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3 Reasons Home Auctions Work for Sellers

There are a host of reasons Open Door Auctions continues to flourish in the home auctions sales business. We’ll list a few of the most important ones below but, if you want the short version, it goes something like this – people keep bringing us houses to sell at auction because the process has been shown to work brilliantly for them. It’s that simple. People like what is successful. With an auction, the seller is happy, the buyer is happy, and the whole thing is concluded in way less time than the wildly inefficient method of listing a house with a traditional real estate agent.

It’s interesting to note that the word “auction” is derived from the Latin word augeo, which means increase or augment. As it turns out, this is quite appropriate terminology because a property auction certainly is likely to augment, increase, and benefit you, the seller, in so many different ways when compared to the other approach.

Generate Interest
One of the first factors that goes into holding a successful home auction is to generate interest. There are a few different ways we go about doing that, and it goes without saying the whirlwind development of the Internet as a marketing tool has certainly made our job easier. Though we currently specialize in Orange County and Irvine, California, properties, the buyers’ market is not limited at all by physical geography, which is another way to say that by strategic use of the Multiple Listing Service (MLS) and other online resources, we can draw in bidders from all over the country and world. California may have lost some of its luster in recent years but still holds a strange appeal to some who are ready to make a go of it in the Golden State.

So the Internet is critical in generating interest. A basic rule of sales is that the more interest you have, the higher the price can be expected to go. More interest means more competition, a factor we’ll discuss in a minute but, for now, just know that the very nature of the auction format causes a light bulb to go off in the average buyer’s head that says “I’m there.” Let’s face it. Auctions are interesting and exciting, especially when compared to the creeping pace of a standard real estate listing.

Reduced Stress
Perhaps the worst part about the protracted nature of a traditional real estate listing and sale is the nerve-grinding stress. The simple truth is that the longer it goes on, the more stress is created in your life. That’s where our two week sales process is liable to be a lot easier on your nerves. Answer this. Would you prefer to put your life on hold for a year while your old real estate agent does his thing or list with Open Door Auctions and have the whole thing done in two short weeks? Assume that the resulting sales price is the same either way. Silly question, we know. Less stress is better. Our method gets the house sold in a lightning fast amount of time and sacrifices nothing in the way of profit.

Competition
When it comes to selling your house, competition is a good thing. You want dozens or hundreds of serious bidders standing shoulder to shoulder and wondering what the other is writing down on that slip of paper and stuffing into a sealed envelope. You can almost see the thoughts flying across their wrinkled brows. Each falling rapidly in love with the property and afraid the other will snatch it away with a slightly higher bid. Better go a little higher yet. After all, what’s another hundred dollars of monthly mortgage payment?

See how insidious the process is? The nature of a home auction creates competition between buyers and that competition benefits you in the final sales price. Human beings tend to make predictable decisions in the heat of shopping battle. Why do you think eBay has been one of the most popular websites ever? Because it continually pits buyers against buyers to see how high they will go. For the buyer, an auction is almost like a game show, and the seller is the lucky benefactor.

Should you sell your property with a home auction? We think you definitely should. There literally is no downside risk on your part. It only takes two weeks. If, after that length of time, you don’t have a bid you like, reject them all and go back to your old real estate agent. But we think you’ll be pleasantly surprised. If you’re interested in seeing a sampling of recent properties we’ve sold, check out our listings page.

The Open Door Auctions Team

 

 

 

 

 

Flickr / jayneandd


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