Concierge Auctions
Frequently Asked Questions

FAQS

Property Auctions 101


How do I know if auction is right for me or my client?

Auctions are ideal for selling one-of-a-kind, incomparable properties. Every market has a threshold above which homes are more difficult to monetize, and the typical tools of price reductions and prolonged advertising and PR exposure can hurt more than help the outcome of sale. Especially when it comes to $5 million, $10 million and $20-plus million homes, price often has no bearing on interest level, and price reductions are ineffective.

How do auctions benefit me?

The world's finest art, automobiles, and antiques are sold at auction - so, too, is luxury real estate. With over $3 billion in sales of luxury properties, we've answered the “why.” The process works. We are a win-win-win solution.

Are auctions only for distressed properties - or, for the world's best properties?

Concierge Auctions reveals value for the world's best properties, hands down (or should we say paddles up?). Our typical seller is well capitalized and not in a distressed situation. Rather, they are choosing auction to help accomplish their goals within their timeframe. We are solely focused on high-end properties — typically in the range of $2 million to $40 million — and only accept one of every 20 submitted for consideration.

Why should I choose to auction intead of sell traditionally?

The question is not whether to auction instead of selling traditionally, as we see ourselves as an added tool rather than an alternative, and partner with a listing broker on every sale. However, we do know from experience that the traditional brokerage model has limitations, especially in the ultra-luxury realm. In the rarified air where the buyer pool is limited, properties simply aren’t very liquid, even in healthy market conditions.

The Concierge Process


Are agents protected?

Born out of the luxury real estate industry, we are an additional listing and buyer agent tool. We have never conducted an auction without a listing agent involved and a commission offered to a buyer's agent. The results are simply better through our collaboration with real estate professionals.

How does the auction process work?

Typically, our properties are marketed for four weeks prior to the auction date. We deploy a dedicated, on-site project sales manager to work alongside the listing agent, educate potential bidders about the auction, and facilitate registrations. The properties are typically available every day during this timeframe for potential bidders to preview and conduct inspections. Diligence is encouraged, as all sales are “as-is”, without contingencies. The Terms and Conditions of Sale, Purchase Contract, and available property documents can be downloaded from each property page.

What does it cost?

Our sellers do not pay an up-front Engagement Fee, but are responsible for the title search and title insurance. Buyers pay a premium on the high bid amount and any applicable transfer fees. Seller pay broker commissions.

Where does the auction take place?

  • On-Site — The “live” auction will be conducted at the property or a nearby venue. Bidders are able to participate via proxy or by phone. Typically, the auction starts with a cocktail hour, followed by the property auction.
  • Portfolio Sale — The property will be auctioned “live”, alongside other properties, in a similar execution to that of an On-Site auction.
  • Online Marketplace — Our online marketplace (conciergeauctions.com) allows buyers to participate in our auctions digitally real-time from anywhere in the world. Bidders are able to watch bids live, and/or in conjunction with a phone or proxy representative when they are logged in. Bidding may take place solely on the website, or in conjunction with an On-Site or Portfolio Sale. Visit the property's page online for details and to sign up for an account or log in.

When You're Ready


I am ready to sell my property at auction. What now?

Our seller vetting process is something we take very seriously. We typically accept one in every 20 properties that come our way, so our buyers know they are bidding on one of the best opportunities available from across the globe. But first, let’s start with a conversation. Call us at 212.202.2940 to connect with one of our regional sales managers to move forward in the process.

I am ready to register to bid. What now?

You may register to bid directly on the property page by clicking the “Register to Bid” button. Or, call us at 212.202.2940 for personal service. Our registration process has three steps:

  1. Complete and submit the Terms & Conditions of Sale.
  2. Wire your Bidder Deposit, typically $100,000, which is credited towards your purchase if you are the winning bidder, or is returned within 3 business days if you are not.
  3. Provide a letter of reference from your bank or financial institution (sample included with the Terms & Conditions).