Annual Real Estate Auction Industry SurveyMarch 20th, 2012 by Ori Klein
This past January, real estate auctioneers nationwide were surveyed with a range of questions about industry activity in 2011 and their projections for 2012.
Topics covered in our survey (download for details):
- Residential Properties
- Single family homes, condominiums and coops were the most common type of residential property brought to auction as reported by our auctioneers.
For more charts and numbers download our Annual Real Estate Auction Industry Survey
- Commercial Properties
- Auctioneers were asked to provide us with the most common commercial property type brought to auction – Land hit the number one spot.
- Type of Auction Sale
- This year revealed a 3-way tie for first place between Private Owner Sale, Lender REO and Estate/Trust/Guardian.
- Style of Auction Sale
- Online auctions are a distant second place to On-Site/Open Outcry, but that may change this year with more auctioneers getting tech-savvy.
- Format of Auction Sale
- Respondents indicated that the most frequently used Auction Format they employed during the year was Unpublished Reserve/Seller Confirmation, with Absolute ranking a close second.
- Most Successful Style of Auction Sale
- On-Site/Open Outcry won by a landslide, coming in at 72%.
- Amount of Auctions by Area
- The Southeast and Southwest areas of the United States remain in the number one spot as having the highest amount of auctions. The Central region also ranked in first place.
- Buyer Broker Representation
- Where are the brokers? Again, less than 25% of real estate auctions buyers were represented by brokers. They need to get in on the auction action, considering that auctioneers typically offer a 2-3% commission for brokers who register their buyers.
- Advertising Allocation
- Even in the age of technology, Print wins again! But does it give you the best bang for your buck?
- Most Effective Form of Advertising
- Surprise, surprise! Signage claims first place as the most effective form of advertising at an impressive 37%. Online ranked second, and Print was only able to take third place with 23%.
- Social Networking
- Most auctioneers appear to be in the loop online, with 73% using social networking options such as Facebook and Twitter to promote their auctions.
- Internet Ad Network
- More proof of auctioneers making the most of the Internet, 61% of respondents utilized Internet ad network solutions such as Google Adwords to promote their auctions in 2011.
- Mobile Accessibility
- Only 40% of respondents offered a mobile version of their company website in 2011. This may change in 2012 due to the rise in mobile users and applications.
- Online Bidding
- The majority (75%) of respondents offered online bidding last year, with more than 50% of those used 3rd party systems.
- Predictions for 2012
- Respondents predict that Homes, Condos and Coops will remain the number one residential type of property brought to auction in 2012, with Land continuing to be the most common type of commercial property brought to auction this year. Respondents indicated that the South, specifically the Southeast, will continue to see the largest amount of real estate auctions taking place this year. The West Coast states are predicted as seeing the lowest mount of auctions in 2012. Lender REO properties are forecast as being the most frequently auctioned property type this year.
Download the PropertyAuction.com Annual Survey of the Real Estate Auction Industry [pdf] for more details!
Contact: Ori Klein
New York, NY
Phone: 888-265-2694, ext. 1
Survey Download Link: http://propertyauction.com/SURVEY2011/PropertyAuction_Survey_Real_Estate_Auction_Industry.PDF
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