Selling Tips from RealtyBid.com

If you are considering selling your property through a competitive bidding event at RealtyBid.com, there are several things you can do to enhance the process and increase your chances for a positive selling experience.

When you are selling a real estate asset through traditional means, the biggest problem that you incur is the inability to differentiate your property from the vast array of competing properties in the area. One way to do that is with an auction-style event which sends a message that you are serious about selling your property. This separation can be a big boost in the interest level from prospective buyers for the property. Since the event is for a specific duration, typically 14 days, it also forces interested parties to make a decision now, instead of later about the property.

One way to enhance the competitive process is through heavy marketing and advertising bringing awareness to the property and the timeframe for which interested parties can place their bids online. Online bidding will only be successful if the buying public is aware of the property and the date it is to be sold. We recommend display ads or line ads in local newspapers for most properties and national newspapers for luxury and commercial properties. Ads should include a photograph of the property and enticing information about the property to include the date, the list price, the opening bid (which should be quite lower than the needed reserve price), a phone number for property tours, broker/agent information and of course the web address for RealtyBid.com (www.realtybid.com). In short, you should be willing to invest some money to sell your property and increase you chances of success.
Click here to view Sample Online Auction Ads.

RealtyBid.com was designed for those people who are interested in selling their property, not just getting an appraisal of market conditions. To get people interested in your property, you must convey an attitude of seriousness and you must be serious. The best way to do that is by setting a low opening bid price and a low reserve price. The public will see the opening bid price but the reserve price is kept confidential until it is surpassed during the bidding. At that point, the site reveals to the bidders that the "reserve price has been met" and that from this point on the property is selling to the highest bidder. This is great for the competitive nature of the bidders since the seller has removed himself from the process. The reserve price is the price that you input into the bidding system, which is the lowest acceptable price you will take for the property. This does not mean that the bidding will stop once the reserve price is achieved. The opposite is actually true.Once the reserve is met, we see increased bidding competition because the bidders understand that they will lose the property if they do not act. A low reserve price is key in generating serious competition among bidders.