How can real estate professionals collaborate with auction houses to create value for their clients?

1 Understand the auction process

Before you advise your clients on whether to sell or buy through an auction, you need to understand how the auction process works. Auction houses have different rules, fees, and timelines for registering, inspecting, bidding, and settling properties. You should research the auction houses in your area and familiarize yourself with their terms and conditions. You should also attend some auctions as an observer or a bidder to get a feel for the market and the dynamics.

2 Educate your clients

Your clients may have misconceptions or fears about auctions, especially if they have never participated in one before. You should educate them on the benefits and risks of auctions, such as the potential for higher prices, faster sales, and lower marketing costs, as well as the possibility of losing out, overpaying, or facing legal issues. You should also prepare them for the emotional and financial aspects of auctions, such as setting a realistic reserve or budget, being ready to act quickly, and having a backup plan.

5 Stay updated on the auction trends

Auctions are dynamic and influenced by various factors, such as the economy, the market, the demand, and the competition. You should stay updated on the latest trends and developments in the auction industry and how they affect your clients and your business. You should also network with other real estate professionals and auction houses to exchange insights, ideas, and opportunities. By staying informed and connected, you can offer your clients the best advice and service possible.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?