Let's talk about selling your land or farm, and specifically, how to get the most money for it, in a reasonable amount of time. Farms are often the largest single lifetime investment a family or individual makes. Knowing a family friend that is "in" real estate or picking someone because they were first in to speak to you, may or may not be a wise decision.
Should you sell conventionally or via auction? It depends. There are different risks and rewards depending upon how it's done, and who's doing it. I will say that since you want the most for it, you should hire the company with the most tools to help you. They should also have an in depth knowledge of the process as well. Someone that places a sign in the yard, and waits for other agents to bring buyers, well that isn't going to get you the most. By the same token, an auctioneer that puts a bunch of signs out and places some ads in the local newspaper, may not get you the most either.
Being an auctioneer, I have an obvious bias toward the process, but with very good provable reasons. That said, as referenced, it has to be in the right hands. That is one reason I don't recommend large companies. With a large company, you don't know what you're going to get. I've personally gone out with my equipment to mow, when I knew the result would be a better inspection period, and possibly better bidding. A good auctioneer with relevant recent experience, well educated within his or her industry by instructors that are using the techniques they teach, is invaluable and can make a huge difference.
Let's talk about the auction process a little. Does selling absolute mean that more people come out and the end bid price is higher because they smell blood in the water? Maybe..... There are auctioneers that swear by it. I don't happen to be one of them. I could not sleep if I sold your property absolute, and it just happened to be a "bad day". The only thing an absolute auction guarantees, is that the auctioneer is going to be paid. When I sell your property, I give you something that is very important. Control. It's your land. You ultimately make the decision.
Are you aware that the Auction process creates 3 distinct sales periods? Everyone knows about the actual auction where people bid, and the last person wins. But what about before the auction? Are there techniques your professional can use to get the property sold before the auction? Yes, there are. As a matter of fact, the property image I used, was sold prior to the auction signs even going up.
What if the auction day comes, and the property doesn't sell? Are there opportunities within that, opportunities caused by the auction itself? Absolutely, and a professional knows exactly what steps to take.
Is your Auctioneer or real estate agent friendly to the opposite method, and the professionals involved? In other words is your agent open to, and knowledgeable in auctions? Is your Auctioneer friendly to, and open to paying buyers agents? This is an area to be careful of, as many many auctioneers are of the belief that they are the ones that bring all the buyers to the auction and refuse to pay people that give their entire careers to the sale of real estate.
I'll leave you with this thought.
How many times have you seen a property in the MLS and said.... They're crazy, they'll never get that? How many times have you gone to a real estate auction and said... I can't believe it brought that.
Shawn J Dostie, Auctioneer/Agent, CAI
Should you sell conventionally or via auction? It depends. There are different risks and rewards depending upon how it's done, and who's doing it. I will say that since you want the most for it, you should hire the company with the most tools to help you. They should also have an in depth knowledge of the process as well. Someone that places a sign in the yard, and waits for other agents to bring buyers, well that isn't going to get you the most. By the same token, an auctioneer that puts a bunch of signs out and places some ads in the local newspaper, may not get you the most either.
Being an auctioneer, I have an obvious bias toward the process, but with very good provable reasons. That said, as referenced, it has to be in the right hands. That is one reason I don't recommend large companies. With a large company, you don't know what you're going to get. I've personally gone out with my equipment to mow, when I knew the result would be a better inspection period, and possibly better bidding. A good auctioneer with relevant recent experience, well educated within his or her industry by instructors that are using the techniques they teach, is invaluable and can make a huge difference.
Let's talk about the auction process a little. Does selling absolute mean that more people come out and the end bid price is higher because they smell blood in the water? Maybe..... There are auctioneers that swear by it. I don't happen to be one of them. I could not sleep if I sold your property absolute, and it just happened to be a "bad day". The only thing an absolute auction guarantees, is that the auctioneer is going to be paid. When I sell your property, I give you something that is very important. Control. It's your land. You ultimately make the decision.
Are you aware that the Auction process creates 3 distinct sales periods? Everyone knows about the actual auction where people bid, and the last person wins. But what about before the auction? Are there techniques your professional can use to get the property sold before the auction? Yes, there are. As a matter of fact, the property image I used, was sold prior to the auction signs even going up.
What if the auction day comes, and the property doesn't sell? Are there opportunities within that, opportunities caused by the auction itself? Absolutely, and a professional knows exactly what steps to take.
Is your Auctioneer or real estate agent friendly to the opposite method, and the professionals involved? In other words is your agent open to, and knowledgeable in auctions? Is your Auctioneer friendly to, and open to paying buyers agents? This is an area to be careful of, as many many auctioneers are of the belief that they are the ones that bring all the buyers to the auction and refuse to pay people that give their entire careers to the sale of real estate.
I'll leave you with this thought.
How many times have you seen a property in the MLS and said.... They're crazy, they'll never get that? How many times have you gone to a real estate auction and said... I can't believe it brought that.
Shawn J Dostie, Auctioneer/Agent, CAI
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