Today’s episode discusses one crazy way of doing real estate that could help sellers get TOP DOLLAR for their home when it comes to crazy bidding wars—auctions. What better way to motivate buyers than to have them compete, in-person, with other interested candidates! Leigh chats with Ray Wood, an experienced auctioneer in real estate. Tune is as they talk about both the barriers and benefits of auctioning your home.
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Time Stamped Show Notes:
- 00:28 – Introduction for today’s episode
- 00:42 – Leigh welcomes Ray Wood
- 00:56 – Ray is a partner at Best Agents and Locked On
- 01:48 – Ray is a fourth generation, real estate agent and it was his Dad who got him into the industry
- 02:26 – A lot of property is auctioned in Australia and Ray got his start by auctioning different items from the back of a truck
- 03:45 – Buying a property is an emotional decision
- 04:23 – An auction is a transparent environment where the buyers can see who else wants the property and this makes them want it more
- 05:48 – Ray shares how there are instances in the Toronto market where 30 or more people make an offer on the same property
- 06:27 – By conducting an auction, you’ll easily be getting top dollar for your home as opposed to looking at all offers individually
- 06:58 – Consumers in the US and Canada are typically against auctions
- 07:05 – Consumers must be educated about how auctions can be productive
- 07:48 – An auction starts at a base amount as opposed to starting at a high amount
- 08:50 – Auctions in North America are still stigmatized because agents and sellers do not know how they work
- 09:31 – Agents should help the sellers understand the science of how it works
- 10:16 – An open time in Australia is 45 minutes
- 11:22 – Ray is big on establishing a relationship with an agent
- 12:07 – Ray wrote a book: How to Sell Your Home for More
- 12:32 – Leigh asks Ray where people can find auction specialists and Ray has no idea
- 13:05 – Ray says agents have a moral obligation to sellers to produce the best result—if people are hesitant about the procedure of an auction, it’s probably not considered the best option
- 13:50 – Leigh thinks auctioning could possibly be the answer for the current real estate problem in Charlotte as there are multiple buyers bidding for one property
- 14:27 – Ray says not everybody has the ability to educate sellers and buyers
- 14:55 – Harcourt’s work in California might be a good indication of the future of auctions
- 15:26 – Consumers do want innovation
- 16:05 – Locked On is a CRM and a cloud-based software that helps you communicate with your clients
- 17:07 – Contact Ray at his email and check out his podcast
- 17:43 – Tweet Leigh Brown for your very own crazy story in real estate
3 Key Points
- Auctions can be valuable for both buyers and sellers—especially when it comes to having multiple, competing offers.
- There is a need to educate consumers about how to do auctions for real estate.
- Agents have to put the best interest of their clients, first and foremost.