Real Estate Auction vs. Conventional Listing: How to Sell Your Property Faster and For More with Onl

Blog #4 Publish Date Feb 26, 2023

Auction vs. Conventional Listing: How to Sell Your Property Faster and For More with Online Bidding

Thinking of selling your property? You've likely heard of the traditional route – listing your home with an agent and hoping for the best. But did you know there's another option that could mean selling faster, for more money, and with less hassle? Enter online real estate auctions.

What are online real estate auctions? Essentially, imagine an online marketplace where qualified buyers compete for your property in real-time. Bids fly in, the price climbs, and you, the seller, are in control throughout. But what are the specific advantages of an online bidding sale compared to a conventional listing?

1. Zero Commission to the Seller: Forget the 6% (or more) commission fees with traditional listings. An online auction often has 0% commission for the seller. Instead, the buyer pays an agreed-upon buyer’s fee, ensuring you pocket the bulk of the sale price. Sellers may be subject to minimal marketing fees.

2. Faster Sales, No Waiting: Tired of endless showings and months of uncertainty? Online auctions typically conclude within a set timeframe, often around 4 weeks. Once the bidding ends, an Offer to Purchase is written with the highest bidder, meaning a quicker transition and less time stressing about finding a buyer.

3. No Contingencies, No Drama: Say goodbye to financing delays, inspection headaches, and buyer demands. At Jones Auction Service we go above and beyond to remove any roadblock known prior to listing the property. Online auctions usually involve "as-is, where-is" with no contingencies. Buyers pre-qualify and agree to the terms upfront, meaning a smoother, more predictable closing process.

A major factor with listing conventionally means that a buyer or the buyer’s agent will dictate the terms that they wish to buy the property. This includes price, financing contingencies, costly repairs that they expect the seller to pay, plus passing of a home inspection, or perhaps waiting for the sale of their own home. These are just a sample of the expenses and contingencies that buyers often expect and ultimately can and will affect the sale whether in time lost or in dollars lost.

4. Competitive Bidding, Maximum Price: Forget settling for lowball offers. With online auctions, the competitive nature drives the price up, often achieving higher sale prices than traditional listings. You'll have confidence knowing you're getting the true market value.

5. Reduced Seller Involvement: Forget constant showings and open houses disrupting your life. Online auctions offer convenient scheduled open houses and handle many logistics for you, freeing up your time and reducing stress.

6. Wider Exposure, Targeted Marketing: Traditional listings often get lost in the sea of properties online. Online auctions involve targeted marketing strategies and placements on relevant auction and real estate websites, ensuring broader reach and more serious buyers.

7. Seller in Control, Every Step of the Way: While auctions offer a faster pace, you're never at a disadvantage. You have the final say on accepting, rejecting, or countering any offer, ensuring you remain in control throughout the process.

Beyond the Basic Advantages:

Transparency and Trust: The open bidding process lets you see the competition and feel confident about getting the best price. Potential buyers thoroughly research the property before bidding, leading to fewer surprises and a smooth closing.

Marketing and Exposure: Multi-channel marketing reaches a wider audience, attracting motivated buyers from across the country or even overseas, potentially leading to higher bids.

Flexibility and Convenience: Choose the auction timeframe that suits your needs. Online bidding allows buyers to participate from anywhere, at any time, making it convenient for busy schedules and geographically dispersed buyers.

Lower Closing Costs: Reduced marketing and commission fees, along with a streamlined process with fewer contingencies, minimize administrative costs for both sellers and buyers.

Psychological Impact: The excitement and competitive nature generate buzz and attract more bidders, driving the price up. The "limited time" aspect encourages buyers to submit their best offers early on.

Is online real estate auction right for you? Consider it if you want:

A faster sale with less hassle
To maximize your profits through competitive bidding
A streamlined, predictable closing process
Reduced involvement and stress during the sale

Of course, every situation is unique. Consult with Jones Auction & Realty to discuss your specific needs and see if online auctioning is the perfect fit for your property.

Remember, you have options. Explore the option and potential by talking to an auction and real estate professional to discover a potentially faster, more profitable, and less stressful way to sell your property. Contact Jones Auction & Realty today to learn more and see if it's the right move for you!

Don't let your property wait – unlock its true value with online bidding!