Tom Wood's (reiauctions) Blog

When it comes to online real estate auctions, I'm finding there are still a lot of real estate agents who don't understand them. Here are some of the most common misconceptions... 1) The seller must accept the highest bid - Not true. The only time that is true is when an auction is done absolute....

It seems almost every week I discover a new online auction site for real estate. This is clearly not a passing trend, but something that is going to continue to grow. As I think about it, it's easy to understand why.  All teens and young adults are very connected to the Internet. As they move int...

REDC had $33.6 Million in sales through it's "online only" auction site this past weekend. Additionally their "live" onsite auctions added another $21 million. This is a great example of how online auctions are growing and here to stay. Technology has enabled the Realtor to get involved with onl...

Technology has provided the tool and real estate agents are taking advantage of it. The "tool" is an online auction and it has given real estate agents the ability to market and sell their listings quickly through an auction process without involving an auctioneer. The process puts the agent in ...

One of the benefits of being a provider of a real estate online auction system is that I get to see different strategies that are used by our customers. Before last week, the shortest successful online auction was 2 weeks. Not bad when you consider there are properties sitting on the market for m...

  “Do online real estate auctions really work?” is a common question from anyone new to using online auctions to sell real estate. The answer: Yes, absolutely they work! That's why were seeing a huge shift of auctioneers and real estate agents to adjust their selling strategies and start using t...

Getting multiple offers on a property is a good thing, right? 2 offers is usually not a problem, but what about 3, 4, 5, 6 or more? On one level it's a good problem to have, but it sure can be a lot of work. That's why I love the online auction model for real estate. You can get all interested b...

  It's no surprise that online auctions are quickly becoming the most powerful way to sell real estate in any market. The problem is that most people don't understand the process and the strategies to make them successful. Hopefully, I can help clarify the use of online auctions and share some b...

  The ideal selling situation is whenever you can have multiple buyers competing for your listing all at the same time. Here are some ideas that will help you create this "auction" environment. 1. Price - The price has to be as good as or better than anything comparable in the area. 2. Condition...

The market is starting to turn, there’s talk of the “bottom” being reached and buyers are not such a rare commodity anymore. It’s all great news, but there’s still a lot of inventory out there. How can you get buyers to notice your listings and get them under contract faster? One growing strateg...