Putting your property up for auction can be a great alternative to traditional selling. Instead of waiting for offers to come in, an auctioneer will present the property to interested buyers all at once. This helps the property sell faster through a deadline.
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If you are interested in putting your property up for auction, follow these four tips:
Find A Reputable Auctioneer
Before putting your property up for auction, research your local auctioneers carefully. Do they specialize in the type of property you have? How long have they been in business and how many properties have they successfully sold?
Ask yourself, and the auctioneer, these questions to determine if they are a good fit for you and your needs. At Merchant of Homes, we believe that selling your property at auction should be easy. We work with you to understand your property and create a custom sales plan, which includes marketing.
Know Who Pays For What
Before committing, know what you will be paying for. For example, marketing costs, fees, commissions, and what happens if the property does or doesn’t sell. A good auctioneer will be upfront with you about costs so you can make the best decision.
Understand How Auctions Work
Your chosen real estate agent and auctioneer will guide you through the process and help you understand what is needed from you and when. Your auctioneer will help you set a reserve, or the minimum price the property must sell at, and a selling timeline. You may also have the option of not having a reserve.
Next, you’ll decide whether to have the auction in-person, online, or a mixture of both. Both offer their own benefits and your auctioneer will discuss your options.
Get Your Property Ready
One of the benefits of selling property at auction is that buyers understand that it will be sold as-is. But that doesn’t mean you don’t have to do your part to get the place cleaned up and debris hauled away. If there is personal property to be sold as well, your auctioneer can help get that prepared in the listing as well.
At Merchant of Homes, we have years of experience selling properties at auction. From commercial properties to farms and hunting land, we have seen it all and have the knowledge and expertise so you can sell your property with confidence.