Recently, a COMPASS agent had experienced a tough market selling an exclusive listing. The property had been on the market for 18 months and simply would not move after extraordinary marketing efforts. Of course, like most markets, when something is priced too high in a slower moving market, chances are it will simply not sell.
The seller of this property was living in Tuscany, Italy and wanted to explore an auction option if regular marketing efforts were not producing the desired results. Auctions are the ultimate driver of the one thing missing most in tougher, shifting markets where pricing is often impossible to pinpoint: urgency. When buyers know that if they don't bid, they simply have zero chance of buying a property, they are more inclined to act, rather than watch and wait.
Likewise, sellers who have been reluctant at times to heed the professional guidance from their agents around pricing are compelled to listen to the market as it speaks. Real bidders are the ultimate insight as to what the market will bear. Sometimes an auction alone is not the solution. Often, marketing via more traditional brokerage methods COMBINED with an auction - that almost acts as a threat of certainty that this property WILL trade - is the best solution.
The Auction House and COMPASS initiated an auction strategy on September 20th and generated an acceptable offer JUST 2 DAYS LATER on September 22nd. A fully executed contract plus deposit was received by October 19th and the sale closed on December 20th.
By collaborating with the Auction House to provide an auction option that the seller desired, COMPASS was able to maintain their relationship with the Seller and simply further enhance the marketing process by instilling the sense of urgency an auction achieves better than anything. Most importantly, COMPASS acted in the best interests of the seller by being able to offer them an auction option AND participate in the final sale process that ultimately delivered exactly what the client was hoping for: a sale that closed.
Ken interprets market data, staying in constant communication and offering valuable insight that then translates into an informed decision.Contact Us