My previous article explained the benefits of online real estate auctions for consumers. Developers are also starting to discover the value of online auctions. Still, many developers are wary of putting their property on the market this way. Why should a developer consider using an online auction? What are the advantages in doing so?
Recently, the auction of resort property in Muskoka made headlines. It was notable because of the low minimum bids, transparent nature and because the auctions were being held online. These particular auctions were for fractional property, but for many buyers, an online auction is an excellent way to purchase property. Online auctions of single and multiple properties have developed and offer many advantages over a live auction.
So what are the benefits of online auctions of real estate for the consumer?
Typically, when preparing for an online auction, we want everything you are selling to be photographed. Thinking about everything you own, and everything you might sell when you downsize probably leaves you with the feeling that taking all those pictures would be a big inconvenience.
Photographing your stuff for an online auction is much easier (and cheaper) than holding a traditional auction. That requires you to sort through all your stuff and determine what you can sell, and what you can’t. You then pack any goods that are saleable, and throw out or give away the rest. Your goods for sale now need to be transported to the site of a live auction or consignment store, unpacked, and organized—all at a cost to you. Photography, especially with digital cameras being so readily available, is a much simpler.
Before you decide to have an online auction with us, we want to be sure you understand it. For each client it can be a little different. Most of the time we find people are happy with the auction solution once they are clear on the details, and the benefits.
This also means we can explain it to your family and bring them into the decision making process if you wish. We always ask “How do you like to make decisions?” Sometimes people are very confident making their own decisions and so we report to them alone. Sometimes people like to get input from family or trusted friends, and we can accommodate that. We move forward based on what the client wants whether in person or through email or phone conversations.
Typically we hold an online auction event for a week, but we can shorten or lengthen the duration of the auction depending on your needs and circumstances. When the auction closes, your stuff is sold to the highest bidders! So what happens now?
We collect all the money online or over the phone, so there is no haggling or negotiating. We have a receipt and so do they. Now all they have to do is come and pick up their items, and that all happens at a set place and time. Prior to bidding, your buyers were informed about the details of when and where to pick up any items they have purchased. Again we handle that part of the transaction, and we will be there when the purchasers come around. It is the purchasers responsibility to be able to move any heavy items, so they bring their trucks or trailers and haul away their goods. Because we don’t do shipping, if someone on the other side of the country wants to bid, they have to arrange for someone local to pick up their goods.