SOLD in 7 days or less!
I've been involved with using online bidding to sell real estate for about 5 years now. The strategies have changed as I constantly learn new marketing strategies and how to work best with the MLS.
In general an online auction usually runs about 3 weeks. The idea is to give it enough exposure and have time to have 2-3 open house previews.
Recently I've realized that with the speed of informatin these days, the process could easily be reduced to a week or less.
Here is what it could look like....
Day 0 (Sunday night) - Listing goes active in the MLS and online auction is in "preview" mode (bidding not open yet)
Day 1 - 4 - Heavy marketing using online ads, signs in the yard, flyer box in the yard, and anything else you use to advertise in your local market. NO Showings allowed during this time.
Day 5 (Friday) - This is the first day that agents can show the property to their buyers, but online bidding is not open yet. Written "pre-auction" offers are allowed until 7 pm Friday night.
Day 6 (Saturday) - If the seller has not received & accepted a pre-auction offer, the first public open house is held for 2 hours sometime in the afternoon. Online bidding opens immediately following the open house. When online bidding opens, it is mandatory that all offers/bids be submitted online.
Day 7 (Sunday) - The second scheduled open house is held for 2 hours sometime in the afternoon. Online Bidding ends at 9 pm Sunday night. The highest bid is presented to the seller for their approval or counter.
That's it on the high-level and it will definetly work when marketed correctly.
The process creates a sense a urgency missing in today's market and gives you a new option to offer sellers in the right situation.
Tom Wood is an online real estate auction expert and real estate broker in St. Louis, MO. My main focus is online real estate auctions. The company Real Estate Auction Systems provides online auction systems to real estate agents, auctioneers, builders and banks. We also provide coaching and mentoring to anyone new to using online bidding to sell real estate.
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