COM_EASYBLOG_EASYBLOG

Real Estate Auction Options Principal Gary Gilbert discusses luxury real estate auctions for both sellers and purchasers.

Blog entries categorized under Luxury Real Estate Auction Companies

Extending a Luxury Home Auction due to Overwhelming Interest- I Don't Think So.

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, 23 August 2015 Category Luxury Real Estate Auction Companies

I guess if you've been in the luxury real estate auction business as long as I have, one would think one had seen it all.  However, I stand corrected.

It seems now that one of the bait and switch tactics being used out there today in the marketplace is to extend the auction's scheduled date due to overwhelming interest.  Really?  So you're telling me that there was so much response for a luxury home auction campaign that extra time is needed to accommodate extra potential bidders?  That is absurd and really just code for "the results weren't what we promised and we need extra time to try to salvage this deal"

If you or you and your client are considering a non-distressed high-end real estate auction, let's talk.  I can save you a lot of time and money by educating you on the process including how to avoid pitfalls like the above mentioned, the absolute auction that can be cancelled and other questionable tactics.

I'm happy to answer any questions you may have.  Just ask.

Gary

404.784.5759

Tags: absolute luxury home auctions, luxury home auctions, premier home auction, luxury real estate auction companies

Non-Distressed Luxury Home Auctions Gaining in Popularity.

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, 16 August 2015 Category Luxury Real Estate Auction Companies

I have been doing this for a long time and can't remember a time when so many non-distressed luxury home auctions were taking place.  Are we here in the USA going the way of some countries where auction is the preferred way to sell real estate?  Probably not. However, the concept certainly is trending here.

Why is that?  I think a lot of it has to do with the fact that sellers are becoming more educated and aware of the benefits a high end real estate auction can offer them.  Benefits like selling for full market value in a 60 day window with a 30 day cash, contingency-free closing allowing them to close a certain chapter of their life, something the traditional method of sale has not been able to accomplish.

Would you like to learn more? Who is the best luxury real estate auction company for you or your seller?  Contact me anytime to learn more.

Gary

404-784-5759

Tags: luxury home auctions, luxury real estate auctions, luxury real estate auction companies, premier home auctions, masion auctions

Live Auctions vs. Online and Telephonic

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 July 2015 Category Luxury Real Estate Auction Companies

Another question that comes up quite often to me is "Are these luxury home auctions live or online?"  Any of you that follow me know that I am a big fan of the live, "outcry" auction event no matter what one is selling.  Since we focus on high-end properties here, let's take a look at that segment of the market.

In theory, the online auction for a premier home is a good idea. However, the live, "outcry" event is and always be the superior method to sell these types of properties.  While I don't want to eliminate anyone from the bidding process, if there is any way they can be there live, in attendance, I want them there.  If an online bidder must be included, so be it with every bidder being critical in the bid building process (just one more bidder could mean an additional $100,000 bid).  So, why is it so important for me to have bidders live?  Because it is difficult for the egos and emotions to surface through a phone line.  The guy bidding who brings his trophy wife to show off is invisible through that phone line as well.  And most importantly, if things get stuck at say $2.2m and we need to get the bid to $2.3m, one loses the ability to take that bidder off to the side and really work them, trying to squeeze out yet another bid.  Again, something that can not be done effectively via a phone line.

So, what about phone bidding?  Just like online bidding, if it is the only option to include another legitimate bidder, yes absolutely but it is far inferior to the onsite event.  And yes- just like the bogus absolute auction, beware of the ever-present mystery phone bidder who is often working in conjunction with the luxury real estate auction company.

Please keep the questions and comments coming.  What subjects would you like for me to discuss here?  And as always, please contact me directly anytime with questions.

Gary

404-784-5759

Tags: luxury real estate auction companies, phone bidding for luxury homes, bidding online for real estate, online luxury home auctions, phone bidding for luxury homes, bidding online for real estate, online luxury home auctions

Luxury Real Estate Auction Companies and Your Best Interest.

