Storage Unit Auction Know How

Participating in a storage unit auction is easy. All one has to do is show up at the auction with enough money in hand to buy the contents of a delinquent storage unit maybe a few hundred dollars to start and the means to haul the winnings away. A pickup truck, van, or even a car towing a trailer will do nicely. It’s a good idea to have a helper along too, in case there is any heavy lifting to do.

The person in charge of the public sale cuts the lock on the storage unit and gives the audience five minutes to see what is behind the door. The worker opens the boxes and moves things as much as possible to allow the viewers to see what’s inside. It’s a good idea to take notes on what’s inside the unit before the bidding begins, so one does not bid a small fortune for a few dollars worth of merchandise that won’t easily sell later on. Bidders are not permitted to handle items or search through the boxes.

Once the auction gets underway, the highest bidder wins the entire contents of the unit. Some people score big with camera equipment, coin collections, and appliances. Others end up with worthless items like broken toys, bags of fertilizer, or old books. Either way, the winner is responsible for clearing out everything in the unit.

If you attend the auction, don’t bid. It’s a good way to get flagged by the auction house. Trying to get more for your item by bidding on it knowing someone else will bid higher is a huge no-no. Plus, you might end up buying your own stuff. In most cases, the auction house won’t take the time to make sure they shine and look as new as possible. They might do a quick wipe down, but when your item is actually clean, it stands out and gets noticed.

Make sure you know the real value. Be realistic and set your expectations accordingly. This is especially important if the auction house has a limit that they want the items to be worth. If your item sells for less than that, you may not get any commission. Try to make sure your items have a good chance of selling above their minimum.

It takes money to bid. Sometimes the thrill of winning overcomes new bidders. The result is a negative bank balance and a garage full of junk.

Living in a small town may be a disadvantage if a neighbor who has lost his home and job sees his belongings being sold at the local flea market.

If the idea of walking away with someone’s belongings seems cold, then buyers can turn over personal items such as family photo albums to the storage unit facility owner. There is always an outside chance a former renter will return for these. The buyer gets to keep the valuables though, and the delinquent client is not given any information as to who bought his items at auction.

Bidding on abandoned storage units is a way to make money – sometimes. Participants can increase income by selling auctioned goods that interest other buyers. Tools, appliances, furniture and even vehicles bring a good price at storage center auctions. It’s a wise idea to consider beforehand the steps for bidding at storage unit auctions.

The Best Selling Item On eBay!

What is the best selling item on eBay you ask?

I’m not going to play you out with lame ideas for eBay businesses that don’t work, or tell you to go out and research everything yourself. Nope, not here! All you need to know right now is that sunglasses are an easy money machine selling in eBay. Even with summer ending soon, sunglasses remain popular year round. I know you’ve probably seen a lot of articles like these throughout the years, but this isn’t your typical fake out. I’m going to tell you everything that I’ve done (recently) this past summer to buy a car, get my own place, and conquer eBay.

When people ask me “what is the best thing to sell on eBay”, I usually don’t tell them. I’ve decided to spill the beans on here now because I have moved on from eBay, and have started my own company. Why waste good advice when I can offer you (the people) great eBay tips for selling and the ability to make money?

So here’s what you do. Create an eBay account. If you don’t have one already it’s easy so I won’t explain it here. Now while creating your eBay account think of a business name you want to go by. Something catchy like shademebaby or whatever. It’s not a big deal if you don’t like it, because eBay lets you change your name after a month anyway. Also, most customers on eBay don’t care about your name and won’t repeat shop with you anyway.

Now I’m going to give you an eBayer ID I want you to look at, and copy as much as possible. They sell the most sunglasses on eBay, and are good at it. They sell like 10,000 pairs of sunglasses on eBay a month. The name is “SHARPKO”. Search for it on eBay and check out how he sells sunglasses, and see what his listings look like. This is going to come into play later when I tell you how to create your listings effectively.

