The most rapidly growing auction area is real estate. That's right — buying and selling homes and property by the auction method of marketing is becoming more popular each year. Within the last five years, internet auctions and e-commerce also have contributed to the growth. Online auction sites such as eBay and Yahoo! have brought widespread media attention to auctions as a mainstream method of selling. Many business-to-business e-commerce sites and trade exchanges rely heavily on auctions.

Quick Turnaround Time: An auctioneer almost guarantees a sale within 90 days, and most sales are complete within 30-45 days. And the sale itself is done within a day. For some the bidding lasts only a few minutes, although there have been plenty of instances where bidders have become involved in a “bidding war” lengthening the time of the sale, and hiking up the price of the property. But that’s also an advantage – to both the seller and auction company. In short, auctions are perfect for individuals or businesses who have a deadline to sell their property, but want a competitive sale.

There’s No Limit on the Final Sales Price: With traditional real estate sales methods, sellers run the risk of overpricing their property and seeing very little interest. Or, they run the risk of underpricing their property and selling it for much less than it is worth. At an auction, the price is determined by the highest bidder and there is no cap on high bids.

Sellers Know When Their Property Will Sell: Long listing periods for real estate can be avoided if you sell your property at auction. When the auction date is set, you know exactly when your property will be sold.

No Contingencies: This means the property is sold “as is.” Prospective buyers are given time to view the property prior to the sale so that they can make an informed decision. Sellers do not have to worry about the “closing” being held up because the buyer is trying to qualify for a home loan or must sell his or her own property before he or she can buy theirs.

Comprehensive Marketing: Modern technology has opened the door for bidders to attend live real estate auctions from almost anywhere on the planet via the world-wide-web internet.

Excitement of the Sale: Nothing compares to the atmosphere and excitement of an auction. A good auctioneer’s chant can get the crowd revved up and keep their interest and that’s why people flock to these types of sales.

It is not just distressed property, but auctioneers do handle a significant amount of foreclosures on homes and businesses. However, more and more sellers are making the choice to sell their homes and personal property by the auction method. Sometimes sellers do this for properties that are hard to value, like waterfront homes, ranches and homes with historical significance. I always tell my fellow realtors that when a listing runs out, tell your client it’s time to consider an auction.

When people think of auctions, most often they think of antiques, rare collections and household items such as furniture and dishes. But truth be told, most every item imaginable has been sold by the auction method including business equipment, artwork, livestock, industrial machinery and automobiles.

Are you ready to have an auction? Start by calling an auctioneer in your area that has experience with the type of real estate that you want to sell. Look for professionals that are members of the National Association of Auctioneers, the National Association of Realtors and in this area the Northeast Florida Association of Realtors.