"Do online property auctions really work?" is a common question from sellers who are new to online property auctions. The answer: yes, they work! If that doesn't work, we'll see online property auctions decline and see an increase instead.
Before the popularity of the internet, only live auctions were available. Live auctions attract attention but require coordination, advertising, and auction fees. You can also click this link to get more information about auctions.
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It is not uncommon for sellers to pay thousands of dollars upfront and this does not guarantee the property will sell. Live auctions are constantly evolving today and there will always be a place for them.
Today, the internet is changing the real estate auction industry. Online auctions can be just as successful at attracting attention and don't require much up-front effort.
Success still hinges on how well the ad is advertised and whether it's a good offer, but online auctions are an easier alternative and are available to more sellers. In today's market where real estate is not selling fast, sellers are looking for more opportunities. As a result, more and more sellers are turning to online property auctions as a solution.
Another reason that online property auctions are becoming more popular is that buyers are more comfortable bidding online. Some sellers help promote listings by allowing access to properties, providing a viewing period, and/or providing delivery reports.
Another reason for their popularity is that it is easier to make an offer than to write a sales contract. All negotiations are done automatically and are done online.