An auction event occurs when a professional auctioneer creates competition among multiple buyers who want to purchase a specific asset. Fundamentally, auctions are all about creating the competition. This is in stark contrast to traditional brokerage which lacks the intense open competition of an auction. Traditional brokerage in current market conditions typically focus instead on just one buyer and one seller trying to reach an agreement.
There are many different auction processes Graham Auction Company uses to create competition for your commercial property. We are not limited to just one auction process because nothing is a one size fits all solution in the real estate business.
We take the time to understand all aspects of your Real Estate and your situation, and apply the best auction process that we believe will achieve your goals.
Expedites the sale and sets a certain date
Creates a sense of urgency
Focuses attention on your property
Unique approach creates a buzz about your property
Attract serious, qualified buyers
Achieves highest possible purchase price through a transparent and competitive bidding process
A sale with no contingencies except delivery of clear title
Some of the ways we conduct our auctions include:
Live On-Site Auctions
Live On-Site auctions are the well-established auction method and is one of the best ways to get your property sold on a day certain at a certain time.
These auctions are particularly attractive for properties where some buyers may not be able to attend the auction personally but have inspected the property in advance of the auction.
Sealed Bid Auctions
Sealed Bid Auctions including "Stalking Horse bid solicitations" during the sale process, where the top 10% convert to a private live auction, as well as other hybrid methods are variations on this strategic sale process.
Multi-Par Auctions are a method of bidding most often used for undeveloped land. This option allows bidders to first bid on individual tracts of land within a larger land tract. The next step of the auction takes bids on the large land parcel in its entirety. During last facet of multi-par bidding, the auctioneer offers various combinations of the smaller tracts. This auction method offers sellers the unique ability to evaluate which combination of offers provides the best overall result. This method also allows bidders the opportunity to purchase property in any configuration that best suits their needs.
Bidders Choice Auctions
Bidders Choice Auctions are an option which groups similar real estate parcels into pools. One pool at a time is displayed in the auction room. Bidders then bid for the right to select the property of their choice from the pool. The winning bidder's choice is then removed from the pool, and the auction continues with additional rounds of bidding.
Absolute Auctions can be the best way to generate the most interest in your property, and may be the best way to realize the highest price, and we will help you fully understand all of the pros and cons of this method of sale.
Disclosed Minimum Bid Auctions
Disclosed Minimum Bid Auctions give the buyers the opportunity to know in advance what the minimum bid amount will be. For this strategy to be effective the minimum bid should be far below what any buyer would ever expect to pay for the property and the seller must be prepared to sell the property at or above the minimum bid price.
This auction process generates demand from buyers by offering significant profit potential to the marketplace and gives the seller a bottom line number acceptable to them.
Reserve Auctions give the seller the right to accept or reject the high bid unless the high bid is equal to or greater than the undisclosed reserve price agreed upon in advance by the seller and the auctioneer. For this strategy to be effective the seller must be highly motivated to sell and the buyers needs to believe that the seller is highly motivated to sell.<br>
While every buyer would prefer that every auction be absolute or with a disclosed minimum bid, sometimes that is just not possible because of certain legal requirements of the seller. The marketplace will accept reserve auctions as long as the reason for the sale and the credibility of the auctioneer motivates the buyer to bid. Before Graham Auction Company will accept a reserve auction, we must thoroughly underwrite the value and the property so we are confident that the property will trade at the auction.