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Real Estate Auctions – The New Land Rush

On a sunny afternoon in Florida, an energetic crowd gathers on the lawn of a high end luxury estate. A loud and eager banter between an auctioneer, a group of bidders and bidder assistants fills the air. For several minutes the auctioneer asks for the next highest bid and the bidders respond. Suddenly the bidders grow silent. The high bidder holds his breath in anticipation of winning the auction. The auctioneer calls for one more bid. In a loud clear voice which rolls over the audience he says, “Fair warning, last chance” the auctioneer pauses, “SOLD!” And in less than 10 minutes another multimillion dollar estate has changed owners.

Successful real estate auctions like the one above are happening all over North America and the Caribbean. Recently real estate auctions have been on the rise, the increase in popularity is partly driven by growing inventories and fading buyer confidence. Properties that were selling in weeks using traditional methods are now languishing on the market unable to attract buyers even as seller’s lower prices. Many say the real estate boom is over but savvy buyers and sellers are profiting from real estate auctions.

Real Estate Auctions Work in Up or Down Markets.

Regardless of trends or market cycles, real estate auctions provide an open and transparent process for buyers and sellers. Properly conducted real estate auctions attract ready and willing buyers and motivate them to act now.

The auction method removes the “wait and see” attitude which serves to further depress real estate values. Buyers are always concerned about overpaying. Buyers gain confidence with their purchases at real estate auctions because they can see what others are willing to pay.

When market demand is high and inventories low, real estate auctions can deliver selling prices well above what a willing seller would have accepted in a negotiated private treaty sale. In good selling climates many property owners using traditional real estate methods; negotiating with one buyer at a time, leave thousands of dollars of equity on the table. During up markets real estate auctions are the best way to establish top market price.

Evaluating Your Real Estate for Auction

Not every property or seller for that matter makes a good candidate for auction. First of all sellers must be ready to sell now and for the current market value. Also a real estate auction will not fix problems caused by a downturn in market value of your property, if you owe more than a willing buyer will pay, be prepared to come to closing with your check book.

Properties that do well in real estate auctions have a high uniqueness factor. Ask your self, “What makes my property different from most others?” Maybe you own a resort property or high end luxury home, commercial properties and land do very well at auction. Real estate auctions thrive on uniqueness. If your property is like everyone else’s, the best thing you can do is offer the most competitive price.

Most importantly sellers must be reasonable about setting a minimum bid. A seller must look at the lowest, most current comps and price below that to generate the interest and urgency necessary for a successful real estate auction. Once the auction begins and qualified bidders start competing against one another you can watch the selling price increase.

Locate a Qualified Real Estate Auctioneer

Start by checking with the National Auctioneers Association, the best real estate auctioneers belong to this organization. These real estate auctioneers are well trained and adhere to a standard of practice and a code of ethics. Many attend the annual International Auctioneers Conference where the latest techniques and innovations in the real estate auction industry are presented.

Find out if the company you are interviewing is a full time real estate auction firm. Many real estate agents are getting auction licenses yet have no experience with the auction method of marketing. Conducting a successful real estate auction is nothing like (private treaty) traditional real estate sales. Go with a real estate auction pro.

You’re probably better of with an auction house that specializes in real estate auctions. There are many qualified auctioneers who have generations of experience selling personal property; furniture, dishes, lawn equipment and the occasional rare painting. Selling real estate at auction is a complex matter that should only be attempted by full time experienced real estate auction professionals.

Commissions and fees may vary, sellers must pay all marketing expenses up front and buyers typically pay 10% of the sales price to the auctioneer of which a share goes to participating real estate agents.

Types of Real Estate Auctions

Auctions are effective because they create a seller’s market. Professionally conducted real estate auctions create urgency, a reason to buy today and competition for the property. Terms and conditions of sale are established ahead of the auction. Real estate auctions will follow one of these three approaches:

Absolute Auction

The property is sold to the highest bidder regardless of price- using this process often returns the highest sale price.

Minimum Bid Auction

Seller agrees to sell at or above a published minimum bid price – this method is useful for internet auctions.

Seller Confirmation or Reserve Auction

With a reserve auction, the seller “reserves” the right to accept or decline any bids usually within 48 hours of the auction. Reserve auctions are used when there is a lien on the property from a lender or a court ordered sale with a minimum selling price.

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Getting the Best Online College Education

While there is always a lot of debate as to whether an online college education is as good as a traditional college education, the answer is really very simple; there are good institutions that offer an online college education and there are bad establishments that offer an online college education. The same holds true for traditional college degree programs.

So, just as when you are looking for an offline course, you need to do the same kind of your research when you are looking for the best place to pursue an online college education.

