Do’s and Don’ts During a Luxury Real Estate Auction

Once you’ve decided to auction your home, you’ve already made life much simpler by cutting out the arduous process of considering offers, making counteroffers, and working through a typical home sale process. But you still have a few crucial decisions to make that spell success during the auction of your luxury property.

Elite’s team of real estate and marketing pros has put together their top list of do’s and don’ts in the months and weeks leading up to your auction, and they’re here to spill the beans on making sure your high-end real estate auction goes off without a hitch.

Do: Choose the Right Auction Company

Select an auction company with just as discerning an eye as you would a real estate broker. Consider how long they’ve been in business, look at the results of previous sales, and ask around for testimonials. Ideally, your auction company will include a full team of professionals who can stage and market your home. A team like Elite Auctions includes professional photographers, videographers, and web developers, among others who plan and promote your property using cutting-edge technology and in-depth knowledge of the market.

Don’t: Skip Asking for References & Testimonials

Any legitimate auction company will give you a list of satisfied clients you could talk to as you evaluate your options. Look at their previous sales and actually go to the trouble to read reviews and speak to customers who have listed properties through the companies you’re considering. They should be open and forthright about their history, and by talking to others who have used their services in the past, you’ll get a good idea of how much you’ll enjoy working with them.

Do: Take the Advice of Your Auction Professionals

When it comes to making upgrades or staging changes to your property before it hits the market, now is the time to listen to the recommendations of the team you’ve taken on. They might recommend staging an office as a home theater or installing some luxury touches that will help your target buyers’ profile – and more often than not, their advice is on point. Talk to them about what upgrade or changes they’d recommend, and don’t be quick to brush them off; sometimes last-minute, relatively minor rehabs can make all the difference in the selling price of a property.

Don’t: Feel Chained to an Old-School Method of Property Sales

The real estate market is steeped in tradition, and it’s easy to assume there’s only one way to make a profitable sale. Opting for an auction instead means you’re choosing a bit of a different path. You might not need to schedule an open house; for many sellers, private previews for individual potential buyers offer far more impact. For others, an online multimedia tour is the best selling point, particularly when buyers from outside the local area are considering traveling in for your auction. Step out of the expectations you may have about how a real estate transaction “must” proceed and embrace the possibilities!

Still have questions? We’d love to talk. Contact our team today, and we’ll be in touch within 24 hours, no matter what day or time you reach out. We look forward to hearing from you!

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