PropertyAuction.com Survey of 2010 Real Estate Auction IndustryMarch 8th, 2011 by PA - Bloger
- Residential Properties
Single family homes and condominiums were the most common type as reported by our auctioneers
- Commercial Properties
Auctioneers were asked to provide us with the most common commercial property type brought to auction
- Type of Auction Sale
Most respondents indicated that private owner sale leads this category
- Style of Auction Sale
Sealed bid was the least used auction format in 2010 according to our respondents
- Format of Auction Sale
Respondents indicated that the most frequently used Auction Format they employed during the year was Unpublished Reserve /Seller Confirmation
- Amount of Auctions by Area
The Southeast and Southwest areas of the United States were reported to have the highest amount of real estate auctions
- Buyer Broker Representation
Less than 25% of real estate auctions were represented by brokers. An interesting fact since auctioneers typically offer a 2-3% commission for brokers who register their buyers.
- Advertising Allocation
Print is still king! Lets see how 2011 does?
- Predictions for 2011
Results from our respondents show that Land will continue to be the most common type of property brought to auction in 2011. Retail properties are also predicted to be very high in volume in 2011. Respondents indicated that the South, specifically the Southeast, will continue to see the largest amount of real estate auctions taking place this year. The Midwest is predicted to rank high as well for real estate auctions in 2011.
Download the PropertyAuction.com Survey of the 2010 Real Estate Auction Industry [pdf] and check out our infographic for more details!
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