Selling Tips
TIP 1: Advertising and local promotion will definitely help.
One way to enhance the competitive process is through heavy marketing and advertising. This advertising should be constructed to bring awareness to the property and the online bidding timeframe. Online bidding will only be successful if the buying public is aware of the property and the dates on which bids can be placed.
We recommend display ads or line ads in local newspapers for most properties and national newspapers for luxury and commercial properties. Ads should include a photograph of the property and enticing information about the property to include the date, the list price, the opening bid (which should be quite lower than the needed reserve price), a phone number for property tours, broker/agent information and, of course, the web address for Realty2Auction.com (www.Realty2Auction.com).
A sample line ad is offered below. Obviously it is better to run a display ad with a photo for at least two simultaneous weekends to get the most benefit. We also recommend that you contact your local newspaper real estate reporter to let them know you are trying out a cutting edge real estate concept. Many times they will write a local story about the process and the property which is free exposure for you as the agent. Here is one sample line ad:
HOME AUCTION
123 Main St - 3 BR / 2BA
Bid Online Now!
List Price: $325,000
Starting Bid: $215,000
Auction Ends Soon
www.Realty2auction.com
888-929-9910
TIP 2: Projecting an attitude of seriousness to the bidders is a must.
Seller should be very realistic about their property, not just getting an appraisal of market conditions. To get people interested in your property, you must convey an attitude of seriousness. The best way to do that is by setting a low opening bid price and a low reserve price. Realty2Auction.com reserves the right to adjust the starting bid if it is deemed too high. The reserve price is up to the Seller and Listing Agent. If however Realty2auction.com after internal review deems the reserve price too high Realty2Auction.com reserves the right to not accept the auction.
The public will see the opening bid price but the reserve price is kept confidential until it is surpassed during the bidding. At that point, the site reveals to the bidders that the "reserve price has been met" and that from this point on the property is selling to the highest bidder.
The reserve price is the price you input into the bidding system as the lowest acceptable price your customer will accept for the property. This does not mean that the bidding will stop once the reserve price is achieved. The opposite is actually true. Once the reserve is met, we see increased bidding competition because the bidders understand that they will lose the property if they do not act.
When prospective bidders call and ask you what it will take to purchase the property, just state that the listing price is X and the starting bid is Y. Encourage them to bid and let them know that all bids will be presented to the Seller immediately after the conclusion of the bidding. Do not discuss pricing with a potential bidder, as the standard negotiation tactic of stating high pricing to get something close will not work in this format. To be successful, let the website do the pricing for you.
Sample Seller Representative Addendum Forms
After you have registered and have been verified as a licensed real estate agent you will be able to access the agent’s forms. While logged in, mouse over the "Agents" tab and there should be a sub tab labeled "Agent's Forms" . Here you will find sample Addendums with verbiage you should use for your MLS input forms. If you have questions contact us.
Selling Tips
TIP 1: Advertising and local promotion will definitely help.
One way to enhance the competitive process is through heavy marketing and advertising. This advertising should be constructed to bring awareness to the property and the online bidding timeframe. Online bidding will only be successful if the buying public is aware of the property and the dates on which bids can be placed.
We recommend display ads or line ads in local newspapers for most properties and national newspapers for luxury and commercial properties. Ads should include a photograph of the property and enticing information about the property to include the date, the list price, the opening bid (which should be quite lower than the needed reserve price), a phone number for property tours, broker/agent information and, of course, the web address for Realty2Auction.com (www.Realty2Auction.com).
A sample line ad is offered below. Obviously it is better to run a display ad with a photo for at least two simultaneous weekends to get the most benefit. We also recommend that you contact your local newspaper real estate reporter to let them know you are trying out a cutting edge real estate concept. Many times they will write a local story about the process and the property which is free exposure for you as the agent. Here is one sample line ad:
HOME AUCTION
123 Main St - 3 BR / 2BA
Bid Online Now!
List Price: $325,000
Starting Bid: $215,000
Auction Ends Soon
www.Realty2auction.com
888-929-9910
TIP 2: Projecting an attitude of seriousness to the bidders is a must.
Seller should be very realistic about their property, not just getting an appraisal of market conditions. To get people interested in your property, you must convey an attitude of seriousness. The best way to do that is by setting a low opening bid price and a low reserve price. Realty2Auction.com reserves the right to adjust the starting bid if it is deemed too high. The reserve price is up to the Seller and Listing Agent. If however Realty2auction.com after internal review deems the reserve price too high Realty2Auction.com reserves the right to not accept the auction.
The public will see the opening bid price but the reserve price is kept confidential until it is surpassed during the bidding. At that point, the site reveals to the bidders that the "reserve price has been met" and that from this point on the property is selling to the highest bidder.
The reserve price is the price you input into the bidding system as the lowest acceptable price your customer will accept for the property. This does not mean that the bidding will stop once the reserve price is achieved. The opposite is actually true. Once the reserve is met, we see increased bidding competition because the bidders understand that they will lose the property if they do not act.
When prospective bidders call and ask you what it will take to purchase the property, just state that the listing price is X and the starting bid is Y. Encourage them to bid and let them know that all bids will be presented to the Seller immediately after the conclusion of the bidding. Do not discuss pricing with a potential bidder, as the standard negotiation tactic of stating high pricing to get something close will not work in this format. To be successful, let the website do the pricing for you.
Sample Seller Representative Addendum Forms
After you have registered and have been verified as a licensed real estate agent you will be able to access the agent’s forms. While logged in, mouse over the "Agents" tab and there should be a sub tab labeled "Agent's Forms" . Here you will find sample Addendums with verbiage you should use for your MLS input forms. If you have questions contact us.