THE AUCTION CONCEPT
The Auction Concept is relatively new to North America but has proven its effectiveness for over a hundred years in numerous other countries - and since inception in Canada and the United States it has been proving day after day to be very successful.
To date back, our team saw a trend in Auctions doubling year over year, which gave buyers and sellers even more confidence that it works. The best part about Auctions is the concept works well in both low and high markets. In a low market the auction concept gives people another competitive way to stand out and the process ultimately helps determine the true market value of the home. The same goes for when you are in a high market, you don’t want to sell for too little, so you let the competition bid up the price to get your maximum value for the home. Aside from looking at market demands, what we realized is that the experience should be tailored to the individual. When selling houses you need to have different options because everyone is different. Instead of promising a price, having a process in place is how successful real estate agents meet the true desires and needs of their clients.
Ensuring the Highest Value
At Harcourts Auctions, we are dedicated to ensuring you achieve the highest value possible. Our auction process means potential buyers don’t have a list price; all they know is your beautiful property is for sale and will be sold on a particular date.
Value Over Price
Auctions shift the buyers’ focus from price to value. Without knowing the price, potential buyers can focus on what the property itself has to offer. We don’t get paid until we sell your property, and we don’t sell your property until we reach an amount you like.
Your Timeline, Our Process
The auction process allows you to set your own date and a timeline. No waiting around, guessing when your property will sell-or not sell.
You Call the Shots
We conduct auctions with a reserve price. We don’t believe in underselling, and we believe the sale of your property is your decision. We allow you to accept any offer prior to auction day. In other words, you choose the minimum price. If the bidder doesn't reach your minimum, you’re under no obligation to sell.
Paperwork Completed Prior to Auction
An auction sale is always a clean, simple, and non-contingent contract. The buyer must complete all due diligence before auction day. When auction day comes, you know who is bidding and for how much.
Level Playing Field
When selling your property via traditional means, you are often removed from negotiation and kept in the dark about offers. Atauction, you can see everyone interested; they are standing in your front yard. No secrets. No surprises. No stress.
Always in the Loop
Buyers who bid at auction are doing so on an “as is” sale not subject to any contingencies. Because of this, bidders may find they actually have less competition for the purchase of the property than if they seek to purchase via the traditional method. Some buyers aren’t prepared to complete their due diligence or are unable to purchase without the inclusion of a finance contingency.
Learn What Buyers Will Pay
Sometimes auctions don’t result in a sale before auction oron auction day. This doesn’t mean your property or the process has failed. Instead, it means you know exactly how much buyers are willing to pay. Your property’s reputation remains intact because you haven’t advertised your list price. It’s a win-win situation. We don’t stop working until your property is sold. We’re with you every step of the way.
- All agents offering the Harcourts Auctions platform have been auction accredited through our Harcourts Auctions Training Academy. Other auction companies’ partner with inexperienced agents who have never listed or been trained in the auction process. Putting an inexperienced and untrained agent in charge of this process is dangerous. We only allow Harcourts agents who have been through our propriety accreditation program offer auction.
- Harcourts is the oldest and most experienced non-distressed real estate auction company in the world – conducting retail non-distressed auctions since 1888. No other real estate company in the world can say this.
- Harcourts Auctions do not charge a buyer premium – other companies charge 5%-10% to buyers when they purchase the property. A buyer premium means the buyer readjusts their purchase price of the property in order to account for the payment of the buyer premium. As a result, the seller is left receiving less money and the auction company benefits.
- Harcourts Auctions conduct auctions internationally – over 12,000 non-distressed property auctions every year. This is more transactions that any other non-distressed real estate auction company in the world.
- Founders of Harcourts Auctions and Regional Auction Directors have been heavily involved in real estate sales and auctions from a young age. Other auction companies often offer marketing sales people who have no prior experience in actual real estate sales or negotiation.
- Harcourts Auctions only conduct auctions where the final sale price is the seller’s decision – reserve auctions. Harcourts Auctions do not conduct absolute or non-reserve auctions. The seller is always in control of the sale price at Harcourts auctions. Other auction companies require the sellers to agree to whatever the highest bid is on the day, or instead the seller is required to pay the auction company a ‘no sale fee’ if the seller decides not to sell their property. This ‘no sale fee’ charged by other companies can be in excess of $60,000-$200,000. If you decide not to accept an offer or bid on your property with Harcourts Auctions, like a traditional sale, there are no consequences.
- Harcourts Auctions does not require the sellers to pay hundreds of thousands of dollars in marketing. Other auction companies charge the seller upwards of $50,000 to ‘market the property to their elusive ‘international and high net’ database.
- With Harcourts Auctions, no additional auction fees are payable by seller – the Harcourts listing agent is responsible for paying the auction company.
- Harcourts Auctions are facilitated and run by an actual live real estate auctioneer. Some companies advertise their auction properties without the intent of holding an actual auction. They are advertised as ‘auction style’, this means the process is not transparent and buyers’ agents are aware of this and therefore do not promote these properties to their buyers.
- Some Auction companies do not provide compensation to buyer’s agents, as a result buyer’s agent do not show or promote these properties to their buyers. Harcourts Auctions offer the full standard 2.5% commission to all buyer’s representation, which results in added showings and local market engagement.