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, 28 June 2015 Category Luxury Real Estate Auction Companies

Other than the question "Is there a reserve" that I touched on recently, another very common question I receive is "who is the best luxury real estate auction company for me or for me and my client?"  Without getting into the specific models of each firm out there competing for your business, let's focus today on the fact that each is similar, yet different, in their own way.  Similar in the fact that the business model is pretty much the same and different in that some have your or your client's best interest in mind while others may not.

The best firms are very selective on what high-end properties they take to auction, passing on business that may not be in the seller's or the auction company's best interest.  Others take a different stance, one in which they will take most anything to the market, often times advertised misleadingly as "absolute" or "selling without reserve" only to suffer a no sale which is in nobody's best interest, especially the seller's.

So, who is a good candidate?  A good seller candidate is someone with the right property in the right location with realistic expectations on the true fair market value for their property.  They are also someone who if considering a legitimate absolute auction will actually sell and close the property, not someone who has the option to cancel the auction last minute via a pre arranged agreement with the auction company who many times spins the true results in the media.  Again, remember, sold and closed are two different things. Of course like all of the sellers I work with they are likely not distressed and are downsizing, allocating some assets, moving, or there may be health issues.

Questions?  I am here to help.  Reach out anytime

Gary

404-784-5759

Tags: luxury real estate auction companies, high end home auction, luxury real estate auctions

Consequences of Luxury Real Estate Auction Company Infecting Marketplace.

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
User is currently offline
Monday, 20 January 2014 Category Luxury Real Estate Auction Companies

How Do I Select a Luxury Real Estate Auction Company?

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
User is currently offline
Monday, 29 October 2012 Category Luxury Real Estate Auction Companies

The process of selecting a luxury real estate auction company may seem like a simple task.  Go online, conduct a search, make a few phone calls, make a decision.  However, a decision as important as this requires much more due diligence and using an advisor such as someone like us is highly recommended.

As I have written about here before, there is a lot of psychology involved in a high-end real estate auction, something that someone who is not in the business would not be knowledgeable of.  To publish or not publish a reserve amount? If published, what amount and why?  A legitimate absolute auction or a reserve auction?  A live, outcry event or a telephonic/online event only?  Are you or is your client even the type of seller that an auction would benefit?  These are just a few of the questions that need to be asked.

As I tell my Las Vegas sellers, "Don't gamble with the firm you select to conduct your event"  Our advice is complimentary and our experience is critical.  Please contact us anytime to discuss.

Tags: process of selecting a luxury real estate auction company, luxury real estate auction companies, luxury property auctions, luxury real estate auctions, exclusive property auction companies, luxury property at auction, best luxury real estate auction companies

How Do I Begin the Process of Selecting a Luxury Real Estate Auction Company?

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, 13 September 2012 Category Luxury Real Estate Auction Companies

So you or your client is thinking about a luxury real estate auction?  Well, you've come to the right place.  We here at Real Estate Auction Options specialize in advising sellers who are considering something like a luxury home auction.  We have the experience and knowledge to guide you through the process including analyzing the auction companies competing for your business.

The typical potential seller considering such probably goes to Google and searches for something like luxury real estate auction companies.  They may contact four or five of those on the first page or two and have a conversation.  The next step could be a visit to the property if the firm feels like the seller may be a good candidate (at the auction firm's expense of course).  The next step would probably be receiving some type of proposal.

This can be somewhat of a lengthy process, especially if a seller is interviewing multiple firms.  A better option may be to simply contact us here at Real Estate Auction Options.  We are happy to do the homework for you at no expense to you.  If we do end up working with a firm on your sale and the sale is a success, we are paid by the auction firm.

Please reach out anytime to discuss our program in more detail.

