Auctions: Factors That Impact Success
What Factors Impact the Success of an Auction?
- The seller must have realistic expectations, including a fair sales price, terms and timing.
- The desirability of the property. This includes location, conditions, plus the value of surrounding properties.
- Since a variety of auction methods are available, carefully choose the auction type that best suits the property and the seller's needs.
- A well planned marketing/advertising campaign targeted to prospective purchasers is critical to an auction's success.
- Using a recognized real estate auction company or a REALTOR® Auctioneer to ensure the auction is conducted in a professional manner and followed-up through closing.
- Making sure that due diligence information is provided to prospective buyers ahead of time.
- Preparing the property for sale so it is presented to prospects in its best condition. (i.e.., title insurance, clean-up, financing, etc...)