Selling quality real estate by the auction process is fast becoming the method of first choice among leading trust and estate officers, who successfully have used the auction process to sell a variety of properties. As a result, their accounts have reaped the rewards from one of the most thorough, professionally developed and executed marketing procedures available. The auction process uses a high-visibility advertising and promotional campaign combined with the excitement of competitive bidding to achieve the highest possible sale price within an eight-week time frame. An auction represents the purest form of supply and demand, as it exhibits just how much the public is willing to pay. This process not only produces the highest results, but it has also been upheld by the courts as the process that most fairly determines a particular property's true market value. In other words, the trust officers who use this arms-length process can be confident that they have met their fiduciary responsibility of getting the best price for their properties.
Since the early part of this century, knowledgeable trust and estate officers have recognized the value of using the Traiman Auction Method to sell all types of important real estate. Examples of properties offered at Traiman Auctions have included fine estates, ranches, farms, golf courses, hotels, motels, restaurants, resort properties, marinas, land for development, industrials, and condominium communities, just to name a few. The Carnegie's Missouri cattle ranch, the Wanamaker family's mansion in the Hamptons, and land belonging to President Roosevelt's family are among the more prestigious locations handled by Traiman.
There are many reasons for trust and estate officers to consider an auction. For instance, serious inquiries to purchase a property are "red flag" signals that the property is a prime candidate for auction. Determining who will sell your trust property is as important as knowing when the real estate auction process is most appropriate. You should be able to depend on your auction firm to guide you, in the most candid manner, to conclude if the auction process is the best choice among sales alternatives. The auctioneer should also inform you when your client's expectations might be greater than what the market will support.
It is important to engage the services of a firm that can point to its history, referrals, depth of expertise, and integrity to illustrate its success in proficiently representing sellers through the real estate auction process. After all, as a trust officer who suggests to a trust client that the auction process is appropriate, you need to remember that the auction firm projects an image that will encompass you, your financial institution, and the client you represent.
Therefore, be sure that you are comfortable not only with the auction company's knowledge of the industry, but also with their level of ability and sophistication. Finally, it is strongly suggested that you pursue an auction firm that is licensed as a real estate broker and also employs licensed personnel.
The auction method of marketing real estate is regarded as a highly viable and sophisticated first choice of conducting business that is limited only by the depth of the competing bidders' visions for the property.
The mystique that surrounds many trust and estate auctions acts to motivate buyers who would not otherwise consider purchasing the property. For you, as a trust and estate officer involved with quality real estate, the auction method provides fiduciary protection and at the same time will maximize the value of your client's property.