Tags: luxury real estate auction companies, luxury real estate auction company, luxury property auctions, luxury property auction, luxury real estate auctions, luxury real estate auction, exclusive property auction companies

The Luxury Real Estate Auction Evaluation Process

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
User is currently offline
Friday, 20 July 2012 Category Luxury Real Estate Auction Companies

When it comes to the evaluation process for deciding to conduct a luxury real estate auction or not, at first glance it may
seem that the only one doing the evaluating is the potential seller.  However, just as much, if not more, evaluating should
be going on by any credible luxury real estate auction company.

The typical seller considering a luxury real estate auction firm probably follows pretty much the same pattern regarding
the selection process.  They probably conduct a Google search for luxury real estate auction companies or something similar, contact the companies and go from there.  A better option may be for them to contact an expert like Real Estate Auction Options and let us do the homework for them.  Either way, at some point, they will certainly have a phone conversation with an auction company representative and possibly may have a face-to-face meeting. 

At either level, just like the potential seller is evaluating their options when it comes to auction, a good auction company is
evaluating their options when it comes to the potential seller.  The question "Is this seller realistic on the true value of
their property" should be the single most important point in the auction company's model.  If the seller is not realistic, it
does not do anyone any good to move forward with an auction. 

Are you or is your seller someone who is realistic on the true, market value for their property and considering the high end auction method?  If so, we would like to help by offering expert advice.  Please reach out to us anytime to discuss.

Tags: luxury real estate auction, luxury real estate auctions, luxury property auction, luxury property auctions, luxury real estate auction company, luxury real estate auction companies, luxury property auction company, luxury property auction companies

What Percentage of Properties Taken to Luxury Real Estate Auction Sell?

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
User is currently offline
Friday, 06 July 2012 Category Luxury Real Estate Auction Companies

A happy Friday to all on this holiday-shortened week.  To close out the week, let's take a look at a question that someone asked me just yesterday, one I hear often.  The question is "what percentage of properties taken to luxury real estate auction actually sell?

The answer really depends on the luxury real estate auction company conducting the event and their business model.  A good one should be in the 90% plus range while others could be significantly lower.  So, why would many firms' closure rate be lower than others?  I like to call it the "throw it up against the wall and see what sticks" mentality.  The auction firm will take on most any deal, hope for the best and move on to the next market if things don't go well.  Sadly when this happens, the luxury property auction method gets a bad name with the possibility of another auction event going on in that market in the near future slim.  Agents and owners may experience a failed event and think that luxury auctions simply don't work when in reality, they do work and work well given the presence of the most important component which is working with the right seller.

The right seller is realistic on the true market value of their property and understands that when the market speaks, the market speaks (assuming there is a sufficient amount of end-user bidders competing for ownership of their property).

Owners and agents:  Don't make the critical mistake of working with the wrong auction firm who doesn't care if you or your client is the right type of seller or not.  Sellers:  Don't be the seller whose auction taints your market/neighborhood.

Please contact us anytime for expert advice regarding whether you or your client is a good candidate including the luxury property auction company selection process.

Tags: luxury real estate auction, luxury real estate auctions, luxury property auction, luxury property auctions, luxury real estate auction company, luxury real estate auction companies, luxury property auction company, luxury property auction companies, luxury home auction company, luxury home auction companies, luxury estate auctions, luxury real estate auction sites, luxury property auction sites, luxury real estate auction commission, luxury real estate auction costs, luxury home auctions florida, luxury home auctions california, luxury home auctions arizona, luxury home auctions colorado, luxury house auction luxury real estate auctions online, park city luxury property auction, Pa Gomo auction, See Forever Village Auction, Telluride real estate auction, sun valley home auction, suncadia auction

Who is Luxury Firm Real Estate Auction Options and What Exactly is it that We Do?

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, 24 May 2012 Category Luxury Real Estate Auction Companies

Occasionally I am asked "What is Real Estate Auction Options and what exactly do you do?"  "Are you a luxury real estate auction company that conducts auctions?"  Let's take a look at this subject today.

