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Real Estate Auctions – How Auctions Work for Sellers

Real estate auctions require a concentrated focus by dedicated professionals to achieve a massive amount of work in a very short period of time. For the Auction firm, there are well over 500 steps and 100 hours of effort associated with carrying out an auction marketing campaign. Most of the work to facilitate a real estate auction is performed in the 30 days before and after the sale.


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The Auction Process Summarized in 20 Steps

Engagement and Strategy

1. Have a private consultation with a professional Auctioneer

2. Determine the goals and timeline for sale

3. Review the Auction Marketing Proposal

4. Sign an Auction Listing Agreement and Invest in the Marketing

 

Marketing and Preparation

5. Property photos, video and details are posted online

6. A Property Information Package highlights property features

7. The online bidding portal goes live (if applicable)

8. Auction Terms and Conditions and Sales Contracts are prepared

9. The inbound marketing drives internet traffic to the property page/bidding portal

10. Traditional and print media produces buyer inquiries

11. Property is prepared for buyer preview

12. Scheduled inspection periods allow buyers to perform due diligence

13. Marketing continues until Auction day and is tweaked based upon response

 

Auction day

15. Final open house is held in hours leading up to auction time

16. Qualified bidders register and compete to win the right to buy

17. Contracts are signed and deposits collected

 

Post-Auction

18. Closing Attorney/Coordinator prepares documents for legal transfer of title

19. Personal property is removed from the property

20. Title and possession transfers to Buyer and Seller walks away with cash-in-hand


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