WHAT IS A REAL ESTATE AUCTION?
A real estate auction is an innovative and effective method of selling real estate. It is an intense and accelerated real estate marketing process that involves the public sale of property through open and competitive bidding.
A real estate auction is an effective way to achieve a sale in a specified time frame.
Although real estate auctions were typically regarded as a sales method of last resort for residential properties in distress, auctions can be beneficial for many types of real estate, including:
- New-home construction
- Luxury and vacation homes
- Agricultural land (farms, ranches, and orchards)
- Commercial real estate (shopping centers, apartment buildings, nursing homes)
Auctions can be an effective marketing tool in both strong and soft real estate markets.
Benefits of Real Estate Auctions
As a marketing strategy, the real estate auction provides a distinct array of benefits and advantages.