Some other notes about your eBay account you should take into consideration is the following: setup your paypal account and link it to eBay. You’re going to need to create an eBay store at some point so look into that. It costs 16.00 a month.Don’t buy it yet though. If you’re not familiar with your eBay account you should be by now.

The next obvious step we have to take is to look for inventory to sell. Well, instead of sending you off and wishing you good luck on your search I’m going to provide a link to the best sunglasses wholesaler out there right now. Olympic Eyewear has the best quality sunglasses out of any other wholesaler website out there. Trust me, I went through this process already so I know first hand. If you want to search for your own wholesaler feel free. Simply type in wholesale sunglasses on Google and you’ll find plenty. Be warned though, other quality of sunglasses out there suck balls.

So now that you’re at Olympic eyewear’s website we need to focus on 3 brands. The DG sunglasses, XLoop sunglasses, and Aviators. These are the three most popular brands of sunglasses on eBay. Don’t bother with most of the other brands unless you see something you really like. Now depending on how much money you have, will depend on how much stock you buy. The average cost is around $30 a dozen per box. But, wait! Guess what? You can sell your sunglasses without buying them first. Here’s how…

Pick a group of 5-10 sunglass styles you like. Now right-click and save the images for the sunglasses. Now when you go and create listings on eBay, just use the stock images the website provides and “act” like you already have the sunglasses. Now, when you start selling them you can use the money other people pay you and use that to buy your inventory. Since Olympic Eyewear accepts paypal it makes it even easier. Words of caution though… you are not going to sell all 12 pairs of a certain style before you have to purchase them. So you’re going to have to pay some of it. Also, look at Olympic eyewears shipping times and see how long it’s going to take to arrive to your house. You don’t want to keep your eBay customers waiting or they will leave you negative feedback and ruin your eBay account. It took like 4 or 5 business days to reach me. As soon as they came to my house I shipped them out and it was never a problem.

Of course that is the risky way to do business. The proper way would be to pick 5-10 styles and purchase them upfront. Don’t worry you will sell them eventually. A word of advice is not to go overboard on the styles you choose. Stick with 5 to 10 styles of the brands I mentioned above. If you discover a certain style sells a lot, I recommend buying multiple dozens. The only flaw olympiceyewear.com has is that their sunglasses sell FAST. They run out of stock quickly, so if you find a good seller buy as much as you can afford. It sucks when you sell out of a style and go to purchase more and they have run out… trust me I’ve been there multiple times.

Oh, one more note. Try to purchase in bulk. If you only buy one or two dozen at a time you’re going to get killed with the shipping costs. The best way to do it is find what sunglasses sell first, and then spend over $500 on an order at a time. I frequently spent over 1k on sunglasses. The positives to this are that you don’t have to worry about stock for awhile, and olympiceyewear offers discounts the more you buy. I think I saved like 10% on my order for spending over a thousand dollars, so that paid for the shipping costs right there.

Now that you have your sunglasses picked out and ready to sell, you have to find shipping supplies! Forgot about those didn’t ya? Don’t worry I have the hookup. Purchase your tape from Walmart. You’re going to need a lot of it so buy 3-4 rolls at a time. Also, I recommend buying “stuffing” for your boxes so that the sunglasses are more secure. It’s not necessary but I found that the customers liked it better this way.

It doesn’t matter what sunglasses you buy, they all fit into 6x3x3 shaped boxes. I scoured the internet for the cheapest box prices and formed a relationship with mobe packaging you can find here. I know there website looks a little bad, but the prices are great and shipping is SUPER fast. I received my boxes within 2 days every time! Here is the exact page to get the boxes. I always bought white corrugated boxes because I thought they looked better, but you can get brown if you prefer. They are pretty much the same price. So for 50 boxes it costs 9.75, and the shipping is also a great deal. Make sure you select the FedEx option for shipping. I would recommend buying at least 100 boxes to start.

