THE NETWORK consists of six auction
firms throughout Virginia. They work
directly with brokers and agents in their
assigned territories to market and sell
real estate via what Boles calls a blended
marketing strategy. A key is that an
auction date is set for properties
deemed appropriate for auction.
The RE/MAX Associate and the auction
company jointly market the property
while the title company prepares
the bidder’s package and the mortgage
company offers a loan commitment letter.
"The associate then receives all the
buyer leads, while our affiliated partners
have the inside track on the title and
mortgage contracts," Boles said in the
story.
The real estate agent posts the listing
in the MLS, while the auction firm
posts it on auction websites.
The auction firms also distribute bidders’
kits and conducts open houses.
The seller reserves the right to sell
before the auction.
Boles says he screens properties for
auction and only takes those suited to
auction. He looks at the seller’s loan status,
motivation, ability to perform; and
the property’s condition and how long
it has been on the market.
"We don’t put a property up for auction
just to have an event. We don’t take
properties out of desperation, only out
of opportunity," he said.
|
