At Concierge Auctions, we know luxury real estate. Our principals have touched every aspect of the business. In fact, we were born out of the brokerage community. As a result, our combined efforts have produced over $1B in sales — spanning 32 U.S. states and 14 countries — and our global Rolodex includes over 370,000 contacts.
We maintain a pulse on the top luxury markets worldwide.
Our expertise has earned us the “Best Overall Marketing” award from Who’s Who in Luxury Real Estate, named one of America’s fastest-growing companies by Inc. Magazine for the past three consecutive years, and Inman News’ selection of our President, Laura Brady, as one of the 100 Most Influential Real Estate Leaders.
This seven-part blog series details how to develop a successful strategy for winning at a luxury real estate auction. Over the past five weeks, we discussed how to narrow your search area, the importance of knowing the market, considering auction, the terms and conditions of a sale, and due diligence. This week, we discuss developing an auction strategy. We hope you find it useful.
7 STEPS TO WINNING AT AUCTION PART SIX OF SEVEN: DEVELOP AN AUCTION STRATEGY
With auction day fast approaching and newfound confidence in the property after conducting what diligence makes you comfortable, you are ready to try to purchase the property. Next up: Developing an auction strategy.
This is where the yin and yang effect really takes hold. Many luxury home auctions feature incentives in exchange for opening bids. You may openly dismiss the options, writing them off as not worth it in an effort to purchase the property as cheaply as possible. Keep the following in mind while making this personal choice:
1. You are not going to buy the house for $1.
2. Take a careful look at the incentives. Are the discounts being offered for opening bids at a level that there is no doubt in your mind the house will sell? Is it a number you are happy with if you own the property for that price? (Remember your homework on learning the market.)
Next week, we discuss how success comes with discipline.