Okay, now that you have the shipping supplies and sunglasses it’s time to start listing them on eBay. I hope you know HTML/CSS because it makes it a lot easier to create listings on eBay that look good. If you don’t, no worries. I’ll post the outline that I used to list my sunglasses. I’m not expert in this area, so feel free to design your own outline. Think of eBay listings as a one-page advertisement for your product. Did you look at SHARPKO eBay profile yet and his listings? You want your listings to look like his.

Anything that looks like the above example is what we are aiming for. It doesn’t have to be exactly the same. For more ideas look at other eBay’ers selling sunglasses and what their listings look like. Make sure though that you come up with an outline you like, and use it for all of your listings! You want all your listings to be identical except for the sunglass images. It makes it a lot easier for you and your potential customers to identify you and organize your listings. When you have over 1000 listings up at a time, you want to make it as easy as possible for you to make changes.

Designing an outline is going to take a day or two. It’s probably one of the biggest details you have to pay attention to. It’s not as easy as slapping up an image with a simple description anymore. If you need help designing an outline there are a few programs and websites out there to help you. Simply type in eBay outlines or designs on Google, or search eBays forums for help and advice. If you know someone who can design a sweet outline for you, then you’ll have a huge advantage over the competition.

Okay, so now that you have your stock, shipping supplies, and listing outlines ready to go, it’s time to post them for the world to buy. The single, most important aspect of selling on eBay is your posting strategy. Here are some questions you need to take into consideration before posting anything. How much are you selling for? How many listings are you going to have? Are you going to sell auction or fixed price format? What days and times should you post your listings? How many days should your listings run for? How much should you charge for shipping and handling? etc.etc.

I can’t answer all of these for you, but I’ll focus on the more important ones in this article. Shipping costs. I know exactly how much it costs to ship sunglasses, and lucky for you, I’m nice enough to share it with the world. Sunglasses (including the box) weigh around 4 ounces. Sometimes you’ll have them weigh a little over that depending on if the sunglasses are heavy, but no worries. You are going to ship via the USPS (regular post office). Each box going out anywhere in the USA is going to cost you a little less then $2.00. Packages leaving the US are around $4 depending on exactly where. All you need to know is how much the box weighs because you’re going to be printing all your shipping labels from home.

Before all of this though, you need to decide how much to charge customers for shipping. I recommend charging more then the actual cost. People don’t know how much it costs for you to ship so take advantage. I was charging 2.99 per package, and 4.99 for international. I made an extra dollar every time. Some people charge more, some people charge less. Play around with whatever works for you. You also have to take into consideration the price you charge for the product vs the price for shipping. If your selling sunglasses for 6.99, you can get away with charging more for shipping. If you sell for 9.99 a pair, you probably want to charge only 1.99 shipping. It’s all relative. Find your sweet spot.

If you’re not familiar with printing your own shipping labels, it’s really easy. Make sure you have a printer. It can be any old printer, nothing special. If you’re shipping a lot of sunglasses though, you’re going to need to buy ink a lot. After someone makes a purchase from you on eBay, you go to it and find the link that says print shipping label. Fill out whatever information it asks for, and it will create a label for you that you print. Since you know the sunglass packages weigh 4oz, the label will automatically calculate the cost. After you print the label, cut it down to size, and tape it to your box. Now you can walk right into your post office, and drop the boxes off without waiting in line. It was funny walking in the post office when there was a long line, walking past everyone, and setting my boxes on the counter and walking away. Oh, and you pay for the shipping labels through your PayPal account so its really easy. They just deduct the cost right from there for you.

How much to sell for? This question is really up to you. Like I talked about with the shipping costs, you have to find what people are comfortable paying for. I will tell you that people prefer a lower overall price vs the higher one (obviously). I charged 7.99-8.99 per pair with 2.99 shipping and it worked great. You may want to charge 9.99 w/1.99 s&h or even higher then that. I will also tell you that the eBay average selling price is 10 bucks for a pair of the sunglasses you’re selling. So work with that and develop a winning price strategy.

