We are getting close to finishing this series of real estate auction myths. I hope that you are enjoying reading the content, learning about auctions, and hopefully seeing that there are many benefits to selling real estate at auction. Myth 9 - If I sell my property at auction I will have to give it away. This is a very common myth and leads to some great discussion regarding market value as well as the different types of real estate auctions. First let's talk about market value. There are many ways to talk about the value of something. We have book value, appraised value, replacement value, etc. Market value is defined as: Something is worth what someone is willing to pay for it on a given day. As a professional real estate auctioneer, it is my job to market a property and bring all potential buyers to that property on that given day. In the end, the competitive bidding process will ensure that the buyer who was willing to pay the most is given the opportunity to do so. If we line up 10 people and ask them the value of the stapler sitting on the desk in front of you, we are going to get ten different answers. At the end of the day, the value of that stapler is whatever buyer number 9 made buyer number 10 bid in order to secure the purchase. Now let's talk about the different ways to sell. There are many variations, but the 3 basic ways to sell are; Absolute: The property sells regardless of price. Minimum Published Bid: The property sells at or above a published number. Undisclosed Reserve: The property sells subject to owner confirmation and the reserve is not known. There is a lot more we can talk about here, but it is safe to say that when you sell your property at auction, you are not giving it away. If you have any questions about buying or selling real estate at auction, please feel free to call me at 816-361-2600. Mayo Auction and Realty, Your Premier Kansas City Real Estate Auction Company. Myth 10 coming soon..........
When is the best time to have an auction? This is a common question that I get as a professional real estate auctioneer in the Kansas City metropolitan area.
The short answer is, as soon as you are ready.
In reality there are many factors to consider when someone is making a decision to sell real estate at auction.
One of the first questions that I will ask a potential seller is, what is your reason for selling? There are many reasons to sell, and if a seller is not motivated by time, then I would say now is not the time to sell your property, whether it be at auction or otherwise.
If time is important, then being able to eliminate your cost to hold or free up cash to invest or use elsewhere, are two great reasons to see if the timed defined solution of selling real estate at auction is right for you.
In the past two months we have had excellent participation at our real estate auctions in the metro area.
If you have property to sell, and time is of the essence, then give me a call for a no obligation consultation. I can assure you that if your property is not suited for an auction (only one in 15 are) then I will tell you right away.
Thank you,
Robert Mayo, CAI AARE, ATS, CAGA
2007-08 Kansas State Champion Auctioneer
Mayo Auction and Realty
816-361-2600
robert@auctionbymayo.com
Have you ever had a moment of clarity that you wish you didn't get? My moment was when I realized that I have been neglecting my active rain blog. Don't get me wrong, I enjoy blogging, but it has been a hectic year with a 17 month old son and a 12 week old daughter to keep up with, let alone blogging.
After receiving more then one request to finish this 10 part series, I decided to take a few minutes and recommit.
Enjoy!
This 10 part series will hopefully help dispel some of the most common myths about real estate auctions that I have encountered as a professional Real Estate Auctioneer.
Myth 8 - All auction companies are the same, and all auctions are run the same.
This myth is one that usually comes up when someone has been to a bad auction run by a company that is less then professional.
Make sure that you read the terms and conditions of each auction and make sure that you call the auction company to make sure that you understand their use of specific terminology.
In addition to licensure and continuing education within the real estate industry, it is important to work with auctioneers who are leaders in their industry. Several questions to ask a prospective auctioneer or auction company are:
Are you actively involved in the National Auctioneers Association? Do you have additional certifications such as Certified Auctioneers Institute, Accredited Auctioneer of Real Estate, Auction Technology Specialist, etc?
Do you serve on committees to help your association and industry improve?
In addition to serving on the technology committee for the National Auctioneers Association, I also serve as a member of the MLS board and teach a designation program for the National Auctioneers Association.
It is my opinion that we should never stop learning, and never stop striving to be the best that we can be. This is the only way that we can ensure that we are always on the cutting edge, and suited to help our clients in their time of need.
If you have any questions about buying or selling real estate at auction, please feel free to call me at 816-361-2600.
Myth 9 coming soon..........
Sincerely,
Robert Mayo - CAI, AARE, ATS, CAGA
2007-2008 Kansas State Champion Auctioneer
Mayo Auction and Realty
8253 Wornall Road
Kansas City, MO 64114
www.auctionbymayo.com
robert@auctionbymayo.com
816-361-2600 (MO)
913-390-9393 (KS)
816-699-9883 (cell)
Coins - Glassware
Collectibles - Furniture
Boats
Saturday, September 27- 10:00AM
8253 Wornall Road; Kansas City, MO 64114
Indoor Climate Controlled Facility - Bring The Whole Family!
Glassware: Fenton, Imperial & Fire King Glass; Lalique & Waterford Crystal; McCoy, Hull & Haeger Pottery
Estate Jewelry: Gold, Diamond, Men's & Lady's, Rings, Watches and More
Coins & Paper Money: Gold, Silver, Copper, Carson City Morgan, Bust Half Dollar, Key Date Morgan and Standing Liberty Quarter, $10 Gold Certificate, Fractional Notes, Large Note Silver Certificates, Proof Sets, Mint Sets and More
Middle Eastern Jewelry & Artifacts: Authentic, Unusual and Antique Bedouin, Saudi & Northern African Items
Boats: 2001 Tracker Tahoe Q5, 19ft Fiberglass Boat with Trailer Furniture: New and Used Items for Every Room in the House
190 HP 4.3 Liter Mercury Inboard/Outboard , 1993 Sunbird Corsair 20' Speed Boat. 180 HP, 5.0 Liter OMC Cobra Engine.
EZ Loader Trailer with New Tires.
Enclosed Trailer: 15' x 6' J&L Cargo Express, Special Touring Edition, Mfg Date: 07/2003
Serveware: 45 Piece Set Aynsley Fine English Bone China, 40 Piece Haviland France Porcelain, Large Set Hall's Jewel T- Autumn Leaf
Meissen Blue Onion Porcelain Items, Over 30 Longaberger Baskets and Much More
Boats & Trailer Sell at 12:00 PM
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Click On "View Photo Gallery" For More Photos 816-361-2600
913-390-9393
Mayo Auction & Realty
www.AuctionByMayo.com
Kansas City Auctioneer Robert Mayo has gone the 'extra mile' to offer the highest level of professionalism and the most up-to-date information when it comes to selling properties by earning the Accredited Auctioneer, Real Estate (AARE) designation. Offered through the National Auctioneers Association Education Institute, AARE courses cover topics such as property transfer, financial analysis and legal issues involving the sale of real estate by the auction method. Less than 1% of Auctioneers throughout North America hold the AARE designation.
Whether selling residential, agricultural, commercial or industrial properties, AARE auctioneers have enhanced knowledge in all pertinent areas, such as:
- Marketing techniques
- Financial/investment calculations
- Evaluating cash flow
- Holding-period analysis
- Tax consequences of buying and selling properties
- Multi-parcel real estate auctions
The AARE auctioneer has successfully completed three (3) classes in order to gain the designation, and must maintain it with continuing education.
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