Selling Real Estate at Auction

The auction method brings true market value for your property by causing bidders to compete against each other in one place at one time, with one chance to buy. Optimizing these conditions and maximizing the number of qualified bidders at auction is our business.

A successful auction is the result of:

• Targeting motivated, qualified prospective purchasers.
• Establishing bidder confidence in the property value and the auction process.
• Reaching buyers with quality advertising and other communications.

Targeting:
Successful planning begins with identifying prospective purchasers who will be most interested in your property, and will pay the highest price. Immediately upon accepting the assignment to auction your property, we will develop qualified prospects to target with our custom marketing campaign. Our effective and aggressive marketing techniques are the product of experience and innovation, a truly unique Mayo Auction & Realty asset.

Confidence:
To bid with confidence, prospects must feel that they know what they are bidding on. Our marketing department will provide all relevant research, materials and information that participants require, as well as coordinate all property inspections.

Advertising:
Quality advertising not only maximizes awareness, but also the perceived value of your property. Our beautifully produced brochures, our industry leading web site and other materials make a statement about what is being sold.

Our aggressive marketing campaigns are highly concentrated under the compressed time frame of the auction method. So each marketing dollar delivers greater impact. And while all of our marketing plans are customized for specific properties and market segments, all utilize multiple channels, which include:

• Local, regional and national news publications.
• Traditional direct mail and e-mail.
• Detailed exposure on our web site (24-hour, international access)
• Industry-specific trade publications.
• Radio promotions.
• Outdoor signage.
• Aerial photos and surveys.
• Custom brochures.

Two Types of Auctions

There are two methods of selling at auction. In an absolute auction, the property is sold to the highest bidder, with no set minimum price. The absolute method maximizes all the benefits of auctioning: potential buyers will not miss the opportunity to attend, and competition is at its most intense. In a reserve auction, the Seller establishes a confidential minimum price, and has the right to decline the highest bid if that price is not reached. Reserve auctions can and do work, but it is imperative that the reserve price be realistic.

Terms of Sale & Accountability

In most auctions, the auctioneer’s fee is covered by the “buyer’s Premium,” usually 5 to 10% of the selling price, paid by the bidder. On the day of the auction, the successful bidder signs a non-contingent purchase contract. The property is sold “as is” and the down payment is due at the conclusion of the auction, with the balance due and payable at closing. Closing occurs 30 days or less from the date of auction, or on another agreed upon timetable. Sellers may receive at the time of settlement a complete accounting of all income and expenses related to the auction.