THE AUCTION SOLUTION
While auction is not for every property and/or client, The PellowTeam, which also manages Coldwell Banker Select’s Auction Division, provides another sales alternative through its auction solutions.
There are many types of auction including absolute, sealed bid, reserve, online, buyer’s choice, multi-property, multi-par and/or combinations of any of these types. Absolute (without reserve) means the property will trade that day, regardless of price. A Sealed Bid auction allows buyers to submit a bid by a certain date where all the bids are presented to the seller and they can decide which offer they would like to accept. The Reserve Auction is the most popular and allows the seller to put a non-disclosed minimum number they would be willing to accept at the auction. If the reserve is met during the auction, it will become an Absolute Auction. If the reserve is not met, the seller can still accept the high bid, pass on the offer, or counter back to the bidder. The PellowTeam will work with you to understand the property and your specific needs before recommending an auction strategy that will produce a win/win/win solution for all.
Time Definite Sale
One of the greatest advantages to an auction is knowing you will
have an sale on a set date. This eliminates the ambiguity of the
traditional real estate market and creates the urgency necessary
to close the sale quickly. Our auctions can happen in as little as 30
to 45 days from listing. Closing usually occurs 30+ days from the
True Market Value
The definition of Market Value is the price at which an asset trades
for in a competitive setting. Anybody can speculate on price,
provide comps of other listings and/or sales, but with auctions,
the transparent competition for the property is between the buyers
instead of a buyer and seller. Thus, the auction brings the true value of that property on that given day and we are second to none when it comes to marketing and providing strategies to obtain the highest value possible. This process is also defend-able in court.
Reduced Overall Costs
The sale and closing of a property is usually less than 100 days
which can save literally hundreds and even thousands of dollars
in carrying costs such as mortgage payments, interest, taxes,
maintenance costs and more. Due to the shortened marketing
period of the auction, these costs terminate quickly. Time is money
and auctions deliver in a hurry.
As-Is, Where-Is/No Contingencies
While the seller controls the terms and conditions of the sale, most of our auctions are conducted with no contingencies including financing & inspections and are sold As-is, Where-is. Inspections and all due diligence must be conducted prior to auction day. A Property Information
Packet is provided on each property and includes all information that we can gather giving true transparency to potential buyers and provides them with confidence to bid at their highest budget.
Real Estate Broker Participation
Being the number one Real Estate Company in Oklahoma, we feel it is important to include and be far to our fellow licensed real estate
brokers. We will offer the same commission to them that they would
make on a traditional sale based on the high bid of the auction.
Aggressive Marketing Strategy
Our Marketing plan is created specifically to your property vs. one size fits all and is the most comprehensive in the industry. This means we will provide the most aggressive and effective marketing available that will reach a local, regional and even a global audience. The marketing fees are to pay for marketing the property and auction only. Commissions are only paid upon the sale and close of the property. Any unspent marketing funds will be reimbursed to the client after closing.
No Seller-Paid Commissions
There are many ways to structure a Listing. Our Sellers have had great success by foregoing all seller commissions in exchange for the upfront marketing fee and 10% buyer’s premium. This is done by adding the Auction Addendum to your Listing Agreement.
Value of Brand
Buyers do business with companies they know and trust, and Coldwell Banker is one of the most-recognized and respected Real Estate names in the world. Coldwell Banker Select is 100% locally owned and operated and is number one of all Oklahoma Real Estate Companies for Closed Sales selling over $1 Billion in Real Estate each year since 2011. With that being said, being the biggest is not important to us. Being the best at taking care of and providing our clients is!
What you need to Know: Going Once! Going Twice!! Sold!!!
Your Next Steps to get started:
Contact us today
Our goal is to help you determine the best way to buy or sell your asset. We will schedule a planning session to review, listen and understand your property and your pain, needs & wants. If it is determined that an auction makes since, our team will develop an aggressive auction and marketing plan that focuses on your property and the auction.