OwnACondo.com is Continuing to Improve and Thrive in Today’s Market
There are many changes going on at OwnACondo.com. We decided to kickoff 2010 in a good way by implementing new procedures, divisions and trainings. Why most companies are stretching to stay open, OwnACondo.com is expanding and continuing to grow. Our company has goals in mind and we are visualizing and planning each and every day exactly how we are going to reach those goals.
The first avenue our company decided to focus on is training. We decided to AMP up our training that we already had in place. We feel that training the agents properly will ultimately lead to more sales and more money for all. We implemented workshops, call nights, trainings, seminars and focus groups. We decided to make all the classes at different times on different days, so that the agents have options to choose from and so that there is flexibility with all agents’ schedules. We are planning to also add an OAC University to help the agents achieve more knowledge and education. Earning higher designations will also be an option for them.
We also decided to implement more procedures. We are putting a new software system in place that will make it easier and more efficient for agent’s transactions. After all, everything to do with the transaction is important. Putting a system in place so that all transactions close smoothly and all the necessary paperwork is there, is crucial to agents as well as the company. OwnACondo.com is a cutting edge company and we feel it is important to be aware of all the new technology to enhance our business. This is also important, as we expand to different states that we have a system in place.
We have added an auction division to our company as well. Auction specialists have come on board to handle all auctions at OwnACondo.com. Auctions are a big part of the pie in this market, so we have decided to not only tap in to this segment but bring specialists on board who know exactly how auctions work. This will ensure that the OwnACondo.com Auctions will be the best place to buy and sell property.
It is exciting to see that we are thriving as a company. We are always ahead of the curve and continue to stay that way. It is very important to our company that we achieve the goals set out for us so we can continue to succeed and continue to be the best place to buy and sell condos.
New Marketing Strategies and Ideas will Dominate Homes Sales in 2010
Opportunities for real estate agents to make a profit in the real estate market could explode in 2010. The right marketing strategies could be just the thing. Agents need to be innovative and think outside the box. What used to work as traditional marketing is out and new strategies have been proven to work. No more can you sit in an open house or sit in a model, or put an ad in the paper and expect to see more people or sell the place faster. This just plain doesn’t work anymore. It is time and money spent with no result.
To dominate your market, you must know what strategies in marketing are working. One way to do this is by participating in auctions. With the new FHA guidelines establish for condos, lenders will now be turning to auctions as opposed to just dumping the homes whole sale. It is important to get to know a good auction company. Market your home or condo in an auction to reach an entirely different market. This could be a great option for a developer that has lost a lot of money on standing inventory. Weigh your costs and see if this is an option.
Another way to help deliver more sales is to make sure your internet marketing is strong. The right internet program can be implemented easily, quickly and without high costs. People search the internet more so than they look at newspapers and other outdated marketing efforts. So make sure to capture your most savvy buyers and have a presence everywhere they look.
Be a local hero in your community by helping an owner save equity or help someone out of foreclosure. Have the person help spread the word about how great your services are. This will reach a large market because people will help spread the word. This way you can create a marketing team at no cost which will in turn create a win-win situation.
The role is simple yet important. It is important to realize that you do not need to become an expert in auctions or internet marketing. Your job is to understand the importance of those efforts and utilize them. This is thinking outside the box on helping sell property without going into foreclosure or risk having your home sit on the market. Know your market and know your marketing strategies and you will dominate in the Real Estate world.
Real estate auction November 8, 2009 at Oak Brook Marriott
The buzz is out! There's a real estate auction November 8, 2009 in Oak Brook. OwnACondo.com is hosting a real estate auction at the Oak Brook Marriott Sunday at 11AM at the Oak Brook Marriott. There will be twenty-two properties auctioned off including condos, homes, land and townhouses. The total dollar volume will exceed more than seven million in Chicago metro real estate value.
All properties at the Chicago metro real estate auction are of the "reserve" nature. That means if that once the highest bid is achieved, the sellers will have at least three business days to accept the offer. There are two other types of real estate auctions that are popular, the minimum bid auction and the absolute auction. In each of these cases, the properties normally sell the day of the auction. The reserve auction gives the seller 100% protection of not selling the property for what they're looking for. If the highest bid comes in lower than what they're looking for, they can simply reject the offer.
