How Auctions Help Sell One-of-a-Kind Properties

It’s so difficult when putting a property on the market to determine the exact value of the property — especially when you have nothing to compare it to. If you own a historical home, a unique property, or a particularly well-known estate, how do you determine how much to sell it for?

OreillyTeam-CircleMasterFile6-Nov15This is one of the reasons why property auctions work so well, especially for unique properties. It’s nearly impossible to determine the value of a property until it sells, so seeing how much potential buyers are willing to pay for it helps you feel confident in making a fair sale. This “transparency” benefits both seller and buyer: the seller knows they are getting the best sale for the current market, and the buyer isn’t getting cheated with an oversell.

These auctions also help spread word-of-mouth, especially with a well-known property. Once potential buyers hear the property is for sale through an auction, there is much more motivation to visit and bid on auction day. Auctions promote a finality of sale, so buyers know they need to act fast if they want the property. This also helps sort out buyers who aren’t actually committed to making the purchase.

Georgia attorney Travers Paine recently experienced this firsthand when he wanted to sell his family home, a 200-year-old home on one acre in an exclusive neighborhood, as well as being listed on the National Register of Historic Places and featured in Southern Living magazine. An online property auction helped him get a great value for his home. Along with the immense effectiveness of the auction process, it was done quickly, and the global reach helped him receive nearly 36 serious inquiries out of more than 230 to consider, giving him a variety of selling options. In fact, online real estate auctions have been becoming increasingly common, growing nearly 25 percent annually.

Are you interested in selling a home or property at auction in Northeast Ohio? Call Dan O’Reilly at O’Reilly Auctions to start the process.