Online Auctions
WHETHER YOU WANT TO SELL YOUR FARM, RURAL HOME OR LAND, THERE ARE SEVERAL IMPORTANT REASONS TO CONSIDER AND ONLINE AUCTION WITH US:
Faster Sales Cycle, Higher Potential Profits, No Seller Fees or Commissions, Less risk than with traditional sales processes.
FASTER SALES CYCLE WHEN SELLING LAND AT AUCTION
The primary advantage of utilizing an auction platform to sell your Land or Home is having a Fixed Sale Date. Traditionally, some real estate sales processes can take months on the market before offers are presented. By utilizing an Online Auction platform, the sale date and closing date are pre-determined. This facilitates an expedient and efficient sales process to convert your assets to Cash.
HIGHER POTENTIAL PROFITS
At Auction, Buyers Compete to “Win the Bid”. Competitive bidding will often drive the sale price higher than the expected market value. There is no limit or cap on what a property could end up selling for. Buyers (bidders)ultimately determine what they are willing to pay for a property based on their individual needs and desires. No more missing out on the highest and best offers available for your property.
NO SELLER MARKETING FEES
At Land and Farms Realty, there are No Seller Marketing Fees or Commissions for Auctions! Winning Bidders agree to pay a customary 10% “Buyer’s Premium” to be added to the final sales price at the close of the auction. This fee covers all marketing and commission expenses on your behalf. Sellers are required to assist the auction firm in preparing the property for Auction by completing any required due diligence and/or repairs as outlined in the auction agreement. The final sales price (exceeding the reserve), less the usual seller side closing costs is what you retain at closing.
LOWER RISKS OF DEALS FALLING THROUGH
Online Auctions result in “as-is” sales. There are fewer problems with contingencies compared to traditional real estate transactions. We work with the landowners to provide a Bidders Package for all potential buyers, complete with all the necessary due diligence documentation. This includes but is not limited to: a certified opinion of title, mineral oil and gas disclosures, surveys, soil reports, perc tests or septic permits if applicable, timber stand data, tax cards, land use plans, interactive online mapping, etc. Utilizing an Online Auction Platform to sell your land or home on acreage offers numerous benefits greatly outweighing the alternative, traditional means of selling real estate.
WHAT MAKES OUR AUCTIONS DIFFERENT THAN OTHERS?
No third-party agents or auction companies, Local Expertise, Superior Targeted Marketing, and more Highly Qualified Buyers.
NO THIRD PARTIES – NONE.
This is an important difference between us and other online auctions. We are both your real estate firm and your auction company. Because of this, we ALWAYS work in your best interest when assessing, marketing, auctioning, and closing your property. To illustrate how serious this service is to us, we built our own state-of-the-art auction platform that’s integrated with our listing site. Since we control all aspects of the marketing and auctioning of your property, we are totally vested in the success of your auction. Further, you won’t have to keep up with multiple people and companies to get the service you should demand and deserve.
LOCAL EXPERTISE
Because we are Land Specialists and sell millions upon millions of dollars of real estate each year, we have the skills to expertly assess and value your property. Our local Land Specialist and agents know your market and how to properly value your property’s attributes; further, they know how to present properties online, and on site, like no other brokerage. Very few real estate brokerages or agents possess these skills, and they rely on the auction company heavily for the marketing of their auctions.
Other real estate firms hire a third-party auction company to market and conduct their auctions. These auction companies have one goal: to conduct an auction and get paid. They aren’t vested in your success as they’re going to be paid, regardless of what your property sells for. That’s not us. We are vested in your land sales goals from the beginning of the process and all the way to closing. We keep your land sales goals in mind and believe that your success is our success!
SUPERIOR TARGETED MARKETING
Our Marketing Platform has a proven track record of success! We’ll put your property front and center in all mainstream media outlets; a variety of aggregator websites, Google, Facebook, Zillow, Realtor.com, and all local Multiple Listing Service (MLS) systems. Our proprietary system is specifically designed to reach an audience of motivated and qualified buyers looking for properties like yours and deliver it to them on devices they use every day. Those efforts ensure that your property receives the maximum exposure it deserves. Also, this layering of exposure over multiple MLS platforms engages thousands of real estate professionals who can alert their buyers and earn co-broking fees if their buyer purchases your property.
HIGHLY QUALIFIED BUYERS
Bidders come Ready to Buy! Potential buyers are prescreened at registration, must agree to all the terms and conditions of the sale prior to bidding, and are prepared to engage with other buyers to compete for your property! The benefits to this are less time wasted on non-productive showings and previews, less negotiations, and fewer due diligence delays resulting in contract extensions and/or terminations.
HOW IT WORKS
Selling your property via an Online Auction is a very simple, effective process. Our team of real estate professionals and marketing experts will walk you through the entire process, one step at a time. Here are our 7-Steps to your successful auction:
Step 1: We will visit the subject property and begin by performing a no obligation evaluation of your land or home and provide the Seller’s with a complete “Broker Price Opinion”. Our local experts will advise you on the expectations of the market and how to determine a realistic reserve price.
Step 2: Next, we will work with the Seller’s to complete all of the required forms and determine what due diligence efforts need to be completed prior to the marketing date. These efforts may include a survey, perc test, home inspection, attorney opinion of title, timber assessment, etc. We will provide the Seller’s with professional insight into any repairs or curb appeal measures necessary prior to the beginning of the marketing period. Sellers are responsible for any due diligence expenses unless otherwise agreed upon.
Step 3: Next we will help the Seller’s set the “Terms and Conditions” of the sale, the marketing period, the sale date, and the closing date of the auction.
Step 4: Our marketing team will then make arrangements to visit the property when the weather is appropriate and take professional landscape and/or interior photographs and videos. In addition, our licensed drone pilots will fly the property and provide aerial photos and stunning drone footage. We will build detailed maps complete with soil analysis, wetland, and flood overlays; and finally, our team creates a customized marketing video, highlighting the property and all of its best features.
Step 5: Once all the marketing materials are completed, our team will source the very best digital and traditional marketing channels available and promote the online auction to a dedicated “auction focused” buyer pool, as well as to the general buyer public. Our expertise in Social Media Marketing, Google Ads, and Online Advertising Channels are second to none and we have a proven track record of success.
Step 6: When the Online Auction goes live, all potential bidders must agree to all of the published “Terms and Conditions”, verify their email address and provide a credit card authorization prior to being allowed to place a bid. Bid increments will be set and starting bids will be established. As the Online Auction comes to a close, any bids placed in the last 5 minutes will automatically reset the timer to 5 minutes. When the Reserve is met, an alert will be shown on the bid screen telling bidders the Reserve has been met and the property will be sold that day. This is when things get exciting, and the true power of an auction is realized for our seller!
Step 7: Once the Reserve has been met, the winning bid has been placed, and the clock runs out, we will contact the buyer and make arrangements to complete the purchase agreement and collect the deposit within one business day. The closing attorney is notified, and the deposit will be placed in their trust account until the day of closing. From that point forward, our team works with all parties to coordinate and execute the settlement and closing. We are with you every step of the way!
If you’re interested in having greater control over the real estate sales process with the potential for quicker sales and higher profits, you should seriously consider the online auction route. Complete the form below to schedule a no obligation consultation to decide if the Online Auction option is right for you. You can also download our Auction Presentation package below.