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Auction Awareness:
Co-op Real Estate Broker/Agent
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Understanding the Basics of Real Estate Auctions
(Auction Awareness = Understanding The Process & The Players)
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Historically, the Real Estate community and the Auction community were sometimes “at odds” with each other. There was no reason for the separation other than one community held to its method of marketing as being superior to that of the other community.
Today, consumers realize there is NO one best method. All methods are designed to bring the Seller and the Buyer closer together in the real estate transaction. Regardless of method used, Real Estate Brokers/Agents and Auction Firms/Auctioneers all have the same goal: That of serving the best business interests of the consumer and laying the foundation for a successful real estate transaction.
The Real Estate Community is ALWAYS invited to participate in NETWORK™ Auctions and receive co-op commissions. Remember to register your bidding clients within the specified time frame prior to the Auction Event (as defined in the Bidder’s Kit).
PRE-AUCTION
Many of the steps defined for the Buyer-Bidder equally apply to the Real Estate
Professional. Getting the Bidder’s Package, Touring the Property (many times the
property has a real estate lockbox), Counseling your Buyer Client on the Loan
process and doing the necessary Pre-registration and “due diligence” research ….…..much like the tasks you perform when following a traditional real estate private treaty sale.
THE DAY OF AUCTION EVENT
Arrive early. Seek out the NETWORK™ Auctioneer or Auction Firm Representatives to ask any “last minute” questions. Get a “Feel for the Day of Auction Environment”. You’ve already registered your Buyer-Client and can now assist them in the bidding Process. You’ve probably “done your homework” and performed a Comparative Market Analysis to assist your Buyer-Client’s prudent bidding. That’s Smart Work on your part!
Your Client’s the Winning Bidder. Congratulations! You join the NETWORK™ Auctioneer and witness the signing of the Real Estate Auction Sales Agreement by the Seller and your Client.
POST-AUCTION
Like any other real estate transaction, you can monitor the process to a smooth, successful settlement……….making your client happy and collecting your commission.
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