this chapter in their life and move on, literally to a different state.  There is no debt on the home and they are not distressed in any way.  They understand the power the absolute auction would have from a pure marketing standpoint.

I see it week after week, absolute sales generate more inquiries, more property tours, more registered bidders and in most cases, higher bid prices.  That out-of-state or out-of-country buyer knows that if he or she is the high bidder, he or she will be the new owner.  They are much more likely to engage in the process by traveling at least once to view the property in advance.  An auction can't sell a property to a buyer at any price if they can't engage them in the process.

Now, back to point regarding legitimate absolute auctions.   A legitimate absolute auction is exactly what is sounds like.  The high bidder becomes the new owner regardless of price.  A non-legitimate absolute auction is one in which the high bidder does not become the new owner because the auction company, often in conjunction with the owner, decides to cancel the auction or say that it sold only not to close the transaction.  As you can imagine, a firm that uses this tactic consistently establishes a reputation for such which not only hurts their credibility but also the credibility of the luxury real estate auction business in general.

So, what decision regarding the methodology did the sellers I'm speaking with make?  They are thinking about it over the weekend.  If they don't utilize a legitimate absolute auction, their next best alternative would be a published minimum bid auction with the published number being a significant discount from their last asking price, something we will discuss here in a future post.

Are you or is your client interested in discussing this subject in more detail?  Are there other luxury home auction subjects you would like to discuss?  If so, I am happy to speak with you.  My advice is complimentary and my experience in this field priceless.  Reach out anytime.

Gary

Tags: absolute auctions, luxury house auction, luxury home auction, high end house auction, luxury home auction companies, high end home auction, absolute auctions

Approaching the Subject of a Luxury Home Auction with Client

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
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Friday, 24 May 2013 Category Luxury Home Auction

A lot of you agents and brokers have been asking me lately my opinion on bringing up the idea of a luxury home auction with your client so let's tackle that question to close out the week.

First of all, I am happy that you are thinking "outside of the box" and trying to do something different for your client.  I realize that most of your clients may not be a candidate for something like a high end home auction but I think you would be surprised in the number that may be.

I see the initial mention of the subject going something like this:  "Mr. or Mrs Client, we have had your home listed for over a year now with no legitimate offers and have gone through a couple of price reductions.  I know that you don't have to sell and are not distressed but something we may want to consider is the possibility of conducting a premier home auction.  That event would force affluent, end-user buyers to a point of action by using a date-certain event to force them to react using leverage that we don't have over buyers at this point."

If there is interest at this point, I would be happy to jump on a call with you initially to explain the process in detail including the all too important financials and recommendation regarding the best luxury real estate auction company to work with.

My advice is complimentary and my experience in this field priceless.  Reach out anytime.

Gary

Tags: luxury home agents, luxury homes, luxury home auctions, high end home auction sellers, premier home auction sellers, top luxury real estate auction companies, luxury house auctions

Luxury House Auctions and the Sellers Behind Them

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
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Friday, 17 May 2013 Category High End Home Auctions

Let's close out the week by discussing a common trait found in most of the luxury home auction sellers I work with on a weekly basis.  You've heard me mention here numerous times the profile of a typical seller which is that they usually are not distressed and don't have to sell.  They are usually selling because they are moving, downsizing, wanting to be closer to family (often grandchildren) or there may be health issues.

Today, let's look at a different angle which is the personality of many of these sellers.  Most of them are able to afford a lifestyle that affords them to ability to live in a premier home or own a trophy ranch because they have take-charge types of personalities.  They understand that if one wants something done right, they have to do it themselves.  They are often highly competitive, hate to lose and love to win.  Sometimes, they may have inherited their wealth, something that probably originated somewhere in the past by someone with the personality like I described above.

So, what does this personality profile trait have to do with something like luxury home auctions?  These sellers understand that it is better for them to be in control versus buyers.  They understand the significance of deadlines and how to use them to their advantage to force end-user, affluent buyers to a point of action. They understand the importance of time value of money and would rather have today's market price rather than the uncertainty of future prices which allows them to close a chapter in their life and move on.

Does this sound like the personality of you or your client?  Are you ready to take control of the sales process?  If so, we are here to help.  Reach out anytime.

I hope everyone has a great weekend.

