PROView - July 2008 - (Page 5) Mike and Jane were thrilled. Jane had just been promoted to a position for which she had worked long and hard. Two months later she would report to her company’s headquarters located on the other side of the state. Their children were excited too – finally they’d live closer to their grandparents. Only problem was, now they needed to sell a home. Fast. Once the cheers rang out, their worries began. Questions started to mount. Could they sell their home quickly and if not, could they afford housing in two locations until they did? Should Jane go alone and let the family stay behind until the home would sell? Could they rent the home for the time being? have followed the news media’s reporting on real estate you have probably heard about auctions conducted on the courthouse steps. You may have seen signs around your neighborhood inviting you to attend foreclosure auctions. With such exposure it’s easy to get the idea that the reason for holding an auction is to sell properties that are in some stage of foreclosure. Others may perceive it as lost commission, instead going to an auction company. Not so fast. Families across Florida find themselves in a situation similar to Mike and Jane’s. Whether the selling of a home give you assurance that “For whatever reason a was induced by a looming a property will be sold at home is selling, offering threat of foreclosure or a job it at auction creates true market value.” transfer, homeowners face the more urgency and uncertainty of how long it will sometimes an auction take to find buyers. All of them want to know: how may be the only way to arrive at a true market long will it take for us to sell our home? value of a property.” Mike and Jane will need advice. They come to you, As an example of the latter, Longly mentioned the their REALTOR®. As part of your listing presentation 23-bedroom estate of the late King of Soul James you discuss what you believe would be a realistic Brown. “How do you put a value on the fact that price and show statistical data outlining the Brown lived there?” Comps? Not likely. “Only an anticipated time on the market at different price auction will show what the market is willing to pay points. Eager to sell, though, Mike and Jane pose for it,” he said. The option to put a home up for sale the question of simply offering their home at through auction may instead be beneficial for any auction. real estate when sales activity generally is slow,” he The situation is not unlikely. Sellers are looking added. for creative ways to get out of their homes and Top Reasons to Sell at Auction auctions have seemingly gained more attention So why should a seller consider an auction? in recent months. How would you maintain your According to Longly, selling property by auction relationship with your clients and not lose their shortens the listing time significantly. “From start business if the sale of their home was conducted to finish, the sale is usually complete within 30 to through an auction company? 45 days, with a total process of maybe 60 days.” Auction as a Viable Option to Sell He also stresses the advantages of auctions not When you hear the words real estate auction, what holding any contingencies or room for continued comes to mind? Many would probably define it negotiations. When you sell a home or property as the last resort to sell a home, not unlikely in by auction, Longly says, terms and conditions are an effort to avoid foreclosure these days. If you pre-set and non-negotiable, not the least barring (Continued on page 18) According to Chris Longly, Director of Public Affairs and Communications at the National Association of Auctioneers (NAA), auctions are suitable “Auctions generate a list of for any property, not ready, qualified buyers and only those under a foreclosure threat. PINELLAS REALTOR® ORGANIZATION July 2008 5
Table of Contents Feed for the Digital Edition of PROView - July 2008 PROView - July 2008 Contents Chairman’s Notes Feature Story PROActive Making the Most of Your Membership Marketplace Analysis Home Sales Report MLS Update Brokerage Design MLS Mind Your Manners Calendar of Events & Programs New Members and Affiliate Members PROView - July 2008 PROView - July 2008 - PROView - July 2008 (Page Cover1) PROView - July 2008 - PROView - July 2008 (Page Cover2) PROView - July 2008 - Contents (Page 1) PROView - July 2008 - Chairman’s Notes (Page 2) PROView - July 2008 - Chairman’s Notes (Page 3) PROView - July 2008 - Feature Story (Page 4) PROView - July 2008 - Feature Story (Page 5) PROView - July 2008 - PROActive (Page 6) PROView - July 2008 - PROActive (Page 7) PROView - July 2008 - PROActive (Page 8) PROView - July 2008 - PROActive (Page 9) PROView - July 2008 - Making the Most of Your Membership (Page 10) PROView - July 2008 - Making the Most of Your Membership (Page 11) PROView - July 2008 - Marketplace Analysis (Page 12) PROView - July 2008 - Home Sales Report (Page 13) PROView - July 2008 - MLS Update (Page 14) PROView - July 2008 - Brokerage Design (Page 15) PROView - July 2008 - MLS Mind Your Manners (Page 16) PROView - July 2008 - Calendar of Events & Programs (Page 17) PROView - July 2008 - Calendar of Events & Programs (Page 18) PROView - July 2008 - Calendar of Events & Programs (Page 19) PROView - July 2008 - Calendar of Events & Programs (Page 20) PROView - July 2008 - Calendar of Events & Programs (Page 21) PROView - July 2008 - New Members and Affiliate Members (Page 22) PROView - July 2008 - New Members and Affiliate Members (Page 23) PROView - July 2008 - New Members and Affiliate Members (Page Cover3) PROView - July 2008 - New Members and Affiliate Members (Page Cover4)
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