Generally, buyers and their agents in Florida scour the real estate market by walking into open houses and going on neighborhood tours, but that’s easier said than done! You’d hardly cover much ground if you decide on finding an investment property via traditional methods. Sellers, on the other hand, work with listing agents to sell their properties to interested buyers. However, there’s another way of finding great properties – a real estate auction in Florida! While some buyers and sellers hesitate at the sound of it, there are advantages to it for both the buyer and seller. How? Well, let’s find out.
Advantages of real estate auctions
- Multiple potential bidders: For a seller, real estate auctions are a great way of presenting the property to multiple buyers at once. Only actual investors or buyers interested in the property are allowed to join in. In fact, they must qualify for financing to be able to participate in the process. As a result, many pre-qualified potential buyers get a chance to bid for the property, which is a great way of saving time and getting deals done.
- Eliminates the need for open houses: Real estate auction in Florida eliminates the need for hosting multiple open houses for people to come and check out the place. In fact, for an auction to work, a seller/ homeowner designates a date for the auction and invites interested bidders to stop by and see the condition of the property. That said, in some cases, sellers do not allow potential bidders to check the insides of the property before the bidding process.
- Bidders determine final price: With a large turnout of potential buyers and bidders, the competition for the property heats up, and may even lead up to a bidding war if it’s unique or catches their attention. A bidding war drives the bid price up, which is beneficial to the seller. By opting for an auction to sell one’s property, the seller makes sure that he or she gets the highest price that people are willing to pay for the property.
- Proper time-frame: As mentioned earlier, the auction date is pre-determined by the seller. Thus, the seller knows in advance when his home will sell. The real estate auction in Florida surely makes the sales process quicker and more efficient for both the seller and the buyer. It’s certainly a great opportunity for buyers who don’t want to wait to know whether their proposal got accepted or if the seller got a counter-offer.
- Reduction in advertising costs: Advertising costs for the sale of properties includes buying online advertising space, the ‘For Sale’ sign put up on the front yard, and purchasing space in print publications. At times, you may need to place ads more than once, which obviously escalates the advertising costs even further – just so you can grab the attention of more people. Thus, auctions are a great way of cutting back on unnecessary advertising costs.
Real estate auctions are an innovative as well as an effective method of selling properties. The fact that it is an intense and accelerated sale of the property is what makes it an ideal method of making quick deals. Moreover, the property is sold ‘as is’ and requires no changes on contingencies. So, if you are interested in being part of real estate auctions – be it as a buyer or seller, try getting in touch with a reliable platform that would be able to market your property or provide you the details of such auctions. It is worth knowing that only a handful of real estate platforms have the requisite experience and expertise in handling real estate auction listings, thus choose wisely, and always opt for the best. There are a few risks involved in real estate auctions, but if done properly, it could be a big win for the buyer as well as the seller.