Remember, selling sunglasses is about VOLUME! You’re going to be making around 4-5 dollars per profit per pair. The more you sell, the more money you make. Since they are so easy to sell, it shouldn’t be hard for you to grow into a power seller.

How many listings should you have? My advice is A LOT. As many as you can afford. The more listings you have up, the better chance you have of selling something and attracting attention to your store. It’s a numbers game, and if you want to compete you’re going to have to put up big numbers. It’s okay if you start small though. Focus on growing your inventory so that you have at least 200-300 listings up at one given time. I know a lot of sellers that have 1k+ listings going at once, and I know that SHARPKO usually has between 4-5k listings rotating around the clock. Think more listings = more exposure = more customers = more money!

How should I list my items? This is the big question you need to answer. Will you sell auction style or fixed priced? Well before you can answer that question you need to see how many items you have available to sell? You see the problem lies in how eBay lets you create listings. You can’t post duplicate items when you sell via the fixed price format. So every fixed price listing has to be a different color sunglasses. eBay will remove duplicates real fast. Auction style listings though let you create as many duplicate listings you want. So it would make more sense to sell auction style then right?

Well, yes and no. Auction style lets you reach the front page, sell duplicates, and more. However, auction style costs more overall. Its 25c to post an auction style listing. If you purchase the basic store, and post a fixed price listing, it’s only 20c. However, the big difference is fixed price listings can be set to the “good till’ cancelled” duration. Auction listings can only be set to 7 days max. Huge difference here.

If I have 200 pairs of sunglasses and decide to list them at fixed price it’s only going to cost me $40 a month, plus the selling fee. If i take those same 200 sunglasses and list them auction style its going to cost $50+selling fee, and only last 7 days until I have to repay another $50 to list them again. The fees will begin adding up really fast. Yes, you will sell more using the auction style because you’ll receive more exposure, but in the end, eBay fees will kill you.

The best method I found to work is this. List all of your sunglasses via the fixed price method and set the duration to “good til’ cancelled”. Also list the quantity to more then 1 (even if you only have 1 of them, you can buy more). This way, your listings never end and you won’t be paying crazy fees. You can test the auction style waters if you’d like, but be warned, the fees do add up fast.

What times/days should I create listings? It really doesn’t matter what day you have your listings end for. You would think that the weekends would be a good time right? Well, after months of thinking that, I came to find that I sold more on Mondays or Tuesdays then the weekends usually. With that said, Saturday still seems like the best day to have your listings end. There are programs on eBay that can give you information on how many people are searching for your listings and things like that. You can use those to your advantage since most of them are free. One of the eBay apps I used was outright. It shows you how much money your making vs spending. It’s a great tool to see if what you’re doing is working or not.

Make sure when you create listings that you spread the time out a little. Don’t have all your listings end at the same time. I would use a timer (you can Google timer), and set the timer to 2-3 minutes at a time, and every time the timer goes off post one of the listings. If you’re going to use the fixed price format, it really doesn’t matter because they run for a month. Setting your listings by time is a strategy you should use when listing by auction format because it makes sure you have listings on the front page of eBay every time someone searches for the word sunglasses. This helps get your listings more exposure, which leads to more bids.

Ebook Review: Auction Profit Streams

EBOOK DETAILS

File Size: 904kb Zipped, 1,003kb Unzipped.

Number of Pages: 53

Format: Adobe Acrobat (.pdf)

Subject: A guide to setting up multiple income streams using eBay.

Other Information: You can download a free chapter of Auction Profit Streams by Clicking Here.

ABOUT JOHN THORNHILL (AUTHOR OF AUCTION PROFIT STREAMS)

John Thornhill (aka eBay PowerSeller PlanetSMS) has been selling information products on eBay for many years and has over 10,000 positive feedback comments. He also runs the successful PlanetSMS Newsletter which provides valuable tips to those selling ebooks on eBay.

