The Gordon’s Real Estate Auction Process
Get good market value when YOU want to sell

Auction marketing of real estate is an organized way to hold a competition. While listed properties enjoy multiple offers they often drive the price higher than the original listing, rarely does that competition extend itself to everyone who may be interested in your home. It is more likely that bidding will be limited to the first few people that become aware that your home is for sale.

The Gordon’s real estate auction process is driven by an aggressive marketing campaign designed to find every available buyer in the marketplace at the time you want to sell. You stay in complete control of the outcome. You can refuse any offer you find unacceptable. Auction offers are for cash with no contingencies, and the buyer pays 100% of the commission.

Gordon’s has successfully sold thousands of properties by auction. Your sale will be handled by a Gordon’s Real Estate Expert who is a licensed Realtor®, and who will help you get the best market value for your property at the time you want to sell.

Here’s how it works:

Step 1. Assessing Your Needs
First, we assess your property and your goals to determine if they are well suited to the auction method of sale. Unique, seasonal, and hot market properties should be considered for this method. Other properties may also be suited for auction based on the seller’s goals. If auction is not for you, we will list your property through the traditional MLS listing system. If it is, we proceed to Step 2…

Step 2. Targeting Your Market
Next, we build a detailed marketing plan that targets and attracts the most likely buyers. This involves thorough local advertising, full MLS listing and access, and typically involves further direct advertising in major markets such asToronto, Ottawa, and Montreal. We also utilize web strategies designed to drive traffic to your property’s web site, which we design for you. Once the marketing plan is established, we assemble all important details about your property in an information book that is available to viewers of the property and online where people can review the data any time. The thorough Property Information Package gives buyers the confidence required to bid competitively for cash once they have decided to try to buy your property.

Step 3. Showing Your Property
Following promotion, viewing times will be scheduled where buyers can familiarize themselves with all aspects of the property, and determine their level of interest. Other realtors will usually show your property to their clients as well. All attendees are surveyed for their value impressions, which we use to predict the auction result. Those who express an intention to bid are given the complete buyer information and called on later to determine their continued level of interest.

Step 4. Auction Day
On auction day people often take one last-minute look at the property and register for bidding. Some may have pre-registered through our office in the week prior to the event, and some buyers will come with their realtor. Registration provides an opportunity for buyers to give us their opening bid. The highest of the registration bids determines the starting point of the auction. Once the specified auction time has arrived, the process begins with a recap of the terms and an invitation to begin bidding starting at the highest registration bid. Bidding can take from just a few minutes to half an hour. Once bidding has concluded and the highest offer achieved, the buyer signs agreements and makes a deposit. After this we sit down with you to discuss the offer, and whether or not you want to proceed with a sale. The vast majority of our auctions result in a satisfactory price at this point. The few properties that don’t will typically result in a negotiated sale within the following weeks or days.

* Sometimes buyers make offers before the auction. A pre-auction offer starts a process of pre-bidding among all who expressed an interest in the property to date. If the pre-offer process results in a price you wish to accept, the property can be sold prior to the scheduled auction time.

With Gordon’s you can move on with confidence knowing that all the details of this important transition are taken care of smoothly, and with unconditional care.

Want to learn more? Call a Gordon’s Real Estate Expert at 1.800.267.2206