Real Estate Auction Options is a firm that provides complimentary advisory service to those considering selling their luxury property via a luxury property auction.  We also provide complimentary advisory services to those considering bidding for property sold via the "high-end" auction platform.  The majority of our efforts are focused on working with sellers, both owners and agents representing sellers.  We have a a wealth of experience in the luxury auction field and have been involved in multi-millions of dollars worth of transactions that included the luxury auction component.

Our typical client is someone who is not distressed and does not have to sell .  They have probably had their property listed for an extended period of time.  The reason they are usually selling is due to downsizing, retiring, moving, allocating assets or there may be health issues.  They like the idea of using a date-certain event to force affluent buyers to react on their terms allowing them to close a certain chapter of their life.

A typical client is also someone who has entertained the idea of auction.  They either think about looking into the idea themselves or they ask their agent to do so if listed.  They see the value of contacting an expert like us to do the work for them which includes analyzing their specific situation and making a recommendation as to what their next step should be including a recommendation of what firm would be best suited for their needs.

To learn more about me and my firm, here are a few links you may want to visit:

LinkedIn

Facebook

YouTube

Tumblr

Tags: luxury house auction, luxury home auctions colorado, luxury home auctions arizona, luxury home auctions california, luxury home auctions florida, luxury real estate auction costs, luxury real estate auction commission, luxury property auction sites, luxury real estate auction sites, luxury estate auctions, luxury home auction companies, luxury home auction company, luxury property auction companies, luxury property auction company, luxury real estate auction companies, luxury real estate auction company, luxury property auctions, luxury property auction, luxury real estate auctions, luxury real estate auction

Legitimate Absolute Luxury Real Estate Auctions Work, and Work Well

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
User is currently offline
Monday, 21 May 2012 Category Luxury Real Estate Auction Companies

Good Monday morning to all.  Today, let's take a look at the power an absolute luxury real estate auction has when conducted legitimately.  What do I mean by legitimately?  I mean an absolute sale in which the seller and the luxury real estate auction company are committed to selling the property to the highest bidder with no games being played.  What games could possibly be played when something that is supposed to sell to the highest bidder should do such?  The first may be when a seller and the auction company agree to advertise the auction as an absolute only to cancel the event if the bid prices are not acceptable to the seller on sale day.  Some luxury property auction companies may demand a "no sale fee" from the seller should this scenario play out.  Not only is this a shady business practice but the biggest concern may be the possibility of litigation brought forth by the high bidder.  In general, this gives our industry a bad name with those witnessing such feeling that absolute auctions don't work which actually do when working with the right seller and the right auction firm.  Another instance where games may be being played are when something like a luxury home auction is advertised as absolute with the hopes that the property will never make it to auction but instead will sell pre-auction.  I want you to be very aware of these type of proposals and consider such a red flag.

Contact us anytime to dig into the subject of absolute auctions in more detail.  We are happy to navigate this and any other issues you may experience in your search for the best luxury real estate auction company suited for your specific needs.

A legitimate absolute auction is powerful.  We consistently see more inquires, more property tours and most importantly more registered bidders which means higher bid prices.  When a buyer knows that if they are the high bidder and that they are dealing with a credible auction firm, they tend to bid more aggressively knowing that if they bid again, they may ultimately be the new owner.  A very successful absolute luxury home auction was held Saturday by one of the more credible, ethical firms bringing in a high bid of almost $4mm.  There were 19 registered bidders with around 2000 people who toured the property during the pre-auction showing period.  The sellers were very pleased and expressed such via a testimonial.

 

 

Tags: luxury real estate auction costs, luxury real estate auction commission, luxury property auction sites, luxury real estate auction sites, luxury estate auctions, luxury home auction companies, luxury home auction company, luxury property auction companies, luxury property auction company, luxury real estate auction companies, luxury real estate auction company, luxury property auctions, luxury property auction, luxury real estate auctions, luxury real estate auction

The Commission Arrangement and Budget Quotes for Luxury Real Estate Auction Companies.

