subject: Faq: Setting Up Your Online Property Auction [print this page] If you are interested in setting up a commercial online property auction with a company, you most certainly will have some questions regarding relevant procedures and methods. A residential or commercial online property auction is the best way to conduct real estate transactions, for both buyers and sellers. Here are a few questions that people may initially have regarding these commercial online property auction websites:
Do I Have to Sign Up to Use an Auction Website?
You will have to register with the commercial property auction website, first of all. It should only take a minute or two; most sites keep it short and simple for registration. Once you register, you will be ready to get started on the site. Its that simple!
Will my Personal and Financial Information be Kept Safe?
Many who use the Internet are concerned about security, and rightly so. The best commercial online property auction websites will have a strict privacy policy that they adhere to and follow regarding the privacy of those who use the site, and they will always respect the privacy of their registered users.
How do I Start an Online Property Auction?
Set up usually is going to be much easier than you might think. You will pay a set up fee for the auction, then you are free to input all of the details and information about your property, including auction information, property details, your contact information, your company logo and all of the necessary due diligence materials, such as photos. The best commercial online property auction websites will have staff available to help with anything you might need assistance with, every step of the way.
Here are a couple of very important tips to help you be the most successful with your commercial online property auction: The starting bid that you set should not be a high one; in fact, most experts recommend that you set it at half of the original asking price. This is because a lower starting bid is going to attract a larger pool of potential buyers.
The second tip is regarding making sure that only serious bidders bid on the property. The best way to discourage casual bidding is to require that a winners deposit be paid, which is a non refundable deposit that is set by the listing broker. All bidders will pay the deposit, but it will be refunded to all bidders except the winner of the commercial online property auction.
by: Phoenix Delray
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