Why would a property successfully sell using the auction method if it did not sell using the traditional real estate listing method?
It is common that a property listed traditionally is unrealistically priced. When an asking price does not represent the current market value of a property, buyers are reluctant to make a lower offer. With an auction, there is no asking price so that problem is eliminated. In addition, the short time period for promoting a real estate auction provides the opportunity to expose the property to more people in a given target market. The Auction generates a sense of urgency for the Buyer to act now. This typically is not the case in an open-ended traditional campaign.