How to sell real estate at auction?
As you start considering the possibility of selling your property, you may be interested to know that RE/MAX Malta has now added a new service to its local portfolio. RE/MAX is now offering real estate sales of selected properties by auction. If you are tempted to benefit from placing your property via auction, RE/MAX will be very happy to discuss this possibility.
Start by asking the RE/MAX Auctions Team, or your preferred RE/MAX Sales Associate, to visit your property and discuss the benefits of selling via auction versus having an open listing. The fundamental factor which will be instrumental towards making this decision will be your need to sell in a limited time-frame and at the best price in today’s market.
One of the major benefits of property auctions is that all the ground work and required paperwork is prepared prior to marketing the property. This will result in a seamless sale process eliminating any last minute surprises.
Clients who would benefit from RE/MAX Auctions as opposed to open listings would be:
- It is easier for inheritors to appoint an auctioneer to manage the sale of their estate without having to gather all inheritors every time there is the need for viewings or a meeting;
- The excited purchaser. That client who has set eyes on a new property but cannot afford to waste time until the current home sells to avoid bridge loans;
- Companies or couples liquidating their real estate. Those who would like to pass on the management of the sale to a trusted third party;
- Established developers and house flippers. Those offering property on plan or early stages for purchasers wishing to grab a bargain.
In summary, RE/MAX Auctions will make life easier for vendors, matching them to the right client as well as assisting them from listing the property and inspecting the relative documentations, up to the sale of their property. Meanwhile, RE/MAX Auctions will also assist the buyer with financing as well as selling the current home where needed.
Deciding on “Auction Price” for your property
Once it is determined that the property has the potential to sell well via auction, we will work together to establish the reserve price. The reserve price is not a set price, but, on auction day, this may be the lowest price at which the auctioneer may sell your property. The auctioneer will formulate the guide prices within which the bids will kick-off on auction day. However, the actual selling price might go beyond the guide price depending on the amount of interest there is for your property. Your property will not sell below the reserve price. You may receive a buyer's offer pre-auction, which you might decide to consider and accept. The chances are that, thanks to RE/MAX Auctions professional advice and excellent marketing services, your property will attract a number of interested purchasers and will be sold.
Registering your property on Auction
The next step is for you to register by placing your property in a forthcoming RE/MAX Malta Auction. A one-time fee of Euro 250 (plus VAT) together with a contract of acquisition and relevant plans will be required. Once paperwork has been concluded you will start enjoying the benefits which are uniquely reserved to properties placed via auction. Since your property will be sold unconditionally, RE/MAX Auctions will assign a Notary Public to conduct basic notarial researches which will have to be carried out prior to the auction. This will allow the buyers to sign a promise of sale immediately after the bidding ends, on auction day.
Marketing your Property
Professional photography, as well as the possibility of staging to achieve best display visuals for marketing, will commence. The marketing plan will be strategically drawn up and media channels will be devised according to the ideal audience for your property. Channels would include Newspaper Ads, leaflets and brochure, Social Media and Digital Marketing as well as proliferation of literature across the wide RE/MAX Office and Sales Associate network.
RE/MAX Auction team will also organise group viewings for Sales Associates to view and understand your property’s potential better, which will ultimately facilitate and shorten the client matching process. Once clients have been identified, you will be notified and individual viewings will be organised. The rest is an exciting journey………….
Unless you have already accepted an offer on the property before auction day, the property will be auctioned. On auction day, you will be invited to attend the proceedings, which will be carried out by a professional auctioneer and auction house – Obelisk Auctions. Once your property is sold, RE/MAX Auctions will collect 5% plus VAT on the sale price of the property for services rendered.