Gary

http://www.realestateauctionoptions.com/

Tags: luxury house auctions, top luxury real estate auction companies, premier home auction sellers, high end home auction sellers, personality of luxury home auction sellers

Nick Saban Home Auction. Good enough for Nick, Good Enough for You or Your Client?

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
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Thursday, 09 May 2013 Category Luxury House Auctions

Well, unless you're living under a rock somewhere here in the South and haven't heard about the University of Alabama's head football coach Nick Saban's luxury home auction, then let me be the first to tell you about it.  For the rest of you out there not living in the South who haven't heard, it has been a big story here in the last couple of days, especially in Alabama and Georgia, where a couple of his homes are located.  Did Nick act on my recent blog post "$ 1 Billion in Art Heading to Auction.  Why not Luxury Homes?" ?  Probably not, because I just composed that post this past weekend...

The point of my post was that when non-distressed, affluent sellers like Saban and those mentioned in the Wall Street Journal article linked in my post (Microsoft's Paul Allen and pop icon Madonna) understand that an auction creates a date-certain event which forces affluent, end-user buyers to a point of action, something that is just not possible with a traditional sale.

How many times have you heard me mention here the profile of our typical seller? Does this sound like Saban?

They are probably not distressed and don't have to sell.

They have had the property listed for an extended period of time probably with few legitimate offers that may have included contingencies.

They are selling because they are downsizing or just don't use the property as much as they once did.

They like the idea of taking control of the sales process by using a date-certain event to force credible buyers to a point of action utilizing a 30 day cash, contingency-free closing.

Does this sound like you or your client?  If so, I would be happy to discuss how a luxury home auction could allow you or your client to accomplish whatever it is you or they are trying to achieve.  Reach out anytime for my expert advice.

For any of you out there who would like to bid on Saban's Lake Burton home on June 6th, I would be happy to offer my complimentary bidder representation services.  Just ask.

Gary

http://www.realestateauctionoptions.com/

 

 

 

Tags: lake burton home auction, nick saban home auction, lake rabun home auction, luxury real estate auctions, luxury home auctions, luxury real estate auction companies, luxury homes, high end home auctions

$1 Billion in Art Heading to Auction. Why Not Luxury Homes?

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
User is currently offline
Sunday, 05 May 2013 Category Luxury Home Auction

Non-distressed sellers like Paul Allen and Madonna use the auction method to create urgency and excitement.  The same concept applies to luxury home auctions.

Tags: luxury home auctions, high end home auctions, premier home auctions, top luxury real estate auction companies, best luxury real estate auction companies, art auctions

Upcoming Summer Luxury Home Auctions

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
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Friday, 03 May 2013 Category High End Home Auctions

Top Luxury Real Estate Auction Companies. What Should their Top Priority Be?

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
User is currently offline
Thursday, 25 April 2013 Category Luxury Home Auction

There is a lot of activity going on out there in the high end real estate auction world these days.  It seems like more small auction firms are trying to break into the business as are even some traditional real estate firms.  However, many of those are finding that what we do in our world is much more difficult than it may appear on the surface.  Many think mistakenly, "How difficult could it be?"  Unfortunately, most of those start ups find out the hard way and go back to what they know.

So, that being said, there are really only a handful of big players specializing in luxury real estate auctions.  Of those, only a few, in my opinion, are credible and practice ethical business practices.  Is bigger better? Sometimes.  What should a big auction firm's priority be? Throwing something up against the wall and seeing what sticks?  A big commission?  An excessive amount of money being requested on the front-end (all firms will require this but the amounts can vary greatly).  Promoting the sale as "absolute" (sells with no minimum at any price) only to cancel the sale or not close the transaction if things don't go well on sale day?

As with any business, the top priority should be the client or seller in our cases.  If a seller is not determined to be a great fit for the auction model, it is in everyone's interest not to move forward with an auction.  By great fit I mean that they are realistic on the true, fair market of their property and have the right motivation to sell (usually downsizing, moving, allocating assets or health issues).  I'm not saying that they want to "give it away" but they have to be realistic.

I am happy to provide complimentary advice regarding everything you need to know prior to selecting the best luxury property auction company.  Just ask.

Gary

http://www.realestateauctionoptions.com/

 

Tags: luxury home auctions, best luxury home auction companies, best luxury real estate auction companies, top luxury home auction companies, top luxury real estate auction companies, best luxury home auction companies, top luxury home auction companies
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