The between Open Door Auctions and your old-fashioned real estate agent is the process by which we arrive at a property’s value. Chances are the numbers themselves will be quite similar. The problem lies in the dysfunctional-by-design traditional real estate industry. Even a decent agent, and there are a few, cannot escape that albatross around the neck. We figured out a perfect way to find a listing price that never fails – ask the seller and do what he says. As a buyer, you’re thinking, “Recipe for failure due to delusional home owners.” That might be the case, but it only lasts a few days. No matter what the seller wants to list as a starting price, we’re going to reduce it periodically until the auction date two weeks hence.If you find an Open Door Auctions property that you think is incredibly over-priced, just wait a bit. It’ll drop soon. Our policy of regular price reductions is intended to elicit the most number of bids in the shortest span of time. When it gets into the zone you’re comfortable paying, place a bid. You might have noticed this is exactly what an old-fashioned real estate agent will do, except it takes him months or years to complete the process. The end result is a price determined by the free market of buyers of what the property is worth, which is the same market price our two- week sales process uncovers.
There are a variety of reasons your agent takes so long to find an amenable price. Here are a few:
1. Dysfunctional industry model
2. He wants to use your property’s “for sale” status to troll for future business
3. He’s not as smart as he thinks
Predicting the final sales price for a house, like guessing the direction of stocks, is a waste of time. The smart investors don’t do it. Let the market set the price, because it’s going where it wants anyway. All you have to do is decide if you will pay the price or not.
If you’re ready to experience a real estate transaction the way it should be done, visit Open Door Auctions at www.OpenDoorAuctions.com and browse our database of available properties.