The new wave - real estate auctions mean quicker sales

I am finally seeing a growing number of properties going to auction. Before you think I'm talking about abandoned, already foreclosed, or distressed properties, guess again.

Auctions are quickly becoming "in". They are not for problem properties, and thankfully, no longer limited to builders, developers, and banks. Individual sellers can do it. Considering that many listed homes are staying on the market for 3 months or longer, the prospect of having an auction for a home or investment property which needs to be sold being just 30 days away has taken on a whole new meaning. A fresh one.

If you have a home to sell, it no longer has to risk being on the market for month after month. As long as it is priced right. Bidders at most property auctions need to be pre-qualified and come with some money in hand. In other words, a potential buyer needs to show both money and some level of commitment before the auction even begins. Face it, that is not likely to happen between 1:00 and 4:00 on Sunday when your front door is loose in anticipation of visitors to an open house.

To me, the most appealing part of this (besides the faster sale) is the possibility of having more than one possible buyer bidding at the same time. The ability to cut into that vicious cycle of calling and running from one buyer to the seller and the other buyer to the seller and back to both buyers and the number of man hours that waste is most welcome.

Having that deadline of minutes or seconds where if a potential buyer doesn't bid right away he or she loses out is a blessing to the seller.

In this challenging marketplace, providing a faster option for motivated home sellers, regardless of mortgage or foreclosure status, is the best thing to come along in years. Personally, I worked on the "Open House Hotline" updates every week for 15 years. The whole idea is to get potential buyers to a property for sale. The possibility of going online or seeing the weekend Real Estate listing of definite auctions for this weekend means that sales will be made. Way better than an open house list where "lookers" can visit and wait three weeks before making a lowball offer.

On the right side you will see links to a couple of sites which provide more details. If you or your client needs to sell quickly, this is totally worth checking out.

Keep It Creative!!

The news stories which could impact the real estate community do not always show up in the Real Estate news. Another case in point today. I see where Google News is embarking on a mission to compile archives from local newspapers across the U.S. and Canada and have articles going back years and years available when searching only on Google. Word is that this will be starting in the very near future and that Google hopes to have these massive archives completely available within a year.

How does this impact the real estate community? It can if you want it to. Keep in mind there is now a new generation of potential first time buyers. They don't remember when mortgage rates were in double digits and homes were selling within days of being listed. What they know is now, and as I have been pointing out, it is way too much on the negative side.

Being able to archive a local or regional newspaper going back for many years will enable you to show the "first time buyer generation", or FTBG's as I will name them, how things used to be around here. Show them a "(local) Journal" article from 1990 about real estate in your area. Or whatever positive spin you can put on it. You will have the ability to go back to your best year in the business - and find stories to support your "new" selling tools.

Right now, your potential clients are probably comparing mortgage rates and closing costs to two or three years ago. And YOU lose in that comparison. Starting very soon, I'm going to make certain that my clients benefit from this wonderful Google feature, and let these same potential clients compare to when mortgage rates were over 15% and homes were selling.

The market is not terrible. It is how YOU present it to your potential clients.