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

Price Sensitive Sellers of Luxury Real Estate Sold at Auction.

By Gary Gilbert on
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
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Apr 15 in Luxury Property Auction

When it comes to sellers of luxury real estate offered at a luxury property auction, there are two types: price sensitive sellers and market sensitive sellers.

Much like a potential seller is analyzing luxury real estate auction companies, a good luxury auction firm will also be evaluating their potential future client. If a client is hung up on a number that they insist their property is work, based on things like appraisals and comps, it may be better for the auction company to pass on this business.  No one wants to go through the process of conducting an event spending time and money only to not sell the property and end up right back where they started from.  However, if the client seems to be someone who would be realistic on the true value
obtained on auction day and is not too hung up on things like comps and appraisals, they may be a good candidate.

Sadly, there are luxury property auction companies that have a "throw it up against the wall and see what sticks" philisophy.  They simply roll on to the next auction in the next state and hope for better results.  In this case, most sellers are out the expense money they put up on the front end and end up right back where they started from. It is much better for all involved to pass on business where a seller seems to be too "price sensitive". 

Which type of seller are you or your client?  Let's discuss your situation and find out.  We are happy to guide you through the world of luxury property auctions including recommending the company best suited for your needs with your best interest in mind, not their's.

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