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
User is currently offline
Friday, 11 May 2012 Category Luxury Real Estate Auction Companies

Happy Friday to all.  It's been some time since I have written about this topic but since it keeps coming up in conversations with potential sellers, let's discuss it again here today.  Of course, I'm talking about the commission arrangement including the advertising and marketing component required of the seller.

The standard commission model includes the seller being responsible for the funding of the advertising and marketing costs associated with the auction.  That amount is required to be paid upfront, in advance and with most firms represents the total commission paid by the seller.  I say with most firms because lately I have noticed one firm in particular whose model includes the seller paying the standard advertising and marketing costs in addition to paying a commission on the sales price.  I want you as a potential seller and/or agent representing a potential seller to be very aware of this type of commission arrangement which can be excessive with the luxury real estate auction company possibly earning a double-digit commission compared to a more typical net commission in the 4-6% range.  I have mentioned this story before but feel it is appropriate to mention it again here since we are on the subject.  Recently we spoke with a seller considering a luxury home auction, a very savy, sophisticated Wall Street person.  He said of the auction company I mentioned above after digging into their commission model "I think I may be in the wrong business".  Needless to say, he recognized that there are better options out there for him which I would be happy to discuss with you.

Regarding budget amounts:  For a luxury home in the $2mm - $5mm range, one will find that the quotes from the handful of players in the luxury property auction world will range from $35k to well over $100k.  Unless the property is international, or it its a multi-property auction, I don't see many reasons that that budget amount should exceed $100k.  A well capitalized, sophisticated luxury firm should be able to keep those numbers in the $35k - $75k range.  Let's work together to really dig into a budget and what is necessary and what probably is not.  What are the travel expenses?  Is the marketing being done a profit center?  Is an auction manager really necessary? How is the agent involved?

We are here to help when it comes to making this most important decision regarding your or your client's luxury property.  Please reach out to us anytime to begin the discussion.

Tags: luxury real estate auction, luxury real estate auctions, luxury property auction, luxury property auctions, luxury real estate auction company, luxury real estate auction companies, luxury property auction company, luxury property auction companies, luxury home auction company, luxury home auction companies, luxury estate auctions, luxury real estate auction sites, luxury property auction sites

Luxury Real Estate Auction Budgets- Does Size Really Matter?

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
User is currently offline
Friday, 27 April 2012 Category Luxury Real Estate Auction Companies

Today, let's take a look at a major component of a luxury real estate auction, the budget, and whether a larger budget means a better end result.

So, what do we mean by "the budget"? The "budget" as part of a luxury property auction is the amount it takes to conduct an auction event which includes many components.  Those components could include: print media, online media, public relations efforts, due diligence items, signs, showing staff and sale day items.

Typically, a luxury real estate auction company will require that the seller be responsible for funding the "budget".  For most companies, paying for the "budget" upfront, in advance is the total commission paid by the seller.  However, there are a couple of firms, one in particular, that asks the seller to pay the "budget" in addition to paying a few points of commission.  Beware of this type of arrangement and consider this a red flag. We recently talked to a very savy Wall Street veteran who was pitched this arrangement by the firm most often using this tactic.  He laughed and told us that perhaps he was in the wrong business.

Does a larger budget mean a seller will experience better results?  I think not.  Why would one auction firm quote a budget much higher than another for the exact same property and seller?  Firms using things like having one of their staff members show the property/conduct open houses instead of using a local agent adds unnecessary costs.  In addition, some firms may claim that there is no mark up in media pricing while in reality it is a small profit center.  Do some firms get better pricing on media than others?  What about line items for travel expenses?  Is someone like an auction manager really necessary?  These are all things that should be considered which could total in the tens of thousands of dollars in savings when addressed correctly.

What is your auction budget for a $2mm plus property?  If you have already been researching such, I'm sure you have seen numbers that your are having trouble justifying.  Regardless, please contact us for guidance.  We would be happy to take a look at your situation and make our best recommendation.

