Auctioning sounds intimidating, isn’t it? Some of the investors prefer selling their properties over listing them for auctions. However, you might miss out on large fish by overlooking property auctions. Property auctions can unravel immense returns and make your investment worthwhile.
Although you might have heard about the disadvantages of property auctions, the benefits of doing so will change your thoughts. Sean Robbins, Portland real estate investor, illustrates the must-know advantages of auctioning a property right below. Let’s dive in!
1. Fire Competition, Get Higher Prices
What’s the best way to get higher prices for your property? Get more buyers to compete for your property, leading them to offer more and more to you. You have either a fixed selling price or end up negotiating for a smaller budget when selling your property. However, the prices keep rising in auctions till you get surplus compensation to sell your property. Sounds lucrative, right?
2. Quick Decisions in Your Favor
Believe it or not, auctions create competition among the bidders. They align to bid for a property and start competing with each other. In most cases, they get swayed by emotions to win and end up offering immense prices for a property. So, you can turn such quick decisions in your favor and make more money from a given real estate.
3. Faster and Better
Sean Robbins, Portland real estate investor, emphasizes the fact that selling a property is tedious and consumes more time than ever. However, auctions are faster and provide better outcomes. It begins with a fixed price and goes higher until no one could overpass the last bidder. Such a process does not consume much time and brings genuine results to you at a much faster pace.
4. Least Effort
Let’s admit that property selling is a Herculean task! Starting from finding the perfect buyer, to negotiating the price point, and doing the paperwork, selling a property turns many investors disinterested. However, no such challenges exist when auctioning a property. You can easily find numerous bidders or potential buyers when auctioning. Besides, the prices remain flexible without requiring you to brainstorm the final selling cost.
5. Freedom of Selling Before Auctioning
Many investors think that a property that is listed for auctions becomes unavailable for selling. However, it’s a myth and requires debunking. You can list a property for auctions and seek buyers for selling it at the same time. It means that you are free to do anything with your property and returns without getting attached to constraints.
Indeed, auctions are the best way to increase your returns tremendously. As you saw, auctioning a property has more advantages than demerits.