Has anyone used the auction method to sell properties? If so, please share your experiences.
Thanks and God Bless,
I've had good experience with online auctions to buy and sale.
I use a reserve price when listing with an auction.
Research the auction policies to become familiar with their procedures.
Also, learn a good bid strategy.
Due diligence on any property is also important.
And, beware that bidding (and winning) can become very emotional and "addictive" similar to gambling in my opinion. Never bet more than you can afford to lose as the saying goes.
From a business perspective, auctions can also be very profitable and fun!
Thanks for your feedback. So what auction platform do you use to sell properties? Is it your own platform or do you use eBay, etc.?
I'm really looking into selling via auctions as opposed to buying via auctions.
As a matter of fact, my first auction listing was on eBay. It was an out of state property at Myrtle Beach, SC and there was alot of interest through the auction until it sold. Location and marketing your listing helps create interest.
Auctionzip.com is another good site with multiple state listings and a good resource for information for online and onsite auctions.
3daybid.com is similar to eBay but with a smaller audience.
If you are an agent, you can list with realtybid.com.
I have had several winning bids on bank owned properties at williamsauction.com which is operated by a law firm in another state.
Since real estate is governed by state laws, consult your attorney for compliance in buying and selling in the applicable states as well as, the federal fair housing laws.
For your information, ads, terms and conditions and any applicable disclosures must be considered in all listings.
There are good software programs if you want a self directed auction platform.
Research software companies and auction sites prior to giving any personal, company or financial information by phone, fax or web.
Government websites can offer good deals on real estate if you're interested in buying from the government. The government also buys and/or leases real estate if you want to pursue that area. The possibilities are endless!
Put together a professional team of experts in different fields such as legal, marketing, real estate agent, accountant, web designer, etc. for the maximum benefits of your real estate business.
BP has numerous professionals available to network as colleagues.
Good luck & good investing!
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you