Tags: luxury property auction sites, luxury real estate auction sites, luxury estate auctions, luxury home auction companies, luxury home auction company, luxury property auction companies, luxury property auction company, luxury real estate auction companies, luxury real estate auction company, luxury property auctions, luxury property auction, luxury real estate auctions, luxury real estate auction

The Relationship Between Luxury Brokers and Luxury Property Auction Companies

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, 26 April 2012 Category Luxury Real Estate Auction Companies

I thoroughly enjoyed meeting hundreds of luxury agents at a luxury conference in Las Vegas earlier this week.  I noticed that their impression of the luxury real estate auction method is begining to change as they realize that auctions can be a valuable tool for the right client.

In the past, their impression was not as positive but now that they are seeing the auction method work in various markets across the country, they seem to be opening up to the idea of aligning with a luxury property auction company

So, what exactly does the relationship between a traditional agent and an auction firm entail?  Depending on the auction firm, the relationship could be strictly a transactional one with little interaction and little compensation, or it could be one in which the agent is very involved in the deal and is compensated for such.  I personally am a big fan of the later and don't like working with firms who tend to be greedy.  When the agent is incentivized, the chances of experiencing a successful event is much greater. Regardless, the role of the referring agent, at a minimum, is to conduct the property tours which are usually held a couple of weeks prior to the event.  A good auction firm will involve the agent extensively including involving them in regular conference calls and strategy sessions to educate them on the auction process. 

Let's discuss the luxury property you and your seller may be considering taking to high end auction including the luxury real
estate auction companies
that are the most agent/broker-friendly.  Please reach out anytime.  We are here to help.

Tags: luxury real estate auction, luxury real estate auctions, luxury property auction, luxury property auctions, luxury real estate auction company, luxury real estate auction companies, luxury property auction company, luxury property auction companies, luxury home auction company, luxury home auction companies, luxury estate auctions

The Use of a Buyer's Premium at Luxury Property Auctions

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, 12 April 2012 Category Luxury Real Estate Auction Companies

So, what exactly is a "buyer's premium"?  A "buyer's premium is simply an amount (percentage) that the high bidder(s) pay in addition to the high bid price. Look at it like a sales tax.  With luxury real estate auctions, the standard percentage used is 8-10%.

Why is a "buyer's premium" used?  Typically, it is used to fund the commissions for the selling and buyer broker (if applicable) in addition to funding the commission of the auction company. Please remember that the total  commission paid by the seller is typically their funding of the advertising and marketing of the event. On a side note, I have noticed recently a couple of luxury property auction companies that are retaining a portion of the "buyer's premium" in addition to charging a few points of additional commission.  Please consider this a big red flag as there are much better options out there with your best interests in mind.

Is a "buyer's premium" never used?  Yes.  I know a veteran auctioneer in my home town that is adamant about not using a "buyer's premium".  He and I have had many spirited conversations about this topic with my primary thought on the matter being that the use of such generates more proceeds for the seller and motivates the brokerage community more by having more funds available to pay them.

Lastly, sellers often ask me "Doesn't a bidder factor into (reduce) their bid if they know that they have to pay an additional 8-10%?"  On the surface, that would seem to be a factor, but when someone really wants something, they don't let something like a "buyer's premium" keep them from bidding their interest.  Think about it- you have your eye on that new car, those new shoes, or whatever luxury property is a must have in your mind.  Are you going to reduce the price you are willing to pay for it just because there is a sales tax involved?  Probably not.  Add to this example an auction environment in which you are competing with others for ownership of the same luxury property.  Would the "buyer's premium" keep you from bidding your best interest?

Please contact us anytime to discuss this topic or any others in more detail.  We are ready to advise you regarding luxury real estate auctions and the auction companies competing for your business.

