There are three methods of selling at auction - Absolute, Suggested Opening
Bid, and Reserve.
In an Absolute Auction, the property is advertised as selling to the highest bidder.
The word “absolute” generates much greater interest among
potential buyers resulting in greater attendance at the auction and in the property
realizing its greatest potential. “Fear of loss” is a great motivator,
if a buyer has an interest in the property, they will not miss the opportunity for any
reason. Many sophisticated buyers will only do their due diligence if they are certain
the property will be sold.
In a Reserve Auction, the Seller establishes a confidential reserve price and has
the right to accept or decline the highest bid if it falls below the established reserve.
If the reserve method is chosen, it is imperative that the reserve be realistic. This
allows the bidding to start at a price that will capture the interest of all potential
buyers and will create excitement and momentum in the bidding, but perhaps not
as strong as absolute.
The Suggested Opening Bid Auction is a variation of a reserve auction. The
suggested opening bid that is advertised must be a number that grabs a potential
buyer's ATTENTION. Typically, this number should be well below the market value
or last exposed price. The Suggested Opening Bid Auction affords the seller the
right to accept or decline the highest bid if the highest bid is below the established
reserve.
SECURITY
Bidders will be asked to furnish cash, cashier's check, or personal check and sign a
bidder's contract agreeing to the terms of the auction prior to auction
commencement.
COOPERATION
From the moment the auction marketing process begins, we designate key
personnelto satisfy your communications, support and reporting needs.
CREATIVITY
Stirling Sotheby's International Realty's highly creative in-house marketing team
will design and produce dynamic and sophisticated advertising materials to make
your property stand out to potential buyers. Web page(s), designed specifically to
promote the sale of your property, will be linked via several auction posting
websites deemed appropriate for the auctioning of your property. These website
postings will create world wide exposure for your property and your property's
specific webpage(s) will insure that every potential buyer will have quick and
easy access to the details of your property. Your property will have worldwide
exposure on these sites:
www.stirlingSIR.com
www.sothebysrealty.com
www.auctionzip.com
www.realtor.com
onlineauctions.stirlingsir.com (Live Online Bidding) |
