The Auction Process
The sale of your property can be a very nerve-racking experience. It is most often the highest valued asset that you have and your greatest fear is that it will not be sold for a true market price. The old days of “It might sell for a dollar!” are long gone. Now, with Ontario Real Estate Auctions’s in-depth analysis of your property and the identification of a selling price that is satisfactory to you, the selling process is entirely in your control. Ontario Real Estate Auctions will provide the critical marketing program that matches your property.
HOW DO WE BEGIN THE PLANNING FOR OUR REAL ESTATE AUCTION?
Alex and his team will visit you at the property and begin a detailed inspection and evaluation of the property. Every dimension will be carefully documented. All of the special features of the property will be noted. It is important for Alex and his team to know all the best features and any “issues” that you have on the property. The full disclosure ensures an active and informed buying audience. Photos and drone video’s (if appropriate) will be taken to ensure that all uncertainties in the mind of a buyer are removed. The timing of auction will be discussed. It will normally be held within 60-days of the initial inspection.
WHY CAN ONTARIO REAL ESTATE AUCTIONS SELL MY PROPERTY?
The key difference between Alex and his team, and the competition, is that your property is viewed as a unique marketing project. You are not part of a “canned” process. Alex takes great care to separate your property from every other similar properties to give it the marketing edge. You are treated as an individual and with Alex’s experience and knowledge it ensures that your property is assessed and evaluated as a unique entity.
HOW IS THE PRICE SET FOR MY PROPERTY?
Following the initial meeting, Alex and his team will due a detailed analysis of the value of properties in your area. This will be backed-up with actual MLS listing sales information. Alex will meet with you to discuss the recommended price and provide any additional information that you need. The selling price will be presented to you in a range. For example, if your property is valued at $500,000.00 Alex will suggest a “Selling Range” of between $475,000.00 and $525,000.00. This provides some flexibility to create a successful sale. Once this is approved Alex will prepare a seller agreement for your signature.
HOW DO THE BIDDERS KNOW ABOUT OUR PROPERTY?
The Ontario Real Estate Auctions team will work closely with the world’s largest online auction platform, HI Bid, to promote your property to their over 3 million registered bidders across the world. This ensures that you have the widest and most knowledgeable buying community viewing your property. Alex’s team will target to those buyers within the Hi Bid community who are seeking real estate opportunities. These buyers will register for your auction. The competitive online bidding that is generated on the day of the sale ensures the highest return for you.
WHAT IS THE SELLING PLAN?
Once you have agreed to the Selling Range on your property Alex and his team will prepare a Marketing Plan for your information. The plan will include the following items:
- A detailed listing under the Multiple Listing System (MLS)
- Notification of Brokers and Agents
- A flyer/brochure featuring your property.
- Signage for the property.
- Home Inspection Service to reduce buyer concerns.
- Posting of legal descriptions and photos to the Hi Bid platform
- Print and radio media ads about the auction
- Distribution to the Ontario Real Estate Auctions buying audience.
- Aggressive marketing through HI Bid to access the over 2 million registered bidders.
- The HI Bid online auction software will allow bidding on your property for 5-days with a “soft close” on a specific day and time.
WHAT HAPPENS ON THE DAY OF THE AUCTION?
You will be given access to the Hi Bid software and can watch the progressive bidding. The bidding will become very active as the closing time is reached. It is an exciting time to see multiple bidders compete for your property. Remember, the HI Bid online auction software will NOT allow the property to be sold under the agreed Selling Range.
This high bidder will pay a Buyer’s Premium of 8% on top of the selling price. This is how Ontario Real Estate Auctions is compensated for arranging the auction.
HOW DO I BENEFIT FROM USING AN ONLINE AUCTION VS. TRADITIONAL METHODS?
- You set and agree to a price and day to sell your property.
- You set the “Selling Range”.
- The buyer shares in the commission on the property sale
- Your property is sold on an “As Is” basis with no warranties or guarantees in the seller’s agreement.
- The bidding process ensures complete transparency of the bidders. No unknown offers.
- A quick closing to ensure you have the proceeds from the auction in a timely manner.
WHY CHOOSE Ontario Real Estate Auctions?
- A dedicated Canadian Company with over 25 years of auction experience.
- We have sold more than 100 properties by real estate auction.
- Qualified and fully registered real estate agent with 25-years’ experience working with you.
- Qualified and highly trained auctioneer with 25 years’ experience.
- The best trained support staff on the use of HI Bid and AuctionFlex software.
“A well-run company that provided us with a professionally run online auction. We sold our property for $20,000.00 over our Selling Range! Alex and his team did a masterful job of marketing our property. Highly recommend this group.”
Leonard Jones, West Lincoln.
“ I was amazed at how detailed Alex and his team were in preparing the photos and the descriptions. I had a rental property in Sudbury that was difficult to sell through the traditional MLS system. Alex presented the property as an excellent investment opportunity and used his contacts to find a buyer.”
Mary Winsome, Port Elgin