The real estate industry has not changed in many decades. Like many industries, it found something that (kind of) worked, and stuck with it for way too long. But now, with the rapidly growing impact the internet has had on real estate and beyond, an efficient and modern auction-style business model is beginning to take the residential real estate industry by storm – for non-foreclosed properties, believe it or not.
1. Generate more interest - The key factor in getting serious bids on the property you are selling is to attract attention, which creates buzz and competition among potential buyers in your market. Forget the old school Multiple Listing Service (MLS) as an end-all. We are talking about talk radio ads in your area, internet advertising campaigns, massive online syndication, and beyond. Compress this into a short 2 week time frame and be blown away at the insane attention you property draws.
2. Reduced stress and hassle - If you have ever experienced the long, drawn-out process of a traditional real estate listing, you will want to avoid it like the plague next time. We are talking about 6-12 month listings full of open houses where window shoppers trample through your house – and they aren’t even serious buyers. That, and all the other lovely details like lock boxes, slow and unmotivated real estate agents, and the list goes on. Bring this down to a high-energy 2 week listing ending in an auction, and be amazed at the ease.