How to Attend Real Estate Auction 2020 | Various methods to Participate in any Auction

How to Attend Real Estate Auction 2020 | Various methods to Participate in any Auction | Steps to participate

How to Attend Real Estate Auction?  You must consider certain things before attending a auctions. Firstly, you must attend these auctions if you really need a house or if the property is profitable.

There are several ways to attend or to get involved in Real Estate Auction:

how to attend real estate auction

1. Agents/Brokers refer clients or customers:

A real estate agent can refer to the seller or to an auction company and can receive a referral fee. The referring agent or broker may also be instrumental in convincing the seller of the merits of auction. The Agents can earn huge profits by convincing buyers to participate in auctions.

Responsibilities of a Agent/Broker:

  • Refer seller to professional real estate auction company.
  • Help seller analyze his needs, talk to him, ask him what he wants, keep his budget on mind.
  • Send notice to MLS stating that the property will be sold at public auction.
  • If negotiable listing exists then cancel the previous listings.
  • Collect referral fee from auction company when the property closes.

2. Be a Cooperate Agent or Broker:

A cooperating agent is any agent and broker who sells the property. He can be a sub-agent, buyers agent, Dual agent.

A Cooperating agent is the one who registers a buyer who purchases property offered through an auction and earns a commission established by the auction firm.

Responsibilities of a Cooperating Agent/Broker:

Before the auction:

  • Attend real estate auctions to know how they work.
  • Learn the terms of the Auctions.
  • Attend pre- Auction open houses with prospects.
  • Assist bidder with auction strategy.
  • Call Auction companies to be placed on their mailing lists.

During the Auction:

  • Assist prospects with bidding strategy.
  • Attend the Auction with bidding strategy.
  • Help them register.
  • Accompany successful bidder to contract room.

After the Auction:

Collect commission check when property closes.

3. You can be a Listing agent/Broker:

A listing agent/broker is an agent of the seller who markets the seller’s property and represents the seller during the sale and at the closing. At the auction, the listing agents manages many traditional real estate functions and shares the commission based on the amount of involvement and the relationship defined by the parties involved.

Responsibilities of a Listing Agent:

Before the Auction:

  • Complete due diligence.
  • Provide feedback to the seller.
  • Perform market analysis.
  • Provide the lead.
  • Provide local licensing information.
  • Hold open houses for inspection.
  • Provide a fact sheet on the properties.
  • Order and obtain sign, photographs, and keys.

During the Auction:

  • Accompany buyer to contract signing room.
  • Assist and suggest auctioneer in bid process as needed.

After the Auction:

  • Attend closing.
  • Help the buyers with the post Auction processes.
  • Collect commission check when the property closes.
  • Assist in pre- closing events.

Hence, these are some of the methods by which you can participate in a Auction.

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