ABOUT THE EBOOK

Inside Auction Profit Streams, the author John Thornhill explains how to use eBay to create multiple income streams which are almost fully automated. With each of the income streams he outlines, John also provides proof of his earnings for that method. The topics covered inside Auction Profit Streams include:

· Building a list of Subscribers!!

· The importance of MULTIPLE streams of income!!

· Your most valuable asset and how to maintain it!!

· The Pros and Cons of Resell Rights!!

· The best subjects for Ebooks!!

· How to create your very own Ebook!!

· Selling your eBook Successfully!!

· How to make money WITHOUT your own Product!!

· Profiting from Private Label Content!!

· Becoming an Expert in your field!!

John begins his ebook by explaining the importance of building a mailing list. Throughout the ebook he also suggests potential ways to build your mailing list. Although he doesn’t go into great detail on how to build your mailing list, the point John makes is very valid. With a mailing list you get a potential customer for life which is one of the most important assets you can have. Overall, Auction Profit Streams does offer enough information for you to get your own mailing list started, although there are better ebooks on the topic. However, since this isn’t the main topic of the ebook I feel it is one that John covers more than adequately considering the subject matter.

In the next chapter John moves on to describe your most valuable asset – your eBay feedback. In this section John describes how to keep your feedback above 99% positive. He outlines methods he uses and provides actual examples. John also explains how to get negative feedback removed if need be. This chapter contains very good information and John’s excellent feedback record proves that not only does he use this information himself, but that it is effective.

After a description of why you should be selling information products, John then moves on to the benefits of selling ebooks with resell rights. These are not the typical benefits you would expect such as being easy to obtain, easy to sell or that they are an easy way to make money. Instead John describes the benefits of creating and selling your own ebook which are much more powerful than those already outlined. It is largely because of this section that I have started putting more of an effort into writing my own ebooks with resell rights. John then finishes the chapter with tips on how to make sure your ebook with resell rights sells well. Overall this is an excellent chapter and a real gem for ebook sellers on eBay.

In the next chapter John attempts to answer the question ‘What should I write about?’ In this section he includes a list of information product best sellers. Although this information is good, it is probably information you have read in multiple ebooks before. Therefore, I felt this chapter wasn’t as strong as the previous chapters in Auction Profit Streams.

Following this John moves on to describe how to create your very own ebook. He begins by explaining how to effectively research your chosen ebook topic. Using the fictional topic of “Dog Training” (a topic which John knows nothing about) he shows step-by-step, the process he would follow to research the topic and includes screenshots. John follows this up by writing about how to devise an effective title, what information you should actually put in your ebook and finally how to compile it. This topic is covered very well within this chapter. Although ebooks such as eBay Auction Income Streams and The One Month Magnate go into more detail on the topic, that is the only thing they focus on. This is just one of many sections in Auction Profit Streams, and therefore I feel John has done a great job of writing down everything you need to do when creating your own ebook. Not only does he cover the basics of creating your ebook but he also includes some additional ideas, allowing your ebook to make you even more money.

Next Auction Profit Streams moves on to describe how to sell your ebook. First, John covers pricing your ebook. He outlines the approximate prices you should be charging depending on what you are trying to achieve with your ebook. Then John tells you how to create a top selling auction title and auction listing/sales page. The auction design tips include; how to design attractive HTML auctions (with links to the relevant tools you will need), what to include in your listing, what not to include in your listing and which fonts and colours to use. Since I have been selling ebooks on eBay for some time a lot of this information is not new to me. However, this chapter is extremely detailed and full of useful information for those who do not know how to design attractive HTML auctions or who do not have much experience selling ebooks on eBay. Furthermore, John provides lots of useful tools for the beginner who may struggle with auction listing design. Overall, the information in this chapter is very detailed and very useful, just not so applicable to the more advanced ebook seller.

