The Auction Process
We are a team of consummate professionals with more than 50 years of collective experience. Together, we have developed the following process which has consistently produced a settlement rate of 95% on more than 1,000 transactions.
Step 1 - Auction Service Agreement is Ratified
Seller and CAG sign Auction Service Agreement tailored to seller’s property and containing all terms of the auction including:
Type of Auction Method
Absolute – An absolute auction is perfect for the Seller ready to sell their house. Absolute auction sales draw in the largest amount of buyers (bigger than any other type of auction sale)
- Largest Buyer Pool
- No Advertising Costs
- Guaranteed Sale!
- 15-20% Higher Average Sale Price
Reserve – A reserve auction gives the Seller the power to control EVERY aspect of the sale, even the price. The Seller sets their minimum price and if the auction prices falls below that, the Seller has the option to accept or reject bids.
- Same Powerful Marketing
- You Set Your Bottom Line Price
- You Choose Your Marketing Budget
- Buyers Do Not Know in Advance the Reserve Price
Sealed Bid – Sealed bid auctions give the Seller the opportunity to sample the marketplace before committing to the actual auction sale.
- Property Announced for Auction
- Appeals to Different Types of Property Buyers
- Small One-Time Setup Fee
- Marketing Through MLS and Realtor Exposure Included
Date/Time of Open House(s) and Auction
- CAG team works with Seller to determine the best date and time for the auction
- CAG team works with Seller to determine the number and times of Open House(s) based on Seller’s particular situation and needs
Marketing Program and Budget
CAG team works with Seller to determine the best marketing plan and associated budget
CAG assigns personal Auction Team to Seller, including Auction Associate to serve as direct contact for Seller and potential Buyers throughout the process
Step 2- CAG Proprietary Marketing Campaign is Launched
- CAG Auction Team takes photos of the property for use in creating property listing(s) and advertisements
- Auction Signs are designed and ordered
- Customized marketing campaign is created and launched including:
MLS Listing
CenturyAuctionGroup.com Listing
Combination of Direct Mail and Email Marketing to CAG Proprietary Buyers’ Lists
Online Marketing via Facebook and Other Online Channels
Local Buyers and Realtors are Notified of Auction and Scheduled Showing(s)
Step 3 - CAG Auction Team Manages Potential Buyers and Pre-Auction Bids
- CAG Auction Team coordinates and manages Open House(s)
- CAG Auction Team receives and reviews pre-auction bids with Seller
- If a pre-auction bid meets Seller’s requirements, CAG Auction team coordinates sales contract with Buyer for ratification with Seller and property is pulled off of auction calendar (moves directly to closing with Seller and Buyer)
Step 4 – Auction Day (if no Pre-Auction Bid has been accepted by Seller)
- CAG Auction Team and CAI certified Auctioneer arrive 90 minutes prior to scheduled auction to ensure final touches are handled before Buyers arrive
- Final registrations are taken and any opening offers will be discussed with Seller
- Serious buyers take one last walk-through of the property
- Buyers and agents gather in front of the property for questions and announcements
- The live call sale begins and property is sold to highest bidder (in accordance with Seller’s Absolute or Reserve auction terms)
- Once the property has sold, CAG brings the Seller and Buyer together to approve the sales agreement
- CAG collects the Buyer’s non-refundable deposit and holds it in escrow until the settlement date (CAG Auction Team stays in contact with the Seller throughout the settlement process to ensure a worry-free, smooth settlement
