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Real Estate Auctions – The New Land Rush

On a sunny afternoon in Florida, an energetic crowd gathers on the lawn of a high end luxury estate. A loud and eager banter between an auctioneer, a group of bidders and bidder assistants fills the air. For several minutes the auctioneer asks for the next highest bid and the bidders respond. Suddenly the bidders grow silent. The high bidder holds his breath in anticipation of winning the auction. The auctioneer calls for one more bid. In a loud clear voice which rolls over the audience he says, “Fair warning, last chance” the auctioneer pauses, “SOLD!” And in less than 10 minutes another multimillion dollar estate has changed owners.

Successful real estate auctions like the one above are happening all over North America and the Caribbean. Recently real estate auctions have been on the rise, the increase in popularity is partly driven by growing inventories and fading buyer confidence. Properties that were selling in weeks using traditional methods are now languishing on the market unable to attract buyers even as seller’s lower prices. Many say the real estate boom is over but savvy buyers and sellers are profiting from real estate auctions.

Real Estate Auctions Work in Up or Down Markets.

Regardless of trends or market cycles, real estate auctions provide an open and transparent process for buyers and sellers. Properly conducted real estate auctions attract ready and willing buyers and motivate them to act now.

The auction method removes the “wait and see” attitude which serves to further depress real estate values. Buyers are always concerned about overpaying. Buyers gain confidence with their purchases at real estate auctions because they can see what others are willing to pay.

When market demand is high and inventories low, real estate auctions can deliver selling prices well above what a willing seller would have accepted in a negotiated private treaty sale. In good selling climates many property owners using traditional real estate methods; negotiating with one buyer at a time, leave thousands of dollars of equity on the table. During up markets real estate auctions are the best way to establish top market price.

Evaluating Your Real Estate for Auction

Not every property or seller for that matter makes a good candidate for auction. First of all sellers must be ready to sell now and for the current market value. Also a real estate auction will not fix problems caused by a downturn in market value of your property, if you owe more than a willing buyer will pay, be prepared to come to closing with your check book.

Properties that do well in real estate auctions have a high uniqueness factor. Ask your self, “What makes my property different from most others?” Maybe you own a resort property or high end luxury home, commercial properties and land do very well at auction. Real estate auctions thrive on uniqueness. If your property is like everyone else’s, the best thing you can do is offer the most competitive price.

Most importantly sellers must be reasonable about setting a minimum bid. A seller must look at the lowest, most current comps and price below that to generate the interest and urgency necessary for a successful real estate auction. Once the auction begins and qualified bidders start competing against one another you can watch the selling price increase.

Locate a Qualified Real Estate Auctioneer

Start by checking with the National Auctioneers Association, the best real estate auctioneers belong to this organization. These real estate auctioneers are well trained and adhere to a standard of practice and a code of ethics. Many attend the annual International Auctioneers Conference where the latest techniques and innovations in the real estate auction industry are presented.

Find out if the company you are interviewing is a full time real estate auction firm. Many real estate agents are getting auction licenses yet have no experience with the auction method of marketing. Conducting a successful real estate auction is nothing like (private treaty) traditional real estate sales. Go with a real estate auction pro.

You’re probably better of with an auction house that specializes in real estate auctions. There are many qualified auctioneers who have generations of experience selling personal property; furniture, dishes, lawn equipment and the occasional rare painting. Selling real estate at auction is a complex matter that should only be attempted by full time experienced real estate auction professionals.

Commissions and fees may vary, sellers must pay all marketing expenses up front and buyers typically pay 10% of the sales price to the auctioneer of which a share goes to participating real estate agents.

Types of Real Estate Auctions

Auctions are effective because they create a seller’s market. Professionally conducted real estate auctions create urgency, a reason to buy today and competition for the property. Terms and conditions of sale are established ahead of the auction. Real estate auctions will follow one of these three approaches:

Absolute Auction

The property is sold to the highest bidder regardless of price- using this process often returns the highest sale price.

Minimum Bid Auction

Seller agrees to sell at or above a published minimum bid price – this method is useful for internet auctions.

Seller Confirmation or Reserve Auction

With a reserve auction, the seller “reserves” the right to accept or decline any bids usually within 48 hours of the auction. Reserve auctions are used when there is a lien on the property from a lender or a court ordered sale with a minimum selling price.

