Sellers FAQ’s Page

FROM SELLERS:

Q: Why should I sell my property using the Auction method?

A: To accelerate the sale of your property by generating additional consumer interest and activity. Non-contingent contract and thirty-day settlements are required of all buyers of Auctioned properties. This means a quick transaction for you. The National Association of Auctioneers estimates that Real Estate Auctions will exceed $200 billion in 2008!

Q: I am not in financial trouble, and I’m concerned what people might think if I should do an Auction. Can you give any insight on this?

A: You are not alone in your concerns. Many people are afraid of the old, outdated perception of Auctions that some people have. There are great differences in the marketing and the public’s image of a voluntary Auction. Our Auctions are positive enthusiastic events designed to generate competitive bidding to secure the highest possible market price for your property.

Q: Do you inspect the property to determine the best method of Auction?

A: Yes! It is very important for our Auction staff to be totally familiar with your property. This helps us represent you in the best manner possible.

Q: The property is priced below the market right now. What is it going to mean if I register it for an Auction?

A: Often times we find that the price is not the issue in why a property hasn’t sold. The primary cause
for it not selling is there has not been adequate traffic and, therefore, sufficient interest in the property. In other words, it has become “stale” on the market. The Auction process is the best way to revive interest in the property and instill excitement that will result in a positive sale.

Q: What types of property do you sell at Auction?

A: We Auction all types of real estate from Estates, Condominiums, Townhouses, Single-Family Homes, Farms, Land, Vacation Properties, Commercial and Investment Properties.

Q: Am I obligated to sell to the highest bidder?

A: You have the right to approve or disapprove the final price offered at the Auction.

FROM REALTORS:

Q: Why should you introduce your client to the Auction method?

A: To accelerate the sale of your property by generating additional consumer interest and activity and to develop new buyer and seller leads for yourself.

Q: Are all properties suitable for Auction?

A: Most properties, but certainly not all are saleable by auction. Residential property, Commercial property, vacant land, even boat slips are sold at Auction. The majority of sound developments that can be marked effectively do extremely well.

Q: Is there any incentive to the Listing Associate for referring a property to Auction?

A: Yes! In addition to keeping the listing, there is great potential for the Listing Associate to develop new buyers and seller leads as results of the activity the Auction generates.

Q: As a Listing Associate, how will I be compensated?

A: You will receive a (%) of the listing side based on the Auction High Bid Price.

Q: Does everything sell at Auction?

A: No, not everything sells at Auction. Anytime there is a fixed dollar amount associated with the property there is the risk that it will not sell at Auction.

Q: What is the first step in introducing the Auction idea to my seller?

A: Schedule an appointment for you and the Auctioneer to meet with your sellers.

Q: Who will present the details of the Auction to my seller?

A: The Auctioneer will accompany you and will present our Auction program to your sellers. As you can see, it is very different from traditional Real Estate and it does require a detailed presentation to the seller.

FROM DEVELOPERS & NEW HOME BUILDERS:

Q: Why is Auction the best process for Builder Close-Out?

A: An Auction Event will attract qualified buyers and investors exposing the entire project and creating the competitive bidding environment needed to bring the highest market value for your Close-Out. Any standing inventory would be better sold at Auction!

Q: Our project is financially sound. Will the Auction process be perceived as if our project is distressed?

A: We understand these concerns. Many people are afraid of the old, outdated perception of Auctions that some people have. There are great differences in the marketing - and the public’s image - of a voluntary Auction. Our Auctions are positive enthusiastic events designed to heighten consumer interest. It is all in the way the event is marketed. Let us share some techniques with you about how to have a successful Auction event.

Our goal is to create competition that will capture highly motivated buyers for your property in a short period of time…you know the exact day and time your units will sell and close. This saves you carrying cost due to longer marketing time with conventional real estate.

Q: What does it cost?

A: Generally, you will find it much less costly than the excessive buyer incentives and realtor coops you may have considered in the past. The terms and conditions are determined by you, given several options. The effort is in finding the delicate balance between what strategies bring the most buyers and investors and which strategies reduce your selling costs. Once that is determined, the initial cost will be based on the marketing program. Auction One Las Vegas will fulfill the marketing segment as well as the auction process. Our representatives will consult with you to determine the best strategy and the exact cost. You may be surprised.

Q: Do Auctions usually bring less than market value?

A: Not really. However, this is the healthy perception of the buyers. Desirability and competitiveness can bring full market value and even, in some cases, exceed it. Minimally, the process will reveal where the buyers are in the current market with respect to your project.