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3 Tips for More Successful Auctions on Bid4Assets

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Selling your property can be tough. Even with 740,000 registered buyers on Bid4Assets, we still see sellers list auctions for sellable properties that fail to attract a single bid. There are plenty of reasons why a property might not sell, from location, to liens and back taxes, to even the occasional ghost story. But more often than not, we see properties fail to move when new sellers make easy-to-avoid mistakes that scare away buyers.

Bid4Assets has been operating in the online real estate auction industry for over 20 years and we've seen what separates a good seller from a great one. Here are 3 simple things you can start doing to strengthen your auctions and increase your chances of selling today.

1. Take the Time to Write Good Descriptions

When creating your auction’s description, it is important to remember that the description is not just your contract, it is also your sale’s pitch. While a description should inform a bidder exactly what they are buying, it should also explain to them why they would like to buy it.

This can involve highlighting things like location, entertainment opportunities, special features, and attributes that will lead to appreciation. Take some time to think about what makes your property unique while writing your description and be specific. It just might bring you an ideal buyer.

2. Think Carefully About Your Pricing Strategy Before Listing

In general, there are three pricing strategies you can consider when listing an auction on Bid4Assets:

  1. Absolute Auction- This involves listing your property for $1 with no reserve. This strategy can quickly guarantee you a sale and you will find plenty of engaged buyers on Bid4Assets looking for deals of this nature. But you run the risk of underselling. Even when bidding for these auctions is extensive, you are not likely to see your auction end with an overwhelmingly high winning bid.
  2. Reserve Price- This strategy involves setting a threshold bidding must reach before your item will sell. This is an especially good direction to go if you need a certain winning amount for ROI, but still want to start bidding at a lower price to attract more buyers. Bear in mind, however, that some bidders avoid reserve auctions because they are not guaranteed a sale for their time and energy. You can always utilize Bid4Assets’ Bidder on Deck tool to contact a bidder at the end of your auction if they are close to your reserve and you believe there is an opportunity to make a deal.
  3. Higher Minimum Bid & No Reserve- Finally, you can simply set a higher minimum bid with no reserve. If you need to find that one ideal buyer in a narrow market to get your property sold and you are willing to either wait the process out or invest in some marketing, this is a good direction to go. However, there is always the risk that there are buyers who want your property but are simply not willing to start bidding at the higher price you have set.

It is very important when creating your listing to know which pricing strategy fits best for your needs. This involves giving some honest thought to how much your property is actually worth, what someone might be willing to pay for it and how quickly you need a sale.

3. Photos Are Crucial, Even for Land Auctions

There is no getting around it, the chances of a bidder taking interest in your auction decrease dramatically without a photo. This is even true when dealing with vacant land auctions. Keep in mind, many online buyers do not have the time to visit your property prior to bidding. Providing as many detailed photos of your property as possible helps assure those bidders about the legitimacy of your sale, while also sparking greater interest in the item itself.

If you haven’t got time to physically take photos of the property yourself, consider using a third-party tool like your ReportAllUSA, Google Maps or Bing Maps to get pictures. You could also consider finding a photographer from sites like Craigslist to take on-site photos on your behalf. It is an extra expense, but it could also be the difference between attracting a buyer and having to re-list.

There is no secret to overnight success. But if you take away nothing else from this article, understand that a little extra planning when creating your listing can go a long way to finding your buyer. Think about what makes your listing unique, decide which pricing strategy you want to use and pick the best photos to make your property pop in front of a buyer. Good luck in your next auction!