“My seller would like to take control of the sale process for their unique, luxury property and is considering an auction. Where do I start?” If you are a top luxury real estate agent and are faced with this dilemma, the first thing to do is research luxury real estate auction companies and learn about the process.
As a seller’s agent you may have questions and concerns about presenting the auction process as a possibility for a high end home seller. Likely, this trepidation stems from your own uncertainty about the auction process. However, your most important task is making your client happy and ensuring the best, market-driven price in the sale of their home. And what if the highest sale price could come through an auction? You should consider the possibility, and if you like what you hear, then you can feel confident discussing the option with your seller.
Here are four things to consider when researching luxury real estate auction companies:
Listing Broker: As a listing agent, the first thing you need to do is make sure the luxury real estate auction company that you choose will work alongside you as a partner. Presumably, you have already invested time and money into your listing of the property before exploring the auction route. Wise auction companies understand the importance of the listing broker and utilize their local knowledge and contacts throughout the auction process.
Buyer’s agent: Does the luxury real estate auction company ensure a co-broke commission? Particularly with high-end properties, the potential buyers are likely working with an agent who they know and trust. It is crucial to maintain the involvement of these agents, as they will help substantiate the value of the auction property and instill confidence in their clients as they bid. These agents are most likely your local colleagues, so including them in an auction sale also allows you to grow and improve your real estate network and goodwill in your market.
Market Success: Some real estate auction companies work solely in their home city or state. Others focus on specifics types of real estate, such as beachfront homes in Florida. Make sure the company you choose has a proven track record of successful high-end property auctions with assets similar to yours. Note that even if the firm hasn’t executed other auctions in your particular market, they may be the right choice if their database and experience marketing prior sales includes like-kind buyers who may have interest in your property.
Property Evaluation: Once you have researched auction companies from a listing and buyer agent perspective, and ensured that they have achieved success with auction sales similar to yours, ask for a property evaluation. The top auction firms are happy to give you a free property evaluation to ensure that your property is a good fit for their process.
Have a property that could be a candidate for auction? Request a complimentary property evaluation. Or click below for more on the real estate auction process for brokers and agents.
Chad RoffersAs the Head of Client Services for Concierge, Chad evaluates new auction assignments and serves as the primary contact with sellers and agents.mailto:chad.roffers@conciergeauctions.com" target="">chad.roffers@conciergeauctions.com888.966.4759 X 702FacebookGoogle+TwitterInstagram