In the next chapter John moves on to describe how to promote your products and/or your brand, both before and after a sale. These promotional methods are all effective and free. Although I knew about some of the promotional methods John outlined already, they are still very useful for the beginner. However, John’s focus on how to maximise the effectiveness of your download page contained a lot of new information for me. Prior to reading this ebook I used to just distribute the download link to customers when a sale was made. However, now I direct customers to a download page as I realise the importance of it in a promotional sense. Overall, I found this section very insightful and I learnt something new from it. The information was very valuable to me, even though I have been selling ebooks on eBay for a number of years.

John then moves on to write in detail about private label content and how he uses it. This chapter is again very detailed and in particular the latter section is my favourite. At the moment I do not use private label content, although after reading this section I am likely to start in the near future. At the end of the chapter John outlines how private label content can be used to generate a monthly recurring income which increases each month, an idea I will definitely be following up. In conclusion I found this chapter to be another insightful one from John and full of ideas which I had not considered before.

Auction Profit Streams finishes with the chapters; ‘How to become an expert in your field’, ‘Tips, Tricks, Methods and Secrets’, ‘More Money Making Ideas’ and a ‘Step by Step Guide to creating an Income Stream.’ These mainly sum up the ideas in the ebook and provide the reader with a few additional tips, although they do conclude the ebook nicely.

Overall, I found Auction Profit Streams to be an extremely informative text. Even as an eBay ebook seller of some years I still found new ideas in the ebook which have helped me. The ebook is also very well laid out, and flows in a way so that you can implement the ideas as you read. Whether you are a beginner or a more experienced eBay ebook seller, I am sure you will find some new ideas inside Auction Profit Streams. My only criticism of the ebook is that in certain areas John suggests getting a website and mailing list, but does not describe where you would go to get these tools. Although this is not a problem which affects me, I could imagine relative beginners not knowing where to search for these. Also, some of the information is repeated in John’s newsletter and previous ebooks, although to his credit John does state this inside Auction Profit Streams. Despite these minor criticisms, I would recommend Auction Profit Streams to anyone selling information products on eBay as a must read.

GOOD POINTS

· Provides you with ideas to create multiple income streams using eBay.

· Very good information for eBay ebook sellers who are beginners and some new ideas for the more experienced eBay ebook sellers.

· The chapter on selling ebooks with resell rights is very informative.

· The section on the importance of the download page provided me with fresh new ideas.

· The section on private label content will be very useful to me in the future and was a real eye opener.

BAD POINTS

· There are some promotional methods that John misses out on e.g. Google Adwords.

· If you have been subscribed to John’s newsletter for some time and/or purchased some of his products, then some of the information in Auction Profit Streams will be repeated.

· No links to website hosting and mailing list companies are provided.

HOW I HAVE GAINED FROM AUCTION PROFIT STREAMS

The main thing I gained from Auction Profit Streams is the importance of the download page. Previously, I sent customers a link to the actual file for them to download. However, now I send customers to a download page as not only does it look more professional, but it also provides an excellent promotional opportunity. I have also been educated on the value of private label content, and I am sure I will be taking advantage of it in the near future. Furthermore, I am now putting greater effort into writing my own content, as Auction Profit Streams has really outlined the value of this to me. Overall, I have gained significantly from Auction Profit Streams, particularly compared to other ebooks I have reviewed.

Choosing to Sell: Auction or Private Sale?

Looking to sell your property? Every owner wants to get top dollar from a sale and one of the most debated factors in ensuring you get top dollar is the method you choose to sell with. If you are in talks and are planning on putting your home on the market, you’ve probably been debating whether to sell at auction or private sale.

Both methods have their benefits and, depending on the market and your local real estate climate, either one could net you the bigger offer. Read on for a few points to consider before you list your property.

Auctions create urgency

In any market, an auction creates a sense of urgency amongst buyers. If buyers are interested in the property then they will come and they will be forced to bring their best and square off against each other if they want to sign the papers at the end of the day.

Private sales make room for other potential buyers

As auction bids are often unconditional, this sort of sale technique is better suited for those who need to make special arrangements for financing or work out other conditions. Ultimately, this means that a private sale allows buyers who might not be able to bid at an auction to make an offer.

