The sale of real estate at Public Auction is no longer a straightforward task. The successful auction company has recognized the function of the "auctioneer" as less important, and has focussed upon employing the techniques of the "auction process" as the vehicle to sell and maximize value of assets, in a fixed time period. The formula for conducting a successful auction is no longer as simple as placing an ad and showing up prepared to sell on-site by public outcry. Through technology, modes of marketing have advanced beyond newspapers and handbills and the general public's perspective of an auction has and is shifting significantly. In anticipation of these shifts, in addition to on-site public outcry (Live Bid) auctions, Able Realty offers Fax Bid auction services, Two Bid auction services and Sealed Bid auction services. Each auction strategy is founded on the principals of the traditional auction technique, but offers new conveniences to buyers and sellers never offered in the auction industry before. The auction strategy (or strategies) we recommend to employ to sell your property(s) will be based on the value range of the property(s), the condition of the property(s), the number of properties in your portfolio, the type and nature of the property(s) to be offered, the location of the property(s), current market conditions, the buyer profile, the target market and finally, your goals.

Whichever auction strategy we propose for your property, auction is the very best method of maximizing exposure and price, while minimizing time and carrying costs of no longer needed assets.

Today an auction could be a live or an electronic event where bidders, participants and spectators can observe open competition and act in their interest in the marketplace. Through this process, Sellers have the opportunity to obtain not only a willing buyer, but the best of all willing buyers.

RESERVED vs. UNRESERVED

RESERVED

SUBJECT TO CONFIRMATION / SUBJECT TO VENDORS ACCEPTANCE Almost all of the real estate auctions conducted by Able Realty are "Subject to Seller Confirmation". The premise of a confirmation auction is that there is no minimum opening bid, however the seller retains the right to refuse the best bid if it is unacceptable to him or her.

PUBLISHED MINIMUM RESERVE

A published minimum reserve means that if the opening bid does not exceed the published reserve amount, the property is not sold. It also means that if the minimum published bid for the property is exceeded by $1.00 or more, the property is sold.

UNPUBLISHED MINIMUM RESERVE

An unpublished minimum reserve is a property value that has been agreed upon between the Auctioneer and the Owner of the property that is not shared with the public or the high bidder until after the auction, or sometimes never at all. If during the auction the high bidder exceeds the unpublished reserve amount, the Auctioneer forces the Vendor, under contract, to sell the property to the high bidder. If the minimum bid is not achieved, the Seller is under no obligation to sell.

UNRESERVED

An unreserved auction is absolute. Whatever the high bid, regardless of price, the property is sold.

Learn more about the different types of real estate auctions