Online Auctions

Copyright (c) 2011 Jack Bosch

When selling your properties at a high level with multiple properties you have the option of setting up an online auction. This is suitable for when you have a large number of properties to sell.

The opt-in strategy works well in this type of situation. The only way to participate in this event is for the buyer to opt-in on the event. This means that you are able to access their email address and add them to your buyer's list.

When you are ready to have an online auction, set your dates and start advertising through online sources and offline sources.

To begin the process of starting an online option your first step will be to list all the properties for auction on your web page and include a date and time when the bids must be in by. Include any disclaimers and additional pertinent information.

At this point, people will begin bidding. When the bidding has ended you will have now collected all the information you need and will know who is in possession of the highest bid. You can now start to combine online and offline efforts. This is when you begin your round robin auction by calling all participants and asking each participant if they are interested in increasing their bid.

Another option for online auctions is to set up your properties on your website so that if there is an interested bidder who clicks on the property for more information, they will be redirected to a professional auction site such as www.liveauctioneers.com or www.proxibid.com. The advantage of using professional online auctioneers is that these websites have a lot of exposure through website traffic. You can also set up links from the auctioneer sites to your own website and harvest any visitor emails from the auctioneer websites to add to your buyers list. Using a professional online auctioneer is only advisable if you have many properties for sale as it can be very costly.

One last option for an online auction is a reverse auction. These auctions begin with a high price. This is a first come first serve auction whereby the first person that is interested can buy the property. It is up to you to decide when and by how much you will reduce the price of the property.

As previously stated, online auctions are best used when you have multiple properties for sale. When they fit your situation, they can create excitement and give you plenty of opportunity to contact the buyers on your buyers list as well as to add to them.

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