Auctions are competitive, private sales are less intimidating

Auction sales do have the distinct advantage of encouraging competition between buyers and pulling the best price possible out of them, but at the same time some buyers are put off by the idea bidding at auction and choose to stay away. Private sales are less intimidating, meaning the potential is there for a larger number of interested buyers to approach you with offers.

Private sales are better when you have less time constraints

Auctions demand that a property be sold on the day, which is great if you need the cash for another investment. If you don’t have time constraints, this selling method means your home can stay on the market for a lot longer, giving you more time to get the offer you want; although this does mean your home could stay on the market for months if no offers come along.

Both methods of sale have their advantages and, unfortunately, the answer isn’t always clear.

If you need to sell your property urgently to make an investment or achieve what you want to achieve financially, an auction might be the way to go. If you have the time and patience in a seller’s market to wait for the offer that you want to come along, a private sale could fetch the higher price.

Talk to your realtor about the current state of your local property market and check recent trends on sale prices at auction and through private sales in your area.

Ray White Papakura have a range of houses, land and farms for sale in Papakura in the southern Auckland region of New Zealand along with areas such as Clevedon in the east and Waiuku in the west.

They also offer property management services for both tenants and landlords, so if you have a house for rent in Auckland contact the property management team at Ray White Papakura.

Selling – Auctions Are A Growing Trend for Home Sales

Start the Bidding!…if you have ever been at an auction, you’ve probably experienced the thrill of bidding on your favorite piece of furniture or collector’s item. Even watching auctions on television for collector’s items such as old baseball cards, civil war weapons, and movie items as they are conducted on popular television shows like The Antiques Roadshow and guesstimating what the final value of the auctioned item will be can be a pleasant pastime. But, have you considered attending or participating in a real estate auction?

While real estate auctions are hardly a new home-sales technique, and have been a customary way of selling foreclosed properties for many years, the real estate industry has taken more notice of this technique in recent years. Real estate auctions generate buzz, create a sense of urgency for a sale, and have been known to spark bidding wars for properties that otherwise could stagnate on the market according to a National Association of Realtor’s online article, “Not Doing Auctions? You’re Missing Out”.

Statistics reported in the article showed that residential real estate auctions grew by 12.5 percent in 2006, making up the fastest growing sector of the auction industry, according to the National Auctioneers Association. With new real estate online tools being made available, some of these auctions are occurring online with participants from around the country.

What auctions are doing for home sellers is drawing pools of potential buyers to a property, especially when the bidders perceive that they’re getting a good or better deal than they otherwise would be by traditional home selling methods. With online marketing, interested prospective buyers can be drawn from around the country and not solely from the state that the property is located in. Buyers usually grow through a pre-qualifying process in order to bid. Although, homes sold in this manner are still a ways from becoming the primary way property is sold, the growing trend is a good indicator that online or offline auctions are a viable option for a home seller.

“Agents and sellers can use the competitive edge that auctions generate to maximize the return,” Gehringer said, a real estate auction expert in Winchester, Virginia. Case in point: At one auction, a townhouse’s market price in the $250,000s skyrocketed to the $400,000s after a bidding frenzy, said Gehringer, who does 80 percent of her real estate transactions with auctions.

The three main types of real estate auctions are:

o Absolute auctions – Properties are sold regardless of price to the highest bidder.

o Minimum bid auction – A minimum published price is set that guarantees the property will not be sold for anything less than that number.

o Reserve auctions – A minimum price is set by the seller that is not disclosed to the public. The seller reserves the right to accept or reject the highest bid.”

While real estate auctions are growing in popularity, some in the industry still view auctions as a last resort in the home selling process. However, as sellers and their realtors become more knowledgeable and familiar with the process, and online tools grow in sophistication; a homeowner is likely to see the option of selling his home at auction not just as a way to unload hard-to-sell or foreclosed properties but as an efficient way to get their home sold in any market.