Eight years ago, Laura Brady and Chad Roffers took action. Foreseeing the pending market decline and limitations for selling high-end homes amidst growing inventory, they came together to create a more efficient method that would provide a win-win-win solution for buyers, sellers, and agents. Concierge Auctions has revolutionized the industry, today having sold over $1 billion in high-end properties in 32 states and 14 countries, has been named one of America’s fastest-growing companies by Inc. Magazine for the past two consecutive years, and has invested over $20M into growing one of the most valuable UHNW private client lists in the industry.

Akin to auctions of the world’s finest art, cars, and antiquities, our proven methodology has been confirmed by our consistent growth. However, there are still misconceptions about auctions in our industry. These are the top six facts you need to know about the selling of high-end real estate at auction.

1. Luxury property auctions are not an alternative to the traditional real estate model.The Concierge Auctions platform is actually an additional tool in the toolbox for agents. Our auctions are held in conjunction with the brokerage community. Not only do we partner with a listing agent on every transaction, but we have never auctioned a property without this partnership. We always protect both selling and buying agent commissions.

2. Luxury real estate sellers who choose to auction are not in a distressed situation.Our typical seller is well capitalized, non-distressed, and is choosing to auction alongside of their listing agent as a smart business decision to deliver a predictable outcome within a specific timeframe.

3. Auctions do not result in low sale prices.Concierge Auctions not only created and is dominating the $10-million-plus auction market, but we have also garnered multiple record-setting transactions for our clients alongside our partnering agents. Some examples include our $13.2 million sale of Pa Gomo, an architectural masterpiece posed atop Deep Creek Mesa at Grey Head in Colorado, which marked the highest-priced sale in Telluride in the past five years. Listed for $10 million, our Pennsylvania sale of Honeystone was the highest price recorded on the Philadelphia Main Line since 2005. In Aspen, our July sale of 1100 Waters Avenue last year not only received an offer near-list price of $11 million, but marked our third sale in the market in just six months — and our third over $10 million. The year prior, 600-acre Peace Ranch sold for $17.15 million.

4. The largest factor in determining the price of luxury real estate is days on market, and auctions give control back to sellers and their agent.Our research shows that even in the healthiest of markets, the largest factor in determining the price of a luxury property is the number of days that the property has been marketed for sale (known as “Days on Market” or “DOM”). Our clients and agents understand that if a luxury property does not sell quickly after it’s listed, it could fall into a three-to-five-year limbo. Depending on your market, for most properties in the U.S., after 90 to 180 days, Days on Market become exponentially more toxic, advertising loses impact, and a full or nearly-full asking price becomes less likely. In today’s “Zillow world,” total Days on Market are transparent now more than ever to buyers.

5. Auctions are not a last resort.We see more and more sellers and agents choosing to auction as a first choice. Last year, we went straight to market with the auction of a new-construction, European-inspired beachfront estate in Vero Beach, which sold for $10.17M. Our May auction of Villa Gracia in Cabo San Lucas, Mexico’s renowned community of Punta Ballena, home to the world famous Esperanza Resort, has a sale pending. And, currently, we have two opportunities available that also have never before been offered for sale — a manor perched in the highly-coveted and gated Colony at White Pine Canyon set directly on the ski slopes of North America’s largest ski resort in Park City, Utah, and 260 pristine acres in Big Sky, Montana.

6. Auctions are not a trend. Auctions are the future.We know that luxury property auctions are not a trend, but instead, our success is proof of the market’s need for our solution. We are solely focused on high-end properties — typically in the range of $2 million to $40 million — and currently accept one of every 20 submitted for consideration. More than a quarter of our $1 billion in sales was achieved last year alone. And, the number of properties coming on the market in the high-end sphere is only growing. In the rarified air where the buyer pool is limited, properties of this caliber simply aren’t very liquid, even in healthy market conditions. Similar to the world’s finest assets being sold through auction, auctions are also ideal for selling one-of-a-kind, incomparable properties.