Why Fine and Company Real Estate Auctions?
Auctions work for buyers and sellers alike because everyone involved wins. The seller wins because they are able to sell their property on a timely basis and entertain only real offers that are designed to close and therefore saving potentially thousands of dollars in carrying, marketing and management costs. Buyers win because the savings realized by the seller can be shared by the buyer in the form of auction prices.
What Criteria Identifies a Good Auction Candidate?
Auctions are the best alternative marketing method for properties which are not easy to value or where a broad geographical marketing program is required. These properties include:
- Properties which are unique based on either what they are or where they are located
- Properties with limited comparable sales or other data to accurately appraise market value
- Markets that are volatile, either moving up or down quickly where yesterday's sales do not translate into today's market value.
- Properties with high costs of carry
- Properties where the likely buyer maybe identified but the seller wants to confirm the value and determine and control the terms under which the property is to be sold.
- When the seller wants to control the transaction and for it to run on a pre-determined timeline...from when the property will be marketed...to when it will be shown...to what information will be provided for buyer due-diligence...to when the property will be sold and closed.
ADVANTAGES FOR BUYING AT AUCTION
- Buyers can name their price
- Buyers know that the seller has taken a serious approach to sell
- Buyers are treated fairly and on the same terms as others competing for the same property
- In a Fine and Company auction the buyers know that they are only competing against other buyers and that the seller is NOT bidding
- Auctions eliminate long negotiation periods
ADVANTAGES FOR SELLING AT AUCTION
Properties can be sold within seven to ten weeks from the time of retention saving the seller vast amounts of money by eliminating marketing, carrying and management costs.
- Auctions offer the unprecedented opportunity for sellers to control the entire selling process.
- A structured sale reduces risk and maximizes value.
- Properly conducted auctions increase the likelihood of closing to almost 100%
- Auctions create a deadline in order to motivate the market to make real offers to buy.
- Auctions focus the market's attention on your property.
- Auctions provide customized and creative marketing strategies.
- Properties are staged for showing at their very best and then shown on a pre-determined schedule adding an extra measure of convenience for the seller.
- An entire portfolio of property can be sold at the same time, but to individual buyers providing the seller the benefits of a bulk sale and the benefits of selling the properties to individual buyers all at the same time.
The selling program is designed to include the seller in the process and to provide complete reporting throughout the marketing and closing program.
