Luxury Real Estate Auctions
Luxury real estate owners benefit by trusting their real property to the Auction Method of Marketing.
An auction creates an environment where all qualified and interested buyers gather on a particular date to bid competitively and win your beautiful property.
The successful bidder gives a sizable non-refundable deposit and enters into a purchase agreement without contingencies on financing or inspections, so you’ll be able to make plans based on an on-time
property closing, typically within 30 days!
The Royal Key Group offers live on-site auctions and online bidding.
In case you want to sell your property quickly and easily at the
highest possible price, the auction marketing method is a smart decision, besides the traditional listing method, which is the MLS.
There are three types of auctions
1. ABSOLUTE AUCTION
• The property is sold to the highest bidder, regardless of the price.
• Since a sale is guaranteed, buyer excitement and participation are heightened.
• Generates maximum response from the marketplace.
• Many sellers, including financial institutions and government agencies, have used this method more frequently.
2. MINIMUM BID AUCTION
• The auctioneer will accept bids at or above a published minimum price. This minimum price is always stated in the brochure and advertisements and is announced at the auction.
• Reduced risk for the seller as the sales price must be above a minimum acceptable level.
• Buyers know they will be able to buy at or above the minimum.
• The seller may, however, limit interest in the auction to only those buyers willing to pay the minimum bid price, and therefore it must be low enough to act as an inducement rather than a hindrance.
3. RESERVE AUCTION
• In this scenario, the high bid is reduced, in effect, to an offer, not a sale.
• A minimum bid is not published, and the seller reserves the right to accept or reject the highest bid within a specific time — anywhere from immediately following the auction to 72 hours after the auction concludes.
• Sellers predetermine the price at which the property will be sold and are not obligated to con?rm a sale other than at a price that is entirely acceptable to them.
• The main disadvantage of a Reserve Auction is that prospective buyers may only invest the time and expense of due diligence when there is a certainty they will be able to buy the property, even if they are the highest bidder.
Benefits to the Seller
• Buyers come prepared to buy.
• Quick disposal reduces long-term carrying costs, including taxes & maintenance. Assurance that property will be sold at actual market value.
• Exposes the property to many pre-qualified prospects. Accelerates the sale.
• Creates competition among buyers—auction price can exceed the price of a negotiated sale. Requires potential buyers to pre-qualify for financing.
• The seller knows exactly when the property will sell.
• Eliminates numerous unscheduled showings.
• Takes the seller out of the negotiation process.
• Ensures an aggressive marketing program that increases interest and visibility.
Benefits to the Buyer
• Smart investments are made as properties are usually purchased at fair market value through competitive bidding.
• The buyer knows the seller is committed to selling.
• In multi-property auctions, the buyer sees many offerings in the same place at the same time Buyers determine the purchase price.
• Auctions eliminate long negotiation periods
• Auctions reduce the time to purchase the property.
Benefits of Luxury Real estate Auctions
The Royal Key Group offers complete benefit luxury auction services. It can custom-tailor a package to meet your expectations and needs; let us meet, and we will show you our luxury real estate auctioning marketing tools, techniques, and benefits.
Unlimited Consultation
The Royal Key Group will work with you throughout your entire auction process. You are entitled to unlimited consultation as part of your complete package. Your auction consultant is available via phone or e-mail.
Our Services Include
Luxury website for your property
Luxury logo and QR code for your property
Luxury photography and videography for your property
Luxury package of Social Media & Online Marketing Strategies
Luxury Real Estate Auctions
Online bidding can add several advantages to your home, accessing thousands of bidders from around the world willing to win your home auction. This type of auction allows detailed information about your property, links to the websites, pictures, values, bid increments, and minimum bids.
Let's Talk Real Estate
Meet with an expert to talk through the auctioning process
When you meet with us, we'll get to know you to understand your selling goals, and explain the selling process so you know what to expect. We will come prepared with comparable property data to show you how much to list the property for and how long it should take to sell. We will also show you the innovative technology we use to market your listing and manage the whole transaction to make sure nothing slips through the cracks. You will never feel left in the dark when you work with our team - we will keep you in the loop so you know what's going on every step of the way.
