The Ellis Team at Keller Williams is introducing an online real estate auction bidding system on select listings. We are using technology to speed up the process of selling homes. This system is different than our 8-day sales program which we also offer. Both programs are designed to attract top dollar while creating buyer urgency. Most sellers do not want to show their home for months on end, so we have solutions to solve that.
Online Real Estate Auction With Online Bidding
We place the home, condo, lot, or whatever real property we are selling in both the MLS and the online bidding site. Buyers are advised that this is an online bidding system. The seller is not obligated to take an offer, although most do. The online bidding might start at a lower price than the actual price in MLS. We typically like to have appointment windows where buyers can view the property before making bids.
The seller can decide if they will accept financing or cash only bids. Buyers can enter their bid and can even enter an amount they would go up to with an auto-bid. Other buyers do not see what your auto bid number is. If the other bids exceed your up to auto bid number, you will receive an email that you are no longer the top bidder. A buyer can then decide if they wish to change their bid to get back in the game.
Transparency
Buyers love the online system because they can see the number they have to beat if they want the property. In the multiple offer days buyers were most frustrated by wondering how much over asking price they must go to get the property. Nobody wants to overpay, and some buyers wondered if they actually did, and by how much. With this system, the buyer is in control. The buyer is not competing against the seller. The buyer is competing against other buyers, and there is transparency. Each buyer can see what it will take to score the property.
Sample Bidding History
We’ve included a screenshot of a recent auction by another agent held up North in another state. Each buyer can clearly see the auction history. This was page 3 of the auction history. This particular auction had 53 offers or amended offers.
This Weekend’s Online Auction
This weekend the Ellis Team is hosting an online auction on 8268 Firwood Dr in Estero. The online starting bid will be $80,000. The Ellis Team online real estate auction can be found at www.EllisTeamAuctions.com More info on the property can be found at www.LeeCountyOnline.com in the Featured Listings tab. We will be hosting an open house preview on Saturday and Sunday from 12-2 PM for interested bidders. Bidding ends Sunday at 6 PM
Terms
Each property can have its own terms. For instance, one seller might include a home inspection upfront and offer no inspection period while another may provide an inspection period. Other terms might include how soon a buyer must close, what the escrow deposit needs to be, etc. The winning bidder earns the right to go to contract with the seller if the seller accepts the bid.
Written Offers During Auction
Sometimes buyers decide to submit written offers directly to us as listing agents during the auction period. We redirect them to the online bidding site so that all buyers are playing fairly.
Interested in Selling?
This has been a brief overview of the program. If you are interested in selling your property, we have several programs that you may love. You can speak with Sande Ellis or Brett Ellis at 239-310-6500 and we’ll be happy to help you sell your home for Top Dollar and quickly. The Ellis Team has more tools to put more money in your pocket. Always Call the Ellis Team at Keller Williams Realty.
Ellis Team Weekend Open House With Online Auction
Bidding Starts at $80,000 Bid Online
Online Bidding Ends Sunday 6 PM ET