The November real estate auction in Oak Brook will feature two luxury homes in Oak Brook Terrace. Both were built by the same builder and are getting lots of audience. Open houses are scheduled for November 1st and November 4th. There is always the possibility of viewing a property in the auction by doing a showing "by appointment" with the real estate agent that's representing the property.
If the buyer does win the bid, there is a 5% buyer's premium that is attached to the sales contract. If the bid is $500,000, the sales contract would go for $525,000. The day of the event, the buyer is expected to bring in a cashier's check of $2,500, along with a personal check to bring the total of earnest money to 5% of the purchase price of the winning bid.
Condo auctions in Chicago along with all real estate auctions in general have become very popular since the downturn in real estate. The auction process gives sellers a chance to market their properties to a huge audience in a short time creating a competition for the property the day of the auction.
The real estate auction on November 8th is expected to bring a minimum of 200 people, all bidding for twenty-two real estate parcels. It will definitely be an entertaining event to watch. To get more info on the November 8th auction in Chicago go to OwnACondo.com or call 866.696.2266.
Preparing For an Auction
Preparing for an Auction
As OwnACondo.com is preparing for our first auction, I am quickly realizing all of the work and necessary steps that are involved in preparing for this exciting event. One must first look at all of the day to day activities that need to be completed each week leading up to the main event. As it gets closer to the event, it is even more important to look at the day of the event and what is needed that very day. In terms of the necessary daily tasks, we have many teams to come together to make everything happen.
We have a marketing team that handles all of the flyers, brochures, emails, billboards, benches, signage and more. The marketing team also handles all of the events prior to the auction, including open houses and informational seminars.
There is the website team that ensures advertising and material for the website so that the event is clear and the information is easy to obtain. The website team also writes all of the material necessary for both buyers and sellers to get a clear understanding as to what steps they need to take in order to participate in the auction.
There is a team that handles all the bid packages that include information on the property and also the legal documentation needed as well. The Bid packages are available at a cost to all clients interested in purchasing the property.
The agents play a large role in the auction. It is their responsibility to educate their buyers and sellers on the auction and also advertise for the auction as well.
Taking a look at the day of the event is a whole new story. The event is coming up this November 8th, 2009 at the Chicago Marriott in Oakbrook. What do we need the day of? A DJ perhaps to control the sound and provide entertainment would be nice. Also, providing the directional signage in the appropriate places to lead people to the event is yet another task. It is important to know what responsibility each team member has the day of the event to make sure that the event runs smoothly. How are the properties going to be displayed? Are they going to be displayed on a projector?
This is just a small snapshot of the many activities and actions to think about when preparing for the event It is obviously much more complicated and detailed then this, but this just highlights some of the important steps to take to make sure that the auction runs according to plan!
Chicago real estate auctions
A Chicago real estate auction is announced this week by OwnACondo.com. OwnACondo.com is having a Chicago real estate auction on January 10, 2010, location to be announced. There will be approx fifty to seventy-five properties auctioned off at a location to be determined.
OwnACondo.com is conducting a real estate auction in Oak Brook on November 8, 2009 at the Oak Brook Marriott. Spectators, buyer and sellers are always welcome. The event will feature approx eight million dollars of real estate being auctioned off with a three acre parcel in Palos Park, two luxury homes in Oak Brook and several condos and townhouses throughout the entire Chicago metro area. All properties in the November auction will be "reserve". That allows the seller to accept or reject the highest offer.
Real estate auctions nationally have really picked up momentum and it appears that they're getting more and more popular with the amount of inventory that remains unsold throughout the United States. Banks have so much foreclosed product sitting in their REO portfolios and it doesn't appear to be lessening. The amount of foreclosures is expected to reach three million nationally in 2009, similar to 2008. That means more and more real estate inventory for the banks out there.
The banks can dispose of their property three ways. First they can list the product with a traditional real estate agency. This will take a lot of time and cost the bank money. The second way is to bundle the portfolio to an investor. This is a quick alternative for the bank but the amount of yield is low. Most investors want to buy at thirty and forty cents on the dollar.
The last method is the real estate auction. This will bring the bank the most money for the bang. The process is about ninety days long and then it comes to an end. Most buyers of auctions have to be qualified to purchase well in advance to purchasing. This gives the seller of a piece of real estate the assurance the deal will close when the buyer wins the bid.
