There’s a new business model for selling real estate in the Park City area that is becoming increasingly popular. As you may know, the usual way to sell property is to hire a real estate agent, who then puts the property on the market and stages it. Then you wait for an acceptable offer, which with any luck, will let the seller walk away with a substantial check.
However, now a new approach has hit the Park City real estate market. It has become an enticing proposal for homeowners to put a property up for auction — especially if they have the desire to sell the home quickly.
Instead of waiting for lengthy periods of time to sell high-end property, homeowners are now auctioning their real estate when they are willing to risk getting a lower price in exchange for a faster sale.
Essentially, homeowners will pay an auction firm an upfront fee to market their homes across the country, as well as internationally. This will result in a large number of potential buyers by the auction date.
In reality, one thing that real estate agents may not do as effectively as an auction house, is to bring a sense of urgency to the sale.
Additionally, the process can be so successful that an actual action doesn’t happen. Agents in this area have seen properties that have been ready for auction go to a buyer who just didn’t want to lose the home, so a price that is just to good to pass up is offered. And for sellers, this is a great outcome.
There are, however, some risks that may come with the auction process. For instance, with an “absolute” auction, which is an instance where the top dollar that the bidders are willing to offer becomes the final price. There is no turning back for sellers once the auction has started.
The entire process can be intense. Sellers have no guarantee that the price they want for their property will be met, so it is definitely not a process for the faint of heart.
It is however, a good option for those who are willing to take a more aggressive approach to getting their properties sold — especially those within the higher end markets.
If you are interested in selling properties through an auction process, or even through a traditional method, the YouInParkCity.com Group at KW Park City Keller Williams Real Estate can give you a distinct advantage. Contact us today to discuss all your options!
Jenny Clark