When selling luxury homes at auction and auction day arrives, you as a top high-end real estate agent and your chosen luxury real estate auction company should have completed most of the work. You have executed a complex marketing, public relations, and sales strategy. You have analyzed your data and used that information to identify buyers that are qualified to bid at the price point of the luxury home up for auction. Now, just sit back and watch the bidding, while the auctioneer and auction team bring the bidding to the goal line.
Well, not exactly. There is still work to be done.
While there are many types of property auctions, we at Concierge Auctions typically prefer a live, open-outcry auction that takes place at the property. Depending on the format of the auction, you as the listing agent can serve several roles on auction day.
The real estate auction company should conduct most of the details of auction day. At Concierge Auctions we take care of all the planning. Food and drinks will be served, a seating area will be set for the live bidders, and a phone bank will be available for any phone or online bidders. But, as with the rest of the process, we will lean on our listing agent for support.
As the listing agent on auction day, perhaps you work the auction room and talk with out-of-town buyers about which local activities they’re taking part in during their visit. Maybe you help in providing diligence documents or other materials that are requested at the last minute by bidders. You as the local listing agent bring a skill set that those outside your market do not have. In any case, also be prepared to help the auction team on auction day as needed.
After the auction is completed, we at Concierge Auctions distribute a press release to notify the market and media about the outcome. How does the sold price compare to others in the area? Was this the highest number of bidders at an auction in your market? These are questions the local agent can help us answer and add to a press release regarding the successful luxury home auction.
Auction day is an event. It should be fun, and there is usually lots of action. But, everyone involved should also remember that it is a business transaction. Particularly in the price point that we at Concierge Auctions deal with, purchasing is a big decision for each bidder, and the sale is a significant life change for each seller. To close out the day, the real estate auction company and the cooperating listing broker work with the buyer and seller to execute the contract, process the escrow deposits, and complete whatever other steps are necessary to finish up the auction sales process.
For more on the lead up to auction day and your role as a listing agent in the process, see our 7 Steps to the Real Estate Auction Process – For Brokers and Agents.
