FAQ's
Auctioning is not a replacement for the traditional way of selling real estate, rather it is an alternative to it. Auctioning is not affected by the limitations of a traditional brokerage model and overall, it has fewer limitations. Also, it elevates the property to be auctioned above all of the other inventory on the market while creating a sense of urgency and competition amongst buyers.
There are a few questions to help you determine if an auction is right for you including:
- Is my property unique and hard to price?
- Am I a motivated seller or do I represent one?
- Do I want my price reductions, days on market and other personal details kept confidential?
- Has my property been on the market for awhile?
If you answered yes to any of the questions above, an auction could be the perfect process for you.
In short – everything. In fact, we’re so convinced that sellers, agents and buyers all win in an auction, that we’ve dedicated a page to spelling out the benefits to you. If at any time there’s questions or concerns about if a luxury auction is right for you, feel free to reach out to us to learn more about the process.
This is a common misconception. Real estate is just the latest luxury commodity to be sold via auction. For years Sotheby’s, Christie’s and other luxury dealers have sold art, jewelry and other luxury items via auctions to the highest bidder. Auction is a perfect model for unique luxury properties that can be challenging to price. They also allow serious sellers to meet serious, qualified buyers, for a fast exchange on a typical lengthy process.
Absolutely! We are partner with you to deliver value to your seller and protect your interest as an agent. Your listing remains yours, as does your commission.
The terms vary by auction and are outlined on each property’s dedicated page. Sellers pay an engagement fee and buyers pay a premium over their bid.
In a “no reserve” auction there is no reserve price that has to be met on the property in order for it to sell. In a “reserve” auction, there is an undisclosed reserve amount set up front that must be met in order to guarantee the sale.
Aggressive, abbreviated and exciting. Once you decide to sell your luxury property via auction, you pick a sale date and we embark on an extensive marketing program. This process transforms your property to the hottest listing on the marketing and makes it top of mind with power brokers and their interested, well qualified buyers. We ensure that there are no surprises on either side – the buyer or the seller – and everything is ready to go on your selected auction date.
It’s held at your luxury property and bidders can either come bid in person, via phone, internet or their representative.
Absolutely. The seller will have an opportunity to see any offers presented.
If you’re a seller, contact Michael Russo now at 401.465.0417 or email him at mike@oceanauctions.com. If you’re a bidder, view the terms and conditions of the property you’re bidding on via the present auctions page or call our office at 401.465.0417.