To bid at an OwnACondo.com auction, you must bring in a $2,500 cashier's check, a personal check and a photo ID. Once you register, you'll receive a bidder's paddle with a number and you'll be able to take part in the Chicago real estate auction. Real Estate auctions can be a great way to sell property for both banks and individuals.
Acting as the Selling Agent in an Auction
It is very important to know how an Auction works before representing a buyer or seller in a real estate auction. In this article I am going to discuss with you the necessary steps to follow when representing a buyer in a real estate auction.
If you are representing a buyer who has never purchased in an auction then it is important to explain the auction process in detail so that they understand the benefits of purchasing in the auction. It is also important for you to make sure that your buyer is pre-qualified. All purchasers in an auction must have been pre-qualified in order to bid. Once the buyer is pre-qualified, then it is the agents responsibility to make sure that the buyer is registered to attend the auction. All bidders must be registered before the event takes place.
It is the right of a buyer to have an inspection done on the property that they will be bidding on. There will be a series of open houses that the seller will/should have, which allows not only the buyer to view the property but also an inspector to come out and inspect the property.
When it comes time for the auction, all buyers need to bring in a certified check All auctions require a different amount of money that one would need to bid. The purchaser typically needs to have at least 5% of the purchase price ready and available. It is important to inform the buyer that not only is a certified check needed, but also a checkbook or separate check for the remaining balance as well.
The agent should attend the auction with the buyer to make sure that the process runs as smoothly as possible. Once the bidder wins the property, they are to fill out the necessary paperwork and close within the allotted time frame.
The auction is an exciting event which benefits both the buyer and the seller but only if the agent knows how to represent their client properly in an auction. Auctions can be intimidating for a buyer who is experiencing it for the first time, so they are relying on you and your knowledge to assist them in getting the best value for their money. All agents should become educated on the auction process and get involved as well. This is the wave of the future, so dont get left behind, get ahead!
Chicago Auctions
Chicago auctions can be found by calling your local real estate agent or going to the Illinois State Auctioneer's Association (ISAA) website to view what's in store for the upcoming month. There is an upcoming real estate auction Saturday, August 22nd over at the Marriott in Burr Ridge, Illinois. It is expected to sell sixty properties or so owned currently by Freddie Mac.
Chicago auctions are a great way to get involved in owning Chicago investment real estate. The prices can be considerably lower than the retail market place and you'll find that the process of closing on a Chicago condo may not be as hard as you think. Chicago condo financing can be found for as low as 1% down of the purchase price. There are programs that also allow for a quick close for buyers that have a strong down payment and good credit. One way or another, if you're looking for a good deal, condo auctions may be the way to go.
When you bid at a Chicago auction, it's typical to bring a cashier's check in your name to the auction. The auction company hosting the event will check you in and get a copy of your driver's license from you. Once checked in, you'll receive a paddle with a number on it. This device is used for bidding purposes. When you want to bid on a property, you simply raise the paddle. The bid caller's assistant will point at you and now you're part of the auction. If you end up winning the bid, there will be a host escorting you to a private room or an area in the room where you'll be able to sign your contract and officially purchase your unit.
Chicago auctions are given almost monthly with many auction houses auctioning nearly one hundred properties per event. Come ready to bid, because there are some seasoned investors that will be there as well. Don't get discouraged by this because they can't buy every Chicago condo. Go there with high expectations and do your best to buy, but don't over bid. That would not be good. Don't get caught up in the crowd and the excitement. It's all about getting a good deal.
If you're still not sure about the Chicago auction environment, go to an auction to get a feel for it without bidding. Once you've gone to a few, you'll get the bug.
Sell Your Property at a Real Estate Auction
Why a real estate auction to sell your property? A real estate auction allows you to sell your property many times at least market value if not more because you have a bidding competition between parties, each wanting your real estate. Real estate auction produce the energy and the excitement that gets people to bid higher than they normally would on a piece of property.
How do you prepare your condo for the real estate auction? You basically have to choose the method that you'll use for the condo auction. There's absolute auctions, minimum bid auctions and reserve auctions. All three are very distinct and have value. If you want to create the most buzz, you go the absolute auction way. This means you have to accept the price the highest bidder ends up winning the bid at regardless of the price. Most people come to auctions for this reason. There's excitement because you never know what price the property is going to sell for.
