HOW DO I SIGN UP A SELLER'S PROPERTY FOR AUCTION?
Make the initial contact with the Seller regarding the auction and call our office to discuss the initial auction consultation. Our goal is to help you look good and help your Seller with their needs.
WHO WILL HELP THE SELLER UNDERSTAND THE COMPLETE AUCTION PROCESS?
An Advantage Real Estate Auction Associate will be there to help you. We will consult with you on arranging a mutual appointment with the Seller, Agent and an Auction Associate. Past auction results, copies of Auction Sales Packets will be given to you and the seller. A marketing strategy will also be discussed.
WHAT WILL HAPPEN TO MY LISTING/SELLER WHILE THEY WAIT FOR THE AUCTION?
The listing will be published in the MLS. The remarks will denote 'Auction'
and the listing will be extended an appropriate amount of time. A detailed and aggressive marketing campaign will begin, in accordance with a pre-approved schedule, by the Seller.
DOES A MINIMUM SALES PRICE NEED TO BE ESTABLISHED BEFORE YOU WILL ACCEPT A PROPERTY FOR AUCTION?
No, whether the listed price is $25,000 or $500,000 we work will all listing situations.
WILL I GET PAID IF MY LISTING SELLS AT AUCTION?
Yes. The Broker will receive 50% of the collected commission.
WHAT IF I HAVE A SELLER BUT HAVE NOT YET LISTED THE PROPERTY. DO I STILL GET PAID A COMMISSION IF THE PROPERTY SELLS BY AUCTION?
Yes. The Broker will still receive 50% of the collected commission.
WHAT HAPPENS IF I HAVE A BUYER THAT WANTS TO BID AT THE AUCTION?
If you are a Buyer's Broker, have the purchaser sign the Broker Participation Agreement. You can fill-out this form on our website or call our office to receive a copy. Fax or mail the signed form to A.R.E.A.S., LLC. As the Buyer's Agent, you are required to attend the auction along with the purchaser. If a Broker signs up a buyer for an auction, and that buyer has the winning bid, the Broker will be paid a percentage of the commission. The percentage will vary depending on the property.
IF I AM A BUYERS AGENT, HOW AM I COMPENSATED?
As a Buyer's Agent, you will be paid in accordance with your Brokers Agreement.
WHAT IS A BACK-UP BIDDER AND HOW MANY BACK-UP BIDDERS ARE ALLOWED?
One (1) backup bidder will be allowed to complete a full purchase agreement the day of the auction. A deposit will also be required at the same time the backup purchase agreement is written. Should the winning bidder default for any reason, the backup purchase agreement will take effect. When the winning bidder closes on the property, the backup bidder will be refunded the deposit and the backup purchase agreement will be null and void. This is not applicable to all auctions. Please contact the auctioneer prior to the scheduled auction sale for more information.
AS A BUYERS AGENT, WILL I BE PAID AT MY REGULAR COMMISSION SCHEDULE AND WILL I BE GIVEN VOLUME FOR THE SALES PRICE?
Yes, the sale will be treated as a normal transaction. You will be paid in accordance with your existing contract and will be credited for volume based on the auction price.
To schedule a free in-home consultation with you and your seller, please contact Robert McArtor
directly at 443-392-4833, 410-879-0622 or e-mail your request to robert@harfordadvantage.com
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