PRE-AUCTION
Obviously, the Seller discusses and finalizes the terms and conditions of the Auction Listing Agreement with the Auction Firm. The “Pluses and Potential Minuses” are discussed as well as a final Confirmation Price range acceptable to the Seller. Upon signing the Listing Agreement, the Seller makes the Marketing Deposit to cover the cost of the Seller’s Auction advertising.
Staging the property exterior to develop the maximum “street appeal” is the Seller’s responsibility. Additionally, “sprucing up” the interior is equally important.
Many Sellers take active roles in promoting their Real Estate Auction and, by doing so, attract larger audiences of potential buyers. Networking with family, co-workers, school, church and community events, for example, help “spread the word”. The Sellers are given promotional Auction Flyers to distribute to interested parties.
THE DAY OF AUCTION EVENT
The Sellers are encouraged to attend their NETWORK™ Auction Sales Event.
Before the event, the NETWORK™ Auctioneer holds an Auction Counseling Session with the Sellers and the Listing Agent, preparing them for their roles during the Auction Event and Post-Auction Activities. Among the many things discussed, for example, is the “Be a Calm - Not Chatty Seller” Rule. A critical role of the Auctioneer is to protect Chatty Sellers from making “unfounded brag” statements about the property that could create potential liabilities and lower the true value of the property and/or neighborhood.
It is common, DURING the bidding, for the Auctioneer to declare a short recess. Such breaks are beneficial for all present as it gives everyone “a sigh of relief” during the event and allows interested bidders to “catch their breath”.
Once the Final Bid is Confirmed and the Auctioneer announces the real estate as “SOLD!”, the Auctioneer assists the Sellers and Winning Bidder execute the Auction Sales Agreement.
POST-AUCTION
First, the NETWORK™ Auctioneer meets with the Sellers (and real estate agents) to review the “settlement implementation calendar” which details events that will occur between the signing of the Auction Sales Agreement and the Settlement Date. This very important meeting “gets everyone in tune” with their specific responsibilities to insure a smooth and successful settlement.
Then, the Sellers pack up, move out, arrange utility transfers and clean the property to an acceptable standard. At Settlement, they sign the necessary documents and collect the proceeds in accordance with jurisdictional guidelines.
Finally, the NETWORK™ Auction Firm, NETWORK™ Auctioneer and Listing Real Estate Broker rely upon the Sellers for endorsements, recommendations and testimonials to enhance future real estate marketing opportunities.
