Have you wondered why it seems that real estate auctions have become more common over the past few years? Whether for a luxury home, a large tract of land, or a commercial property, auctions represent an effective way for real estate brokers to assist both their buyers and sellers. Auctions are also great marketing tools for those looking to sell their property in a creative and unique way. There are several reasons that real estate auctions are attractive for both buyers and sellers, including:
Real estate auctions are all business and very little red tape, so they offer much more simplicity and much less in terms of contract work than traditional brokerage sale. In real estate auctions, sales are transacted without all the usual contingencies of a traditional sale, and they are usually settled within just a few short days. And while we understand the importance of a traditional (and quite lengthy) real estate contract, those who are looking to avoid all the red tape will appreciate the convenience and the efficiency of buying and selling through a real estate auction.
In a traditional real estate transaction that has multiple interested buyers for one property, prospective buyers are left in the dark when it comes to figuring out how to make the perfect offer that suits their budget. Because multiple prospective buyers are bidding in an open arena with real estate auctions, all bids are immediate and are available for the public to witness which creates a level playing field for all buyers. Read more about Selling Your Home At A Real Estate Auction.
Because fewer people can afford high end home and land prices, in a traditional luxury home real estate transaction, potential buyers are harder to find so high ticket luxury properties tend to have less visibility, especially as they rise higher in price. In contrast, a real estate auction makes high end properties widely available to all prospective buyers. Sellers of luxury homes appreciate a real estate auction as this route tends to reduce the dreaded days on the market (DOM).
Real estate auctions allow sellers to set the exact auction date, which greatly reduces the days on the market (DOM). The benefits of the reduced days on market saves sellers time and money by reducing the marketing time, and giving buyers a known closing date. If you’d like more information about selling your property or equipment via auction, call Brooks Auction Services today at 864-379-1011 to learn more about the services we can offer you.