Over $32 billion in Real Estate Auction Sales were conducted in the U.S. last year...isn't it time to consider the proven auction method to sell that property?

The auction creates a forum of competition that cannot be duplicated by private real estate marketing where each bid is an ongoing appraisal of the property, reinforcing the market value and encouraging all participants to continue bidding.

Auctions are conducive to all types of properties - residential, industrial, commercial, and vacant land.

Types of Auctions: There are many types of auction formats available through Semple and Associates.

  • On Site: Most auctions are conducted on site, with or without other assets. The auction method is fast becoming the first method of sale. Competition, excitement and motivation are used to the fullest with a public auction.
  • Off Site: Some auctions may be conducted off site in a rented facility. These are normally referred to as "ballroom auctions" and are utilized when numerous properties from diverse areas are sold on the same day. The more buyers there are, the more competition and excitement. That's why auctions often sell a property for considerably more than what may be achieved from a private sale.
  • Multi-Parcel: This type of auction settles the question of whether a property is worth more in several parts or as a whole. In this type of auction, a single large property such as a farm or other large tract of land is divided into a variety of tracts, parcels, or lots. Buyers can bid on one of the parcels, all of them, or various combinations of them.
  • Caravan: This type of auction is used when several properties are located in a fairly near proximity to each other and are to be sold on the same day. A time is set for each property to sell and the auction firm caravans with the prospective purchasers to each location.

Why Sell at Auction? Auctions have been in existence for thousands of years - ever since there have been people with products to sell and other people with an interest in purchasing these products. The theory of supply and demand is reduced to its simplest component - a number of prospective purchasers raising the price until only one buyer remains. This creates the following benefits for buyers and sellers alike:

  • The assurance that the property will be sold for True Market Value
  • The seller not the buyer sets the terms of the sale
  • A predetermined sale date
  • No cumbersome back and forth negotiating
  • A quick sale reduces the sellers holding costs of up to 25% per year when taking into account taxes, interest, maintenance, and lost opportunities.
  • Auction marketing and spirited bidding competition commands top dollar for properties SOLD at auction.

Copyright © 2001, Semple & Associates, Inc.