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Sign into your accountLuxury Agent Leads the Way With Home Auction
November 27 2012
When many agents are asked about the role of auctions in the home buying and selling process, they usually respond with a statement about distressed properties or foreclosures. Actually, nothing could be further from the truth.
RE Technology took some time to learn about Auction.com, how it works, who uses it and the role it plays in luxury home sales. They totally debunked the myth. As it turns out, auctions are a primary way that the world's hyper-wealthy buy lots of things, ranging from luxury homes to art, yachts, and planes.
To understand the auction process, we interviewed Auction.com's Vice President of Business Development, Julie Han, and Ruth Ann Fisher of Del Realty in San Diego to learn more.
Auction.com is the leader in residential and commercial real estate auctions, especially luxury home auctions. The company has more than 1 million registered website users, spends more than $30 million in advertising each year, and employs more than 1,000 people. I make note of this because it seemed unreal that they have sold over 100,000 homes in the last five years alone.
As to the myth of using auctions for distressed properties, nothing could be further from the truth. In fact, the stronger the market, the higher the values fetched from auctions. One element of auctions that I did not think about was agent lead generation. When you post a listing to auction, you not only sell that house for maximum value, but you generate leads of other buyers in the market.