About Real Estate Auctions

Never attended a public auction of real estate? Well, congratulations. You’re in for the ultimate purchasing experience of a lifetime; the buyer determines the value of the property. The reinforcement of other bidders provides the confidence that he/she is not offering too much. The one and only, unlimited method of marketing, in which the buyer gets actively involved, both physically and mentally, is auctions. Many real estate marketers now agree that the auction method is actually superior in many ways to listings (negotiated sales) and should be the first, not second, option for marketing real estate. Figures released by the National Association of Realtors indicate that over 30% of real estate is now sold by the auction method of marketing.

Traditionally, farm lands, livestock and agricultural products were the focus of most auctions. In today's financial arena, where time value of money is most prevalent, auctions include personal properties and all types of assets including residential, commercial and industrial properties. It's hard to imagine anything that can't be sold or purchased at auction today.

The auction method features predetermined timeframes for marketing and holding the event. This not only keeps the seller and auctioneer on target of the marketing process, but gives the consumer a roadmap for what's going to happen and when.

Don’t be concerned if you scratch your nose or pull on your ear you have bought some property, nor be concerned about not understanding what the auctioneer is saying. Professional auctions are not conducted in that manner. Emphasis is placed on everyone knowing what is up for bid and the current bid price is clearly stated. Knowledgeable ringpersons are provided and glad to assist the bidder.