Auctions

II: Is an auction right for my client?
III: Preparing for the auction
IV: Auction day
V: Conclusion

AUCTION WHITE PAPER
June, 2005

by Mary Catherine Pelini Grillo, Esq.2
and H. John Kramer, GRI, CAI, AARE3

I: INTRODUCTION

According to one experienced real estate agent and auctioneer,4auctioneers and real estate brokers/agents have a long history of being on two separate sides of the fence. REALTORS and auctioneers once viewed each other only as adversaries, vying for the sellers’ market. Over the years, however, the two sides have begun to work more cooperatively, having found that working together to make a sale can benefit everyone involved. Marketing real estate at public auction, instead of following the traditional exclusive listing5and marketing methods, is an option for all REALTORS’ clients to consider.

Many of the legal, ethical, and professional guidelines for REALTORS following the traditional listing and marketing methods are the same for a REALTOR selling property at public auction. However, there are some additional requirements and considerations.This article will explain the auction process and the special issues related to it so that you, as a REALTOR, will knowledgeably be able to advise your client of this option and successfully take advantage of it.

Updated 06/05