Our team of experts are skilled at converting your property sale needs into a solution. A real estate auction produced by A.J. Billig Auctioneers is your most effective marketing tool to go from auction to sale.
With over 100 years of operation, our family business lives and breathes by its professional reputation. We see a transaction through from start to finish, guiding you the whole way. You can trust that we have a solid grasp on market trends and the best property analyses.
References will gladly be provided upon request.
The auction process begins with finding out more information about the property, the seller’s situation and overall goals for the sale. We conduct comprehensive property research and analysis to properly guide our sellers as to the best method of sale and marketing strategies. Our objective is to put our clients in the best possible position for a successful transaction.
For many sellers, the most important part of this process is getting an estimate of the property’s value, which leads to setting a minimum price for the auction. This analysis includes: evaluation of the property’s location, condition and size; financial information, such as rental income or liens; zoning and licenses; review of comparable properties sold recently in the area; and, how successful our auctions have been nearby. A site visit to the property is usually part of the process. Ultimately, we will advise you as to what you should expect the sale price to be. From there, we can provide pricing strategies and estimated sale expenses, further detailed below.
The auction itself can be conducted in a variety of ways. The basic variations are live on-site auctions and online auctions. On-site auctions have the bid process conducted live, in-person at the subject property. Online auctions are conducted via our online bidding platform and app. Simulcast auctions are a combination of both, with bidders able to participate in-person or via the online platform. More information about online auctions can be found below
The sale will be strategically marketed, with the goal of generating as many potential bidders for your property as possible.
Properties are typically marketed for about 3-4 weeks leading up to the auction. During that time, bidders can register for the auction through the platform or via our app on their mobile phones. Buyers will also have an opportunity to research the property, just as they would with a traditional real estate purchase.
We invest heavily in internet marketing, including our own website, search engine optimization, banner ads, and social media (Facebook, LinkedIn, Instagram, Twitter, Google).
Additional marketing venues include:
The minimum price acceptable to the seller for a property sold at auction is typically called a “reserve price.” That reserve price provides the control most sellers want when selling their property. Most sales are conducted with confidential reserve prices, meaning the bidders do not know what the minimum price is, and allows the seller more flexibility on the auction day. Alternatively, a property may be sold “Absolute,” without any minimum, or “to the highest bidder” over a specified amount, meaning the bidders know what the minimum price is. Both of these strategies can provide additional marketing impact and transparency. The benefits and risks to each of the pricing strategies can be further explained when evaluating your property.
Our fees vary based on property type, location, number of properties being sold and seller situation. The fee can be charged in one of two ways, a commission or a buyer’s premium. A commission would function as a percentage of the sale price or flat fee, and is payable much as any traditional brokerage fee would be payable. A buyer’s premium is an add-on fee to the buyer, whereby the advertised percentage or flat fee is added to the bid price, creating the total contract price. The only other cost to the seller would be limited to a preestablished marketing budget. Buyers pay all recording taxes, transfer taxes and standard closing fees. Other terms applicable, such as when the ownership adjustments are made (taxes, water, association fees etc.) and contract interest, may save the seller 1-3% versus a traditional transaction. Contact us to get a fee and marketing budget quote, as well as what strategies may yield the best net financial result for you.
The auction will be open for bidding for 2-4 days. The bidding platform provides potential purchasers various bidding options:
Bidding will extend automatically if there are any last-minute bids, which prevents bidders from “blocking” another bidder with a last-second increase.
Bidders receive instant notifications (through email or push notifications) from the auctioneers with updated information, showings, and time left to bid.
Are you ready to sell your property? Make sure you’re prepared. Here is a list of items that will be helpful to get us started:
A marketing tool for today’s Realtor.
The real estate industry is constantly changing, creating the need for Realtors to look for innovative marketing strategies. Many real estate professionals are discovering public auctions as the most effective method for conducting transactions.
Auctions provide great listing exposure and have the ability to produce high price deals for sellers in a much shorter timeframe than privately negotiated sales.
There are several types of real estate auctions. The most prevalent type is a judicial or court-ordered sale, which includes foreclosures, sheriff’s sales, and some partition and bankruptcy sales. The procedure for selling a property by auction is similar to doing so through a brokerage. The auctioneer evaluates the property and will collaborate with the owner about the details of the price and process of selling.
There are three ways the property can be sold: to the highest bidder, regardless of price; by an advertised minimum reserve price; or with a confidential, unadvertised reserve price.