AS A REAL ESTATE AGENT HOW DO I SIGN UP
A SELLER'S PROPERTY FOR AUCTION?
Make the initial contact with the Seller
regarding the auction and call our office to
discuss the initial auction consultation. Our
goal is to help you and help your
Seller with their needs.
WHO WILL HELP THE
SELLER UNDERSTAND THE COMPLETE AUCTION PROCESS?
A Mayo Auction & Realty Company Representative
will be there to help you. A complete Auction
Kit will be provided for you and each seller
with auction information.
AT THE AUCTION WHAT WILL HAPPEN TO MY LISTING/SELLER WHILE THEY WAIT?
The listing will be published in the MLS. The
remarks will denote 'Auction'
and the listing will be extended an appropriate
amount of time. A detailed and aggressive
marketing campaign will begin, in accordance
with a pre-approved schedule, by the Seller.
WILL I GET PAID
IF MY LISTING SELLS AT AUCTION?
Yes. The Broker will receive 30% of the
collected commission.
WHAT HAPPENS IF I HAVE A BUYER THAT WANTS TO BID AT THE AUCTION?
If you are a Buyer's Broker, have the purchaser
sign the Broker Participation Agreement. You can
download this form from our website or call our
office to receive a copy. Fax or mail the signed
form to Mayo Auction & Realty. As the Buyer's
Agent, you are required to attend the auction
along with the purchaser. If a Broker signs up a
buyer for an auction, and that buyer has the
winning bid, the Broker will be paid a
percentage of the commission. The percentage
will vary depending on the property.
IF I AM A BUYERS REAL ESTATE AGENT, HOW AM I COMPENSATED?
As a Buyer's Real Estate Agent, you will be paid in
accordance with your existing contract and will
be credited for volume based on the auction
price.
WHAT IS A BACK-UP BIDDER AND HOW MANY BACK-UP BIDDERS ARE ALLOWED?
One (1) backup bidder will be allowed to
complete a full purchase agreement the day of
the auction. A deposit will also be required at
the same time the backup purchase agreement is
written. Should the winning bidder default for
any reason, the backup purchase agreement will
take effect. When the winning bidder closes on
the property, the backup bidder will be refunded
the deposit and the backup purchase agreement
will be null and void.
AS A BUYERS REAL ESTATE AGENT,
WILL I BE PAID AT MY REGULAR COMMISSION SCHEDULE
AND WILL I BE GIVEN VOLUME FOR THE SALES PRICE?
Yes, the sale will be treated as a normal
transaction. You will be paid in accordance with
your existing contract and will be credited for
volume based on the auction price.
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