Benefits of Auctions

by | Jul 9, 2020 | Uncategorized | 0 comments

Some reasons for and benefits of having auctions

There are a myriad of reasons for having an auction. We would be happy to discuss your particular needs at your convenience.

Auction Benefits for Sellers:

  • Real estate auction sellers pay ZERO commission

  • Buyers come prepared to buy – they want the items being sold!

  • Quick disposal reduces long-term storage and carrying costs, including interest, taxes, insurance and maintenance.

  • Competitive bidding often helps exceed the expected value.

  • Seller knows exactly when the property or assets will be sold.

  • Assurance that the property will be sold at true market value.

  • Seller can provide input on the terms and conditions of the auction.

  • Removes the seller from the “price negotiation” process.

  • An auction provides an aggressive marketing method that increases interest and provides higher profits.

  • An auction creates a buying frenzy and stimulates competition among buyers.

  • Bids are influenced by the judgment of others – meaning normally someone else also wants that same item thus driving prices higher.

  • Auctioneering is still the best form of marketing – it has been around for thousands of years.

  • With an auction, you can be confident that you are getting the right price for your items.

  • Professional auctioneers don’t cost you money, they make you a profit.

  • Buyers don’t have a lot of time to procrastinate – if they do, they may miss out on the item that they really wanted.  Don’t worry, we always give fair warning before we drop the hammer.

  • Auctions often produce the highest net dollar possible for your assets.

  • We handle the advertising for you, including free advertising on this website and on Auctionzip.com.

  • Auctions are a quick, profitable and easy way to liquidate anything from Personal Property, Real Estate, Commercial, Industrial, Manufacturing and Agricultural.

  • Benefit auctions are one of the most efficient methods of raising substantial sums of money and increase the amount of involvement and commitment among the organization’s membership.

Auction Benefits for Buyers:

  • Smart investments are made as properties are purchased at fair market value through competitive bidding.

  • Buyer knows the seller is fully committed to selling.

  • Buyers determine the final purchase price and use their own judgment.

  • Auctions provide more efficient means to purchase merchandise.

  • Buyers know they are competing on a level playing field, on the same terms as all other buyers.

  • Public intelligence is the best guarantee that you are paying a fair price for the items being sold.

  • In multi-property auctions, the buyer can view many properties at the same time.

  • Purchase and closing dates are known in advance.

  • Buyers receive comprehensive information via the property information packets or brochures.

Auction Benefits for Real Estate Agents/Brokers:

  • Agents earn commissions as a referring agent or as the buyer’s agent.

  • Assurance that property will be sold at true market value.

  • Property is sold within a short period of time.

  • Exposes property to many potential purchasers.

  • Convert the almost expired listing into a time specific sale.

  • Develop agent’s market niche

  • Offer clients and customers new selling and purchasing options.

  • Successful auctions result in referrals and return business.

Please feel free to contact Michael Hoffman & Associates today at (614) 314-0298 to discuss your specific needs, or with any questions you might have.