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Boomer Entrepreneurs: The Single Most Critical Ingredient to Start a Successful Home-Based Business

Baby boomers starting a home-based business for the first time need to make sure they’re doing it for the right reasons. Just being fed up with your current situation is probably not enough to keep you motivated. Many boomers start a home business because they hate their job, and end up failing because there’s a single most critical ingredient missing that keeps them inspired.That essential missing ingredient is passion. Your enthusiasm, zeal and excitement for your business are what will keep you on the right track, on the good days and, most importantly, on the not so good days.It’s tough, and almost impossible to keep your own home-based business going if you’re not committed to working hard, and wanting to make your new venture a success. Believe it or not, you’re a far tougher taskmaster on yourself. You work harder, and longer hours than you would ever agree to in a traditional job. It’s your love, and complete dedication for whatever you decide to do, that forms a coat of armor around you to protect, and keep you going through thick and thin.For this reason, you need to spend time researching the ideal home business that inspires you. There are a myriad moneymaking opportunities on the Internet for exciting online marketing businesses. Nevertheless, before you take the plunge to become a boomer entrepreneur you want to find a home business opportunity that fits your needs, your interest, and your passion.Be careful not to be sucked into tantalizing promises to make a six-figure income overnight. These ‘get rich’ schemes are much like the lottery, which means that your chances of winning are one in several million. Being on a losing streak before you even get started, will not get on your way to a successful new home business. True moneymaking business opportunities take time to build.There are three further ingredients that you need to thrive in your new endeavor.1. Embrace your waresYou need to fully understand and embrace the products or services you are selling. You need to understand the features and benefits so that you can easily explain them to your prospects.2. Find a nicheYou need to research and decide on a niche market to focus your efforts. Your products or services may well appeal to a vast majority of people, however, it’s far easier to target a specific group to get started. Realize that you can’t sell to the world at one time, even on the Internet.3. Uncover concernsOnce you’ve established a niche market to target, you need to do your research to uncover their concerns and challenges. Armed with this information, you can design the best marketing tools to use to connect to this group. Perhaps the new marketing tools, namely, social media platforms, are the best way to go. Alternatively, you may decide that more traditional marketing is best. Whatever you decide based on your research, be creative.Consistency is key to your success. You must continually take planned actions to improve your business. Like baking a cake, you need the right ingredients and a certain method to make sure that it comes out the way it should every time.In your home-based business, when you follow the right recipe, you have a greater chance of success.It all starts with your passion. This is the single most critical ingredient. Without it, you are likely to burn out and fail. However, a deep love for what you do will guide you. And like magic, your business will flourish, and that six-figure income is well be within your reach.

The ABCs of Home-Based Businesses

The advantages of home-based businesses run the gamut from low overhead to personal flexibility. But there are challenges as well. Working from home requires a different set of skills than working at traditional businesses. It’s up to you to cover the logistical bases. You must be able to ignore the distractions and temptations when working at a home-based business. And you must be your own effective critic.

Once you decide a home-based business is for you, the first step is to choose the right opportunity. There are many out there. Choose a home career that you can commit to, that operates with integrity and that has a track record of success.

You’re in good company working from home. In Australia, there are over 850,000 home-based businesses, according to Catapult, a business-resource website. That accounts for two-thirds of the country’s small businesses.

The second step in setting up your home-based business is to make sure you comply with all local and federal regulations. Some housing developments and homeowners associations have rules regarding working at home. And, don’t forget some cities require a business license. If you set up your home business correctly, you will likely be eligible for tax deductions for the space you are using as well as other expenses.

And speaking of space for your home business, be sure to dedicate the correct amount of space to your work. If it can be a room set aside for business only, all the better. If it is a desk in your den or bedroom, just make certain it is a real workspace and that family members respect it.

You will also need to plan for the equipment that your home business will require. At a minimum, that will likely include a computer, phone, and printer/fax. Don’t spend too much on this. No one ever “equipped” himself to home-business success. But you do need the tools of your trade.

Many who start home businesses fail to realize how much work can be involved. Family members need to be supportive in recognizing that working at home is every bit the same as heading off to an office.

Routines can help this. If family members know the hours of your “work day” at home, they can steer clear. Additionally, establishing a set workday can help you say “no” to time wasters and distractions. You’re not at home to watch TV or listen to the radio. Work is work, whether in an office or a home-based business.

You also need to be your own harshest critic. Just like all businesses, a home business that is focused on set goals has a better chance of success. And you need to evaluate your progress toward your goals routinely, certainly not less than weekly.

If an accountability partner can help you with this, then get one. If it is someone who also runs a home-based business, that’s even better as they know the challenges you face and the excuses you are likely to make.

Home-based businesses offer great potential to enhance enjoyment of life. Not only can you earn substantial financial rewards, but you will have the independence that allows you to enjoy the benefits of a home-based business. Attend to the basics, start on the right foot, and work hard. You’ll discover the rewards that thousands working a home-based business know already.

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