One of the services that we offer at United Country Real Estate | The McLemore Group is auction services. You may only think of auctions as places where certain types of goods are sold, but there are actually a variety of different types of auction services that might surprise you. With our auction services we can help you sell a variety of items in a very short amount of time - saving you the hassle and wait that comes with selling using traditional methods. Whatever item you’re interested in selling will play a role in determining which type of auction service is best suited for you. We can help you navigate the different types of auctioning services and ensure you’re set up for success.
Live Auction
Live auctions are pretty straightforward: Potential bidders gather at a predetermined location to bid on what’s for sale. In most cases a variety of items are sold at live auctions and the items may vary from smaller goods to rare items to bigger goods like houses and property.
Online Auction
This is another type of straightforward auction. Think of sites like eBay where bidders from all over will bid on an item online. There is a predetermined time frame and whoever has the highest bid when the timeline expires wins the item. These types of auctions can be great for attracting a lot of bidders since it is not bound to a location.
Real-Time Internet Auction Simulcasts
Think of this type of auction as a combination of live and online auctions. This type of auction takes place online, but happens live which gives bidders the ability to bid from anywhere, but results are available quickly. This is a powerful type of auction because it opens up the potential bidding pool and appeals to people that enjoy live auctions for the quick results.
Sealed-Bid Auction
A sealed-bid auction is a unique type of auction process. In a sealed-bid auction all bidders have one chance to submit their best offer in a sealed envelope. No bidders know how much anyone else is bidding and all of the sealed bids are opened at the same time. When the predetermined selected date arrives, all of the bids are opened together and the highest bid is declared the winner. A sealed-bid auction is unique because unlike other types of auctions, bidders are only able to make one bid, with the implication that their first bid must be their best. This process prevents bidders from adjusting their bids based on what competitors offer. In this scenario, the seller retains a very high amount of control because they can examine each bid simultaneously and see just how much others value the item up for bid. Sealed bids are commonly reserved for government contracts, but they are also a powerful tool to use for real-estate. These types of auctions can be very powerful to use in cases where a property or piece of land is generating a lot of interest. The more interest a property has going into this type of auction, the higher the likelihood of getting a lot of offers, meaning bidders will be encouraged to make their strongest offers.
Multi-Parcel Auctions
Multi-parcel auctions, sometimes referred to as combinational auctions, are commonly utilized to sell real estate. A multi-parcel auction can consist of either multiple pieces of real estate or one large piece of land split into smaller parcels. When consisting of multiple pieces of real estate the properties will sometimes share borders, such as subdivision plots or condos. When a multi-parcel auction consists of one large piece of land split into smaller parcels it can be done in various ways. Bidders are given the option to either bid on individual parcels, groupings of parcels or all of them. Multi-parcel auctions can provide a lot of value to bidders and serve as a fast and convenient way for sellers to get rid of a lot of property with just one auction. Due to the customization available with multi-parcel auctions, they can sometimes get a little complicated. This is why it is so important to work with an experienced auction team that can keep track of what offers are being made and help you make the best decision.
Absolute Auction
An absolute auction is a type of auction in which the highest bid wins, regardless of the price of the item. This type of auction can be beneficial to both buyers and sellers. For buyers, they may get lucky and their winning bid may be less than what the item could be worth. On the other hand, this type of auction can be beneficial for sellers because buyers compete to out-bid each other. This sometimes means that an item can sell for more than it’s worth if there’s high competition among bidders.
Minimum Bid Auction
With a minimum bid auction there is a minimum price that bidders must start at. Before an auction starts, bidders are made aware that there is a minimum for the item. This type of auction provides a certain level of safety to the seller because they know going into an auction the minimum amount that they can expect from the sale. This is especially useful in situations where an item is particularly valuable and the seller would be opposed to selling below a certain price.
Reserve Auction
In a reserve auction the seller has the ability to accept, reject or counter the winning bid, meaning that the winning bid is ultimately in their hands. Before the auction ends, the seller can determine what they want to do with the highest bid and they have the power to reject it for any reason. For sellers, this type of auction gives them a lot of power because they can ultimately decide to reject even the winning bid. This prevents sellers from having to sell items or property for less than what they deem acceptable. One downside of this type of auction though, is that it tends to generate the least amount of interest among potential buyers because they know the auction is less of a sure thing.
No matter what you’re interested in selling, United Country Real Estate | The McLemore Group can help you identify which type of auction may be best for you. Our team can help you navigate the auction process and sell your item quickly.
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Kevin McLemore is a second generation real estate broker, having grown up in the business. The McLemore Group is centered around the strong bond that Kevin has with his father, Dan McLemore. They have been working together selling land, homes, and commercial projects for over 20 years.
Kevin specializes in helping sellers of unique properties get maximum value for their property with as little headache as possible. He has brokered transactions throughout the greater Charlotte region including the upstate of South Carolina.
Copyright © 2024 The McLemore Group - All Rights Reserved.