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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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Security for Your Home Based Business

If you have a home based business, you know that when it comes to residential and personal safety, things have to be taken seriously. This is, after all your livelihood. With an estimated two million reports of robberies in the United States annually, if you haven’t taken a look at this important aspect of your business, you need to.

While many home based businesses are lucrative, a budget friendly security solution is vital. If the cost of home security looms too large – many people dismiss it as something to ‘do later’. Unfortunately, the chance of becoming a target of asset theft or personal attack increases without visible security. A burglar will more oft than not choose a home without security measures in place over one where these measures have clearly been taken. Add the lure of home business assets, such as extra computers and stocked product and you have a recipe for trouble.

If you’re still not convinced, I encourage you to take stock of what it would cost if your home based business were robbed – or you yourself sustained personal injury. Compiling a list of all furniture, stock, electronics, computer software and downloads, stationary and whatever else is essential to run your home based business is a great place to start. Remember to consider the cost of recovering from a personal injury, whether it be physical or mental if you were to be assaulted – and the cost to cover your absence if it occurred.

Now take a look at some of the simple ways you can effectively secure your residence. If you’re not familiar with the various types of home security devices available to you – there are some extensive stores online where you can compare prices easily.

Some budget savvy home security options you might consider include:

· Driveway Alarms

Designed to monitor your entrance way and alert you when you have a visitor or unexpected guest.

· Alarm Dialers

Use these alarms to protect against acts of nature or intrusions while you’re away.

· Security Cameras

While these may seem a bit extreme for a home based business; there are extremely realistic (and extremely cheap) fake surveillance cameras available on the market that can be a very effective deterrent to would be thieves.

· Door and Window Alarms

Be alerted when a door or window is opened.

· Intercoms

Relatively inexpensive video door intercoms exist on the market today that allows you to see and talk to visitors before opening the door. Many of these also keep an image record of who came to your door when you were out.

Once you calculate the actual figures for what a burglary and/or possible home assault would cost you and then compare it to what a relatively simple but effective residential security system would cost (not to mention that it would be a tax write-off for your business) – the decision to secure your residence against intruders becomes an easy one.

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Newspaper Advertising – Benefits Revealed

The multitude of advertising vehicles available these days has made it difficult for many advertisers to distribute their advertising budgets. From traditional newspaper advertising to interactive web-based advertising, the opportunities for advertisers are endless. A healthy combination of these and other advertising media is ultimately the best approach to a successful campaign. However, lately the nay-sayers of newspaper advertising have started to garner attention. Allow me to refresh your memory on the continued benefits of newspaper advertising.

Newspapers have been gracing the doorsteps of American homes since the early 1700s. That is over 300 years of budding romance between American consumers and their beloved newspapers. Lee Clow, the Chairman & Global Director of TBWA\Worldwide explains that the, “Newspaper is a special medium. It’s not urgent, not yesterday or tomorrow but today. Sitting with a newspaper and a cup of coffee in the morning will always be one of the most intimate media experiences there is.” The title of this article is “Newspaper Advertising…Benefits Revealed” so… when will the benefits be revealed? I am getting to that! The newspaper has built its reputation as a trusted source of information; this goes for not only its articles but for the advertisements it features as well. Each individual newspaper has guidelines and restrictions that must be met by each advertiser. This is not always the case with the truckload of advertisers that place ads on the web. Unfortunately, there are unscrupulous people and companies that are able to post ads on various websites without undergoing any sort of screening. Consumers can continue to feel secure knowing that advertisements that make it to print have been checked out and approved for their benefit.

Another advantage to newspaper advertising is the portable/permanent aspect of a newspaper. A newspaper is very easily toted from home to work, to lunch, back to work and back to home. This allows readers to pick up the paper when it is convenient for them. As far as the permanent feature of the newspaper… let us look at an example. Over a cup of coffee you are perusing the pages of your local paper. You come across an ad for a new product that strikes your fancy. You set the paper aside until later when you have some free time and can research the product. Later that week, you pick up the ad and make a phone call to the company advertising the product. The same product is advertised while you are surfing the web. You bookmark the site in order to return to the site later. However, later that week the ad is seemingly gone from the site. Is it on a rotation? Was the ad pulled? You may never know. This example may be a bit dramatic, however it illustrates the benefit of a tangible ad that someone can revisit and review.

Perhaps the best argument for making the case for newspaper advertising is the “opt-in” feature. The world is full of annoying advertisements (not to say they don’t work), TV commercials, pop-up internet ads, spam emails, etc. etc. etc. Newspaper advertisements continue to be an opt-in advertising method. People can decide whether or not they are going to read your newspaper ads. They know the ads are there, alongside the articles they read everyday, and they have the choice. And as it turns out many adults are making the choice to read those ads, because they find them useful. In a 2007 study done by Mediamark, 51% of the adults they interviewed said that they found newspaper advertising “somewhat/very useful.” This day and age, people do not want to be bothered. Case and point? DVRs are becoming increasingly popular and allowing people to completely skip over commercials. People are finding a way around commercials, anti-spam filters are finding ways to weed out spam emails, pop-up blockers are eliminating pop-up ads. The list goes on. However, newspaper ads have not become an annoyance, they continue to be a source of useful information for readers of the newspaper.

Advertisers have a difficult decision in distributing their advertising budgets. There is no “right answer” for how or where to spend your money. No advertising plan is going to be right for all advertisers. Each advertiser must test different ads in different mediums in order to find out what will produce results. Newspapers have long been a valued method of advertising to companies and individuals around the world. They offer benefits to advertisers that web based advertising cannot. Newspaper advertising is still working for advertisers that continue to recognize its value. When you are divvying your advertising budget this year; do your research, weigh your options, but don’t overlook the value that newspapers have always offered advertisers.

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