With so many ways to sell a property today, selling at an auction is unarguably the fastest way to do so.
A very important tip when selling your property at an auction is to find a real estate agent to work with. Find a real estate agent with a successful track record in auctioning homes. This is your way of knowing that your auction will be handled well.
Also, before committing to a particular real estate agent’s services, try to attend at least one of his or her auction. Also, ask about the success rates of the auction he represent – how many properties were sold and how many were not.
Compare the asking rate of properties similar to yours and see the actual price in which it was sold. Assess the real worth of your property so you are comfortable all throughout the bidding process.A second auction tip is to keep a realistic price for your property based on recent comparable property rates in the industry. The change in economic activity affects the way properties are valued and so it follows that you cannot simply give a value without it being commensurate with the general property rates of the times.
A third tip is to create a budget for your advertising requirements. Get the help of the real estate agent you hired at this point. You need advertising suggestions that will work given the short time frame you are allowed to advertise.
Should you pay for advertising on real estate magazines, newspaper listings, flyers, brochures, online listings, signages to put outside your home or a combination of 2 or 3 of these? Should you sign up for an open house or not?
Keep the budget practical since you need to pay the full cost of advertising regardless if your property sells or not. Do not go over your budget, nor should you under spend. Seek the counsel of your hired real estate agent about what advertising methods work given the situation.
Even if you fail to sell your property during the auction season, do not panic. Interested buyers can still follow up with you or with your real estate agent about your property’s availability. It is possible that a highly interested buyer simply failed to attend your auction. At the end of the day, all opportunities to sell your property is present. You just need to wait it out a little longer.