Tags: luxury home auction companies, luxury home auction company, luxury property auction companies, luxury property auction company, luxury real estate auction companies, luxury real estate auction company, luxury property auctions, luxury property auction, luxury real estate auctions, luxury real estate auction, 616 Chief White Tail Road Ellijay Georgia, Ellijay Georgia luxury real estate auction, dobie mountain lookout auction Ellijay Georgia, jackson hole real estate auction, Granite Ridge auction Jackson Hole, Turtle Rock Estate Auction Birmingham Alabama, 1717 Vestwood Hills Drive Vestavia Hills Alabama, 1 pelican hill road north newport coast ca, steamboat springs auction, trailhead lodge auction steamboat, anson house auction

Profile of Seller Conducting Absolute Home Auction

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
User is currently offline
Monday, 09 April 2012 Category Luxury Real Estate Auction Companies

Today, let's take a look at the profile of a person who conducts an absolute sale for something like a luxury home auction.  Most of you probably know what an absolute auction is but for those of you who do not, it is an auction that has no minimum bid or no reserve.  Absolute auctions are used to sell cars, antiques, art and of course real estate.

There are two types of absolute auction sellers and two types of real estate auction companies that conduct absolute auctions.Sellers and auction companies that conduct legitimate absolute sales and sellers and auction companies that do not conduct legitimate sales.  You are probably thinking "I thought that if a property is advertised as an absolute sale that the property sells to the highest bidder regardless of cost". In theory, that is true but unfortunately, there are auction companies that advertise an auction as absolute only to cancel the auction on sale day due to dissapointing bidding results. Often times the firm may charge a "no sale fee" if the auction needs to be canceled.  Please be very wary of this arrangement and consider it a big red flag.  This a a gray area with laws enforcing such varying from state to state and loosely regulated in general.  Regardless, this tactic is bad business which could lead to litigation, something no one or no company wants to be a part of. A legitimate individual seller as well as a legitimate auction company will conduct an absolute auction if there is an understanding between each party having each other's best interests in mind as well as the best interest of their buyers.

The profile of a legitimate absolute auction seller is typically someone who knows how to manage risk.  They often got where they are in life by being somewhat of a risk taker.  I'm not saying that there is risk associated with all auctions, just that someone electing to sell their luxury property at an absolute auction is probably more risk adverse than your average seller.  They understand that a legitimate absolute auction is the ultimate call to action and that if they hire the best firm to handle their sale who forces the market to respond, they will achieve maximum market value for their property.

We would be happy to discuss the absolute auction topic and others with you anytime.  Please reach out to us anytime.

Tags: luxury home auction companies, luxury home auction company, luxury property auction companies, luxury property auction company, luxury real estate auction companies, luxury real estate auction company, luxury property auctions, luxury property auction, luxury real estate auctions, luxury real estate auction, 616 Chief White Tail Road Ellijay Georgia, Ellijay Georgia luxury real estate auction, dobie mountain lookout auction Ellijay Georgia, jackson hole real estate auction, Granite Ridge auction Jackson Hole, Turtle Rock Estate Auction Birmingham Alabama, 1717 Vestwood Hills Drive Vestavia Hills Alabama, 1 pelican hill road north newport coast ca, steamboat springs auction, trailhead lodge auction steamboat, anson house auction

An Agent’s Role in a Luxury Real Estate Auction

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
User is currently offline
Tuesday, 20 March 2012 Category Luxury Real Estate Auction Companies

I Am Considering a Luxury Real Estate Auction. What Should My Next Step 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
Tuesday, 13 March 2012 Category Luxury Real Estate Auction Companies

A person thinking about a “high-end” property auction should start here.

Tags: Untagged

The Advertising Component of a Luxury Real Estate Auction

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
User is currently offline
Friday, 09 March 2012 Category Luxury Real Estate Auction Companies

My Client Has Asked About Luxury Real Estate Auctions. 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
User is currently offline
Friday, 02 March 2012 Category Luxury Real Estate Auction Companies
Scroll Up