Burrows Tracts Real Estate offers land, residential, and commercial property auctions to its clients. Clay Schaardt is a REALTOR® and auctioneer with Burrows Tracts. Although Clay is the auctioneer, all of Burrows Tracts REALTORS® can offer the auction service to you. The definition of an auction is “a public sale in which goods or property are sold to the highest bidder.” Let’s dive into a little more about how an auction of real estate may be a fit for you!
Auctions mean Action. Auctions are public events that sell real estate using a strategic marketing plan. At the auction, competitive bidding takes place, which results in a higher price for the property. There can also be competitive bidding with a traditional listing, but there is one main difference. At an auction, the seller, with the help of the auctioneer, gets to set the terms of an auction. For example, say you are selling a house using a traditional listing method of sale. The buyer can request a home inspection, among other things. With an auction, you can set your terms before the sale that there would be no inspections. Auction deals are less likely to fall through because of this.
There are many different types of auctions, including live auctions, online auctions, and simulcast auctions. A live auction is where the auctioneer calls bids in front of a live crowd of people. An online auction is an auction where the property is uploaded to an online bidding platform, and the buyers have X amount of days to bid on that auction before it times out. This is similar to how eBay runs. The last type of auction is a simulcast auction. A simulcast auction is where an auctioneer is calling bids in front of a live crowd, but there are also people on the internet bidding. This type of auction is a mix of a live and online auction.
After reading through a brief description of what auctions entail, are you ready to take the next step and schedule your auction? Reach out to any of your local Burrows Tracts Agents to start the process!
Clay Schaardt, Lead Auctioneer & REALTOR®, Burrows Tracts Real Estate