Private Real Estate Auctions vs Public Real Estate Auctions

May 24, 2016
Real Estate Auctions

The vision that comes to mind when the conversation turns to real estate auctions is often one involving unpleasant notices and court house steps proceedings. That might correctly describe a public real estate auction, but would be totally wrong for a private luxury real estate auction. Civilized, organized, and well-orchestrated, established auction houses are finding ready and willing buyers for luxury properties through this timely and progressive marketing strategy.

Bargain Basement Public vs Exclusive Private Auctions

Through the economic roller coaster of the past decade, public real estate auctions became all too familiar, as a tsunami of homes arrived on the auction block due to a variety of unfortunate circumstances. At the opposite end of the spectrum, however, luxury real estate auctions  began to illustrate a bold new way of selling high-end properties. Private luxury real estate auctions have proven themselves as the preferred method for savvy, ultra high net worth individuals to find and purchase desirable properties around the globe.

Polished Methods and Marketing

While not all auction houses are same, the luxury Auction houses with real estate marketing expertise have developed a specialized market, creating supporting print and online documents. Documentation highlighting unique features give potential buyers the information they expect. Every marketing detail is geared toward gaining the attention of the right audience, ensuring that appropriate individuals are attracted to properties that fit their distinctive lifestyles.

Qualified Buyers Only

Each auction attendee ensures their ability to follow through on their bid, whether that be in the millions, tens of millions, or even hundreds of millions. Sellers are relieved of the tedious negotiation process that usually accompanies a traditional real estate sale, instead a hassle free, non-contingent sale leaves the process to the paddle and the gavel.

Competition, Urgency, and Eager Buyers

The auction gathers a group of bidders together that have one thing in common: They all want to walk away as the successful bidder and new owner of the property. That creates competition during the bidding process, raising the stakes and injecting a sense of urgency, both of which benefit the seller. A complete departure from the dilapidated “bargains” at a public auction, it is also quite a refreshing change from the often lengthy process involved in the negotiations of the traditional luxury real estate marketing processes.

Benefits for Sellers

Sellers benefit in a number of additional ways. A luxury property marketed at auction normally has a much shorter time frame from listing to sale. The disruptive nature of frequent showings associated with traditional real estate sales is replaced by known times and pre-determined showing dates to a qualified group of bidders interested in purchasing the property.

Choose Wisely

Just like realtors and other types of auction houses, private luxury auction companies deserve due diligence before any agreements are signed. Investigate the profile of any luxury home auction company under consideration, and their leading management members, ask any questions and address any concerns about expertise, marketing strategy, results, and fees, to ensure reputation and satisfaction. Then prepare to sit back and watch the auction action and reap the rewards.

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Sell your home through the luxury auction process, contact us at Supreme Auctions or call 866-929-2243 today!

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