|Create Attention Grabbing Auctions and See What a Difference It Makes
Your auction listing is only as good as you make it. If you leave out important details, you're bound to lose a large portion of your audience. A weak auction listing is one of the main reasons some auctions don’t sell for what they’re worth. Read the tips below and learn how you can create auctions that sell themselves!
- Powerful Titles
A good title is brief, organized and informative. It should contain key details of your asset and a quick selling point, nothing else. Real estate titles should indicate where the property is located, the type of property (land, home, building, etc.), and the acreage. Other details that may be worth mentioning would be if it were in a resort, located on the water, near a major city/attraction, or if it’s a No Reserve auction.
- Attractive Asset Descriptions
A well-written and visually appealing asset description is perhaps the most important selling point for an auction. Your description should be as informative as possible. Research what businesses or attractions are in the area. Is there any development going on in the area? Tell your buyers! Proofread your description for grammatical errors and use Spellcheck for spelling errors. If your description is one endless paragraph, break it into short, organized paragraphs. People aren't going to read pages of description.
The visual appearance of your auction is very important as well. If you want to learn more about formatting your description, take out a book on HTML from your local library or enter “Free HTML Tutorial” into a search engine. A professional looking auction signals to potential buyers that you are a credible seller and one that they could feel confident doing business with.
Want to put pictures in your asset description? It’s easier than you think! First, you’ll need to host the pictures somewhere. Ask your Internet service provider if they offer you any free web space included with your Internet service. If not, sites like www.photobucket.com will let you create a free account and host pictures online. Once your picture is hosted online, simply use the HTML code below, replacing the Web site address below with the address of your picture.
<img src= http://www.bid4assets.com/Images/help/graphic_seller2.jpg>
Tax-Defaulted property tends to sell at competitive prices because the descriptions are plain and buyers are forced to do their own due diligence. Now is your chance to provide due diligence and really sell your property. Click Here to browse some real estate auctions and see what approach other sellers are using to maximize their profits.
- Pricing Strategies
There are essentially 3 different ways to set up the financial terms for your auction.
While there is no perfect pricing strategy, it’s likely that finding the right method will yield you higher revenue. Experiment with different pricing strategies to find the most effective way to get top dollar for your properties!
- The first strategy is to start the minimum bid low and not to use a Reserve. This could be a gamble, because you might wind up receiving less than what you’d hoped for. The advantages of this method are that bidding wars often break out, because there are lots of buyers who see the item priced low with no Reserve, so they believe that they have a higher chance of winning. Sellers benefit from bidding wars, as they often result in higher sale prices.
- A second strategy is to start the bidding low, but to use a Reserve. This method is risk-free, because if you don’t get the amount you’d hoped for, you don’t have to sell. The downside is that the Reserve may reduce the number of buyers and thus the bidding war.
- The final pricing strategy is to set your minimum bid at the amount you would have set your Reserve at. This method is also risk-free and all you need is one bid to ensure that your auction sells at the price you want! The problem with starting a minimum bid too high is that buyers are often hesitant to be the first bidder.
- Additional Tips
There are lots of other ways to increase exposure and revenue for your auctions. Always upload a main photo or image for your auction (this is free!). If you don’t have a picture of your property, you can use a company logo or create a text-based graphic that reads “No Reserve” or “Land Bargain”. Remember that this picture shows up as a thumbnail image when buyers are searching or browsing. Try adding a ‘BuyNow’ price to your auction for an amount a little higher than you expect it to go (free upgrade!). It can also help to list multiple assets at the same time, and tell buyers to check out your other auctions. This creates free cross-marketing for you. Some sellers even offer to help with closing costs if the buyer uses the BuyNow or pays within a couple of days.
- Auction Timeline
The final thing to consider is choosing the optimal timeline for your auction. Ending an auction too soon or letting one drag on for too long is often counterproductive. Ending an auction when less people are watching is also not optimal.
Given that your auction is going to be featured for a week on the real estate page, we recommend an 8-day auction. This allows an extra day for the auction to be reviewed and the marketing to take effect. This auction allows plenty of time for buyers to conduct due diligence and secure funds for a quick closing.
Most of the bidding will likely occur in the 24 hours, so choosing the ideal ending time is crucial. Always bear in mind that Bid4Assets has buyers all across the country and that it is 3 hours earlier on the West Coast than on the East Coast. Ending an auction at 9 AM ET would be too early for West Coast buyers and ending at 1 AM ET is probably too late for East Coast buyers. Bid4Assets statistical data shows that traffic tends to be highest on Sundays and Mondays, which makes these excellent days to close your auctions. Another good choice is Tuesday night or anytime on Wednesday. These times capitalize on the Web site traffic surge caused by the email alert that starts launching on Tuesday evenings. One final option is to end your auction midway through a county tax sale. This is another high-traffic time with lots of affluent bidders visiting the Web site. Avoid ending your auction at the end of a county tax sale as bidders will most likely be too pre-occupied bidding on tax-defaulted property auctions.
Try experimenting with our recommendations and see what works best for your auctions. We know these timeframes have proven to be effective for some of our top revenue generating sellers.
For assistance, we welcome you to contact Bid4Assets’ Customer Service team at [email protected] or 877-4ASSETS (877-427-7387).