Introduction to Real Estate Auction

Course Credit:

Counts as one elective course to be applied towards the ABR® designation. 

  

Course Duration:

 1 Day

 

Written as a primer for residential and commercial real estate professionals who have had little to no experience using auctions, this course helps students how to use the auction method of marketing, identify good candidates for real estate auctions, and network with an auction firm and/or auction professionals.

 

 Introduction to Real Estate Auction Course Outline 

  

  Section 1: How to Make Money Using Auctions

  1. What Is a Real Estate Auction?

  2. Real Estate Auction Participation: Referring Agent/Broker

  3. Real Estate Auction Participation: Buyer Broker/Agent

  4. Real Estate Auction Participation: Listing (Co-Broker) Agent/Broker

 

 Section 2: Auction Benefits   

  1. Seller Benefits

  2. Buyer Benefits

 

 Section 3: Identifying Properties and Sellers   

  1. Analyzing the Property, Seller, and Market Situation

  2. Determine Seller's Motivations

  3. Conduct Research and Obtain Property Information and Statistics

  4. Consider Auction for All Properties

  5. Identify Opportunities

  6. Case Study 1: Estate Sale

  7. Case Study 2: Business Loss

  8. Case Study 3: Strip Mall

 

 Section 4: The Auction Process 

  1. Developing and Presenting Proposal

  2. Three Common Types of Auctions

  3. Other Types of Auctions

  4. Purchase and Sale Agreement

  5. Distribution of Bidder's Packet to Interested Buyers

  6. Marketing: Costs, Budget, and Tasks

  7. Buyer Financial Requirements

  8. Auction Strategy

  9. Auction Closing

 

 Section 5: Licensing Requirements  

  1. Obtaining Information from Your State Agency

 

 Section 6: Options for Brokers and Sales Agents in Utilizing the Auction Method  

  1. If the Property Is Already Listed

  2. Selecting an Auction Firm

  3. Selecting an Auctioneer

  4. The Auction Firm's 7 Functions Prior to Auction Day

  5. What to Look for When Attending Auctions

 

 Section 7: Questions and Answers  

 

 

 Section 8: Conclusion  

 

 

 Exam

 

 End of outline

 

 

 

 

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