Of course, you normally won’t care where the college is located unless part of the online program involves off-line meetings. Usually the physical location just doesn’t matter. However, a lot of the other points that you would consider before attending a traditional offline college or university should also be considered before you enroll with any organization offering an online college education.

The growth in the numbers of people pursuing an online college education has led to increased competition among institutions to attract students. The best way to assess the credibility of a site advertising that they have the best online college education is to ask about the accreditation of its courses. Accreditation means that some governing body for a particular field has endorsed the course. This can be extremely important in helping you to decide who to trust with your online college education. If a course is not accredited then you need to find out why.

There may be a number of courses that have not yet received accreditation from an appropriate association or governing body but still offer a good online college education. For example, the establishment may have applied for accreditation but not yet been assessed. In that case you can actually check with the particular accrediting agency to be certain that they actually are in the process of assessing the application for accreditation. Another reason may be that there is no appropriate accrediting body for a course. This is less likely but, nevertheless, could be a valid reason and doesn’t necessarily indicate that the course offered is not going to be worth taking to advance your online college education.

If, however, you find that the online college education institution has been refused accreditation, then they are likely to try to tell you that accreditation is not important. And that simply isn’t true. An online college education from a non-accredited institution is not going to be viewed as positively as one from an accredited establishment. Choose where you go to get your online college education with care to ensure that you are not wasting your time and money by having a nearly worthless qualification.

Another factor related to accreditation has to do with professions requiring some form of governmental license or certification. You need to be certain that any college degree or other course certification will be acceptable to whatever licensing body has authority over the profession in the location you live and work in. For example, a course which is accepted in one state, may not be accepted by the authorities in another state.

You need to think of the online college education arena as a marketplace. You are the consumer and as in any marketplace, you need to check the quality of the product and the ‘merchant’ according to the circumstances that apply to you and your area of study. While this may seem like a lot of work at times, it is your future, your time and your money that are involved. So take a little extra time and verify the value of any online college program (or any type of online learning) that you are considering.

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Small Business Marketing Successes

The 21st century and the global recession have certainly put the cat among the pigeons where small business is concerned but there are many straightforward no-cost and low-cost solutions for small businesses to maintain and even increase market share.As small retailers find they cannot compete against giant conglomerates they eventually close their doors unless they can offer more to their clients. This is only done with smart promoting and offering more value and a better experience to the local shopper.So, what’s the answer for small business survival?People who’ve got a brick and mortar business have a huge challenge on their hands particularly if they sell anything that is also at the giant chains.To sell the product successfully, you have got to be an expert in your field and unique in what you do. You must provide best buyer services to attract and retain clients.3 of the things large box stores don’t offer are uniqueness, experience and buyer service. These are the same 3 things that a local business can and should provide.Shopping at small local businesses is a matter of small community sustainability, because they’re the core of a community. they family, neighbors and friends, they are invested in the community professionally and personally.Its astonishing how many small businesses don’t consider it necessary to have a website. They perhaps are not aware Google essentially loves small business and always will pull a small business to the apex of a search page, just by somebody putting in the name of a town and whatever they are on the lookout for.This is an enormous advantage to a business owner. Make use of local directories, for example through the local Chamber of Commerce, where you can list your internet site, frequently for a small fee or for free.Many small business owners are convinced that starting and maintaining a site will cost them a lot of money and is difficult. But that is not correct.Cheap construction and upkeep of website has itself has now become a small scale industry. There is often a local resident who would love to support the community by assisting you with a very low cost business online presence. Some communities have taken this on to revive and support local community amenities.You will need to buy a domain name (GoDaddy is a good option) for your website address to get started, then the rest is just a simple process of getting hosting for a small monthly fee (I like to use HostGator for this) You can set up your website directly from HostGator.com. Now you are in business onlineNow All a small local business needs is a Google map of where they are, a page explaining what they do, a section that gives opening hours and contact details, some great photos and perhaps a history of the business and that is it!Add an opt in box and you have provided yourself an opportunity to promote a monthly newsletter to send out, coupons can be sent and sales announced, and with the addition of some affiliate advertizing the site can basically make the business owner some additional money even after covering the minor costs concerned.The goal of marketing is always to build a list of loyal customers that can be contacted and provided with information about the best deals available at your local small business.A business website must provide exceptional customer service, helpful info and must market itself as a unique brand like any other businessWhile it is often difficult to compete with big business, tough competition means you must use well thought out online marketing ideas and SEO strategy, particularly to build a subscribers list.Keep in mind that the goal of marketing is always to build a list of loyal customers that can be contacted and provided with the best deals available right at your back door in your own community at your local small business.

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