Nationally, only 14% of properties that go to auction, sell on the day. Quite a staggering figure really isn't it? And despite that, a number of agencies continue to put all of their listings to market via the auction selling process.
If you choose to sell a property by way of an auction, I firmly believe it limits your pool of buyers. Auctions are perceived by many agents as the best way to sell quickly or achieve a higher price. The process is meant to create a sense of urgency and a feeling of competition between potential buyers and belief that the property has sold for best current market price. However, at auction, it all happens (or not) only on the day. Urgent, cash unconditional, the right buyer/s actually bidding. All other parties are excluded.
I believe that for 95% of Omaha homes and properties, auctions are not the way to go. Campaigns are high risk and often the outcome is an under-sold or un-sold property. If you haven’t got the right buyer at the right time and place i.e. at the auction, it can easily have a stressful and unsatisfactory outcome.
I prefer to follow a more traditional method of selling real estate, giving the vendor an accurate appraisal of what the property is likely to sell for in the current market. Marketing the property in the correct fashion, and negotiating with interested parties gives all the flexibility to arrive at the desired outcome. Successful results for all.
Conditional sales certainly aren’t a bad thing. Most vendors would only be too happy to hold out for a little bit longer to work with a genuine buyer who is prepared to pay firm market value for a property, subject to the sale of another, or other such arrangements.
As I said last month, properties with all the right fundamental characteristics like good location and street presence, well presented, good practical layouts and no building issues - are selling well.
With that, in Omaha last month, six properties sold, three of which were my listings - my three also never went to auction, just good old fashioned negotiating.