What do you like best?
properties not found on traditional commercial real estate website:
• unique properties
• properties listed by residential agents who don't have access to commercial real estate multiple listing services (AIR, CoStar, etc.)
• Auction.com market puts properties in front of buyers our normal marketing wouldn't
What do you dislike?
Highest bidder at an auction does NOT mean the buyer can purchase a property. I was the winning bidder on a property THREE TIMES but the mortgage guarantor seller rejected my offer every time... then sold it for less at the 4th auction where I decided not to bid again... and sold it a lower price. Definitely seemed unscrupulous.
HIGH commission cost to seller (usually 10% once Auction.com + listing broker + buyer's broker combined)
NO way for buyer to resolve seller misrepresentions since sales are AS IS to winning bidder
short time for buyer to obtain financing
buyer's agents' commissions sometimes below comparable market
registering buyers is problematic since both the buyer AND the buyer's broker have to register separately... and Auction.com can void registration if not done perfectly
Recommendations to others considering the product
read and understand ALL of the fine print in the Auction.com terms... whether you're the buyer, seller or agents involved. DEFINITELY not the same as your typical sale
What business problems are you solving with the product? What benefits have you realized?
finding "off market" or "unique" properties
marketing properties to a larger market
forcing buyers to take properties AS IS or lose their deposit... GREAT for problematic buyers who think opening escrow is the start of the 2nd round of negotiations