When selling your property at a real estate auction, the absolute style many times commands the best of all the auctions. There is so much interest in this type of auction that the buyers throw all their attention into this type that many times the other properties are passed over, even though they may be better real estate properties. The absolute auction means the property is going to sell regardless. That's important to buyers. They know that they are not going to put a lot of time and effort into something that may sell. They know they'll come out of it with a property if they bid the highest.
Will the auction bring enough of buyers so that I can sell at a high price? It depends on the auctioneer. If the auction is marketed enough there should be more than 500 people in the room. If your condo is sought after enough, people will bid. Everything comes down to the marketing of the auction though. The auctioneer has to market and get the word out. Auctions are exciting. Auctions normally bring hundreds of people. The next property you sell might be through an auction. It may be the best way to sell your condo right now. People are always looking for deals and they'll go to an auction to find them. Just putting your condo in the auction itself will put your condo in front of so many more people than normal that it may be worth it just from an exposure stand point.
Real Estate Auctions
How about a real estate auction to sell your property? Can it really sell it after you've had your condo on the market for the last twenty four months with no action? You darn right it can.
Real estate auctions bring a ton of spectators and buyers to the table. Investors come, end-users come, real estate agents, friends, families and the neighbors. Real estate auctions bring excitement to the selling of real estate. Buyers are looking for a great deal and sellers are hoping that they can get a great price for the property. In the end, the value will be set by the market. When a condo sells in a real estate auction, regardless of the price, as long as it has been marketed correctly, is really the true value of the condo. It is what people were willing to pay at that particular time for that condominium.
When you put a condominium up for sale in an auction, what do you price it at? And what happens when it sells less than what you wanted? There are three different types of auction. Let's talk about the "absolute auction" first. An absolute auction is when you place your property in a real estate auction and let the buyers determine what your price is going to be. This is the most exciting of all auctions because the property has to sell regardless of price. If there are no bidders other than someone that's offered $100, you have to sell the condo for $100. This is not realistic though. Most "absolute" condos that are auctioned off actually sell for more because people are excited to bid on an absolute because they know that if they bid the most, they will win the condo. This type of auction attracts the most attention. The buyers of condos want to know that they will be able to take home their prize if they put all their emotion into winning the auction.
The second style is the "minimum bid" auction. This is where the seller states a price that he or she would be willing to sell if the price was achieved. For instance, let's say a condo was selling for $200,000 and the seller said, if I put the condo up for sale in the auction and I put it under minimum bid, I would want no less than $150,000 or I will not sell it. It would then be advertised at $150,000 minimum bid or it would not be sold. Tomorrow we'll talk about the "reserve auction".
Real Estate Auctions
Real Estate auctions are the rage nowadays because so many sellers have been unable to sell their real estate over the last three years. The sellers come to the end of their rope and decide to try an auction. There are many ways to sell a condo at an auction, and believe it or not, many times you walk away with a price that exceeds what you'd get in a normal real estate selling situation.
Real Estate auctions can be found by doing a google search or asking your local realtor. There are normally two to three auctions a quarter in the Chicago area, about on a month. The real estate auction itself can be quite an event. Many event coordinators will have food and entertainment to liven the environment. The speaker has to be dynamic and able to run the event with precision and grace. He or she must have the skills to draw more excitement to the bidding process. There is no one more important than the auctioneer at the event.
The real estate auction depending on its size is usually a one day event but takes several months of preparation. First the sellers decide what properties to put into the real estate auction. There is a cost for advertising and a sales commission if the unit sells. Normally a condo seller will pay a few thousand upfront to be put into the auction and a sales commission of about 6%. The buyer also pays a 5% premium price once the auction ends. For instance, if a condo sells for $100,000, a fee of 5% is charges to the buyer so he actually pays 105,000 for the condo.
Did you ever hear of a real estate property selling absolute? This means that when the bidding begins, it will be sold at a price regardless of what the lowest bid might be. In other words, a property could literally go for one dollar if this is all that was bid. The key is showing up and being involved in auctions because there could be a deal of a lifetime in the bunch. If it turns out that not a lot of people show up, you may find yourself bidding on properties solo.
Real estate auctions a re a great way to sell your product and you might actually sell it for more than you'd imagine. The key is making sure you put it in an auction that will be heavy participated.
