- Options: offer clients and customers new options for their unique position.
- Control: the seller defines the timeline and terms.
- Targeted marketing: consolidate a year’s worth of marketing into a short, highly concentrated four-to-six-week campaign.
- Buyer focus: buyers commit to the process, eliminating negotiations, contingencies and the distractions of other property on the market.
- Qualified buyers: surface qualified buyers and eliminate tire-kickers by only allowing the most well-qualified buyers to bid.
Buyer psychology
- Urgency: immediately change the dynamics, propelling buyers into action.
- Control reversal: the buyer’s thought process is reversed in the seller’s favor. Before: “What is the least I can pay?” After: “What is the most I can pay and still have value?”
- Qualified buyers: buyers are required to conduct due diligence before the auction; they are invested in the process and well qualified.