Auctions: Factors That Impact Success

What Factors Impact the Success of an Auction?

  1. The seller must have realistic expectations, including a fair sales price, terms and timing.
  2. The desirability of the property. This includes location, conditions, plus the value of surrounding properties.
  3. Since a variety of auction methods are available, carefully choose the auction type that best suits the property and the seller's needs.
  4. A well planned marketing/advertising campaign targeted to prospective purchasers is critical to an auction's success.
  5. 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.
  6. Making sure that due diligence information is provided to prospective buyers ahead of time.
  7. Preparing the property for sale so it is presented to prospects in its best condition. (i.e.., title insurance, clean-up, financing, etc...)