Tom Wood's (reiauctions) Blog

I get this question a lot. .. Do buyers bid online for real estate? The answer is yes and it's becoming more and more common. As you probably know 90%+ of buyers are already finding their homes on the Internet, so it's a natural next step to negotiate with all interested buyers simultaneously on...

  A couple of weeks ago I noticed a new sign in the front yard of an REO property I was showing from real estate auction company REDC - website Auction.com I called the listing agent and found out that the bank that owned the property had turned it over to REDC to sell through their online aucti...

A couple of weeks ago, I was working with a real estate agent on her first online auction. The seller was a widow who had equity in her home, but could no longer keep up with the payments or the size of the home. The house had been listed for 6 months with no offers. They wanted to try something...

This past week I was teaching a class of auctioneers & real estate agents how online auctions work, some advantages & disadvantages, etc. While there are a lot of efficiencies gained by using an online auction vs. a live "on-site" auction, the class observed that an online auction still requires...

One of the many benefits of using an online real estate auction to market a property is that it gives you 3 ways to sell the property during the process. 1st way (Pre-bidding): Instead of letting people bid on the property as soon as it goes online, you can advertise it in a "preview" mode befor...

"Why would I do an online auction?" - I get this question a lot from real estate agents who are not familiar with using online auctions to market and sell their clients property. Here are the top 10 reasons.... 10) Nobody's been through the property in weeks. 9) You're tired of the seller complai...

Do you consider yourself a progressive real estate agent who keeps up with technology? Are you using online auctions yet? Here are some of the advantages/reasons to look at adding online auctions to your services. Reason #1: It's a Quick Sale An online auction gives the owner an opportunity to se...

  Yesterday I had the opportunity to talk to a group of Coldwell Banker Agents at their office in Kirkwood (St. Louis, MO area). It was a great group and I shared with them how online bidding works and how they can offer it as an option to their sellers. Almost everyone had no idea this option w...

Real Estate Auction = Action You've probably noticed that real estate has changed radically in the 2000s. One change is the new role of real estate auctions as a useful effective selling tool, a viable supplement to yesterday's private negotiated, put a sign out, run an ad, wait for the phone to...

  Growing Trend Once considered only a last resort for disposing of distressed property, the auction process has grown in popularity and is the fastest expanding segment of the real estate industry. If current trends continue as predicted by national real estate experts, within this decade more ...