By: Joey Merz
When you are starting a business and looking for your property — be it an office, a warehouse space or a storefront — using a listing service or a real estate agent does not have to be your only option. Did you know that you can buy real estate in online auctions? The benefits of online real estate auctions have made this method increasingly popular among potential buyers.
Increased Investment Value
Finding real estate through an online auction results in a maximized investment value for the buyer, as properties are typically purchased at fair market value. Since the bidding process is competitive, buyers are responsible for determining the price, eliminating a long negotiation process between buyer and seller.
Serious Buyers Only
The competitive nature of the bidding process attracts buyers that are not going to waste time deciding whether to make an offer on a property or not. When choosing to bid on a property, interested parties need to practice due diligence to have their finances in order, do research on the property, and know that once they start bidding, they are determined to end up with this commercial space. Ultimately, they know they have to act now, or lose out.
Quick Market to Close Time
Auctions eliminate a lot of the unknowns or long waiting periods that can be associated with typical real estate transactions. Long negotiation periods are not an option, the time it takes to purchase property is significantly shorter, and the market opens up to buyers that are out of state. Since real estate value can depreciate the longer it sits on the market, online auctions benefit both buyers and sellers.
There are many benefits of online real estate auctions, from saving significant money to eliminating long, stressful transactional processes, and the list goes on.