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auction VS

An Auction begins by establishing a date, location, and terms of the sale
A traditional sale which begins by establishing an
"asking price"


An Auction employs an intense, accelerated marketing process. The Marketing period required is accelerated to 60 days or less. Auction conducted and property is closed in 90 days or less

A traditional sale, which has a long marketing process, the property is likely to remain on the market for several months to years

An Auction brings all the potential buyers to the sale

A traditional sale, which waits for "an interested buyer"

An Auction eliminates negotiation
A traditional sale which encourages negotiation

An Auction encourages price increases through competitive bidding

A traditional sale, which most often involves a decrease from the asking price.
An Auction creates non-contingency, quick sale

A traditional sale, which often falls through between the contract and the closing.

The advertising is extensive and very visible, exclusively showcasing your property throughout the market place.. The focus is on your property alone.

Property one of many being advertised and shown. Advertising is minimal, heavy reliance on the MLS and other brokers to find buyers
All buyers are forced to act on your time schedule

Lacks the ability to motivate buyers, forcing you to wait for them.

Auction creates a sense of urgency to promote buyer interest. It uses the auction concept as the catalyst to provoke buyer interest and offers

Price reduction encouraged to create buyer interest and activity
Realizes the property's fair market value. No limit on upside potential. In weak markets, the auction creates the market and maximizes prices by creating consumer confidence in the property. In strong markets, it establishes new highs by capitalizing on existing demand and extracting every dollar the market will bear

Is limited because the property is unlikely to sell for more than you ask.
Eliminates guesswork in determining the asking price of the property.

Seller risks overpricing, and thus seeing little interest, or under pricing and selling for less than the property is worth.

All conditions of sale set by seller in advance, thus eliminating negotiations.

Seller must negotiate all aspects of sale.
Property sold without contingencies. Secures a contingent free contract

Contingencies are common.
Seller approves marketing budget

The broker is hesitant to aggressively advertise the property, due to the uncertainty of its sale

Disposing of unwanted real estate quickly means no more interest payments, property taxes, insurance and maintenance costs

Carrying costs, such as interest payments, property taxes, insurance and maintenance costs are carried until property is sold, slowly eating equity away

An Auction insures that all due diligence, inspections and testing performed before sale.

Due diligence, inspections and testing performed after negotiations have ended.
Personal Property such as furnishings, equipment, etc can be sold the same day

Must dispose of unwanted personal property after negotiations have ended
Auctions Expand Market Reach., the marketing programs that support an auction can expose properties to a regional, national and international audience.

Where efforts to sell similar real estate get the attention of a limited local audience
Auctions Freeze Conventional Activity, once the auction marketing program begins, sales on competitive properties in the area are virtually eliminated. This happens in a particularly over-built market where everyone waits to see what opportunities the auction might bring.

Action is virtually eliminated as people wait and see what happens at the auction