Did you know that just like on eBay, you can list a property on ListedBy as a ‘Best Offer’ option instead of the traditional ‘Reserve’ or ‘No Reserve’ auctions?
For those who want to learn how to start to receive and negotiate actual offers as a result of advertising listings on a real estate site, for free, instead of just getting views and traffic reports, chasing email and playing phone tag with prospects, here are the different listing options on ListedBy.com and what they mean: ow.ly/gaA4g
Did You Know….that ‘old’ auction organizations and website models still charge buyers a premium of up to 10 percent on top of the property value?
Free, advertising and services based models are the new world. The result will be mass participation at real estate auctions and optimized property market values.
Did You Know….that auction is the main method for buying and selling real estate in many countries including the United Kingdom, Australia and Sweden?
And for those who’d like to know more about Big Ben, featured here on the left, here it is, from the Wiki: ‘Big Ben is the nickname for the great bell of the clock at the north end of the Palace of Westminster in London, and often extended to refer to the clock and the clock tower, officially named Elizabeth Tower, as well.’
Did you know that bidding in auction legally binds the highest bidder if their bid meets or exceeds the Reserve price or is the highest bid in a No Reserve auction?
For those entering the real estate auction world, a ‘No Reserve’ auction legally binds the seller to release the property at the highest bid above the minimum starting bid price set by the seller.
In a nutshell, the strategy sets a minimum price the bidding should start at, and sells the asset to the highest bidder at auction expiry. Unlike a Reserve Auction where a hidden reserve price has to be reached by a bidder before the seller is obligated to sell the property.
A No Reserve auction strategy has a number of associated benefits including knowing in advance that the property will actually sell by auction expiry, once an initial bid above the starting minimum bid has been recorded. This benefits both the seller and prospective buyers.
Reserve Auction sets a minimum price below which the seller is not obliged to sell the property at auction expiry. The reserve price is also usually undisclosed. However when the reserve price is met, the seller would indicate that the reserve price has been reached so that bidders know that the property will now sell for sure, to the highest bidder recorded by the auction expiry date/time.
….that in an auction you can set a minimum price of your choice as the starting bid?
….that one out of every five real estate transactions will be through auction by 2014-15?