Mistakes to Avoid at Property Auctions

property-auctionsProperty auctions are publicly held sales wherein the real estate asset being held up for grabs are awarded and sold to the highest bidder. This is an accelerated means to sell and buy properties with open cry competitive bidding and is participated by sellers, agents, investors and buyers alike who may be looking for commercial, residential or industrial assets either for personal use or business reasons.

An auction is one way to get a good deal for a property but just like anything else, one has to take caution in order to avoid stumbling down and tripping all over. Below are mistakes that you should do well to remember and to avoid to better reap the benefits of what property auctions have to offer.

Avoid exceeding your budget. You have to set a maximum limit as to your spending otherwise you risk giving it your all and spending more than you were supposed to or are capable of. That is a financial blunder you should do well to steer clear of!

Avoid agreeing to buy without inspecting. Before bidding on anything, you must first have a full grasp about the asset being held for sale. You must ensure that it is indeed what the seller presents it to be. Have it inspected and surveyed to assess actual value, condition, useful life, ongoing costs, legal issues and more.

Avoid showing off your cards. In other words, do not let anyone know how much you are willing to spend on the auction or in any of the properties being offered. Remember that sellers and brokers might just raise the bar on their minimum asking bid to match your maximum spending so that they can earn more. Keep your cards close to your chest.

Avoid lack of preparation. Before participating to bid, be sure that you have the resources necessary to complete the transaction should you be awarded as the winning bidder. In most auctions, a security deposit will be asked of participants and a winning bidder will be required to pay upfront costs with the remainder to be paid depending on the terms set by the selling party. Failure to do so will strip you of the chance so be sure that your finances are ready and accessible.

Avoid participating without knowing. Is it your first time at property auctions? If so, see to it that you do your research first before going for the plunge. You will risk a lot if you participate without the right skills and knowledge to do so.

Visit www.singerviellesales.com to learn more about property auctions.

Ways to Advertise a Commercial Investment Property for Sale

commercial propertiesWhen you have a commercial investment property for sale one of the many tasks that you are bond to accomplish will have something to do with advertising. You need to have the word out. Buyers must be on the loop otherwise you won’t find anyone knocking on your doorstep proposing to buy the asset from you. There are many marketing options that owners, investors and landlords can choose from. Such alternatives can work differently depending on your target market, your budget and the effectivity in the manner in which they have been used. For your guidance, listed below are a few of your options.

Option #1: Online Advertising

With the vastness of the internet and its often affordable rates, online advertising is fast becoming one of the most successful marketing media in the world. Advertisements can either be through direct links, banners, website ad space or even sponsored posts.

Option #2: Property Auctions

Sellers can also place their assets in an auction, either physical or online. This is an effective means to rev up interest and exposure since many companies and investors often buy from auctions. Just see to it that you maintain a minimum asking price so you won’t suffer losses.

Option #3: Print Media

It’s the most traditional form and yet one that is still effective up to today. You can advertise through the newspaper or a magazine, real estate related or not. Although computers are continuously on the rise, print publication is still very well alive and strong.

Option #4: Posters and Flyers

This is a very cheap and affordable way to promote however its biggest challenge lies in its reach and positioning. When handing out flyers, your reach is often limited to the area where you distribute unless you have people scattered across town in various cities. As with posters, you can’t essentially put them up just anywhere otherwise you can be sued for vandalism.

Option #5: Word of Mouth

This is the cheapest on this list. In fact it’s for free. Word of mouth remains to be the most powerful form of marketing but it is also something that is not as easy to establish. You need people to talk about and relay the message to others. To do this well, you need to establish trust and a good rep as a seller. The same is true for your commercial asset.

Option #6: Professional Agent

When left confused and you feel that you do not have enough expertise, you can always talk to a professional real estate agent to help you advertise and sell a commercial investment property for sale.

Are you a buying commercial property? Click this site www.singerviellesales.com for more information.