There are many advantages of the auction method of marketing residential real estate. Among the benefits:

• The seller determines the date and the time the property will sell. An average auction campaign will require 45 days to complete.
  
• A timely sale allows the seller to reduce holding costs, i.e. taxes, maintenance, insurance, etc.
  
• An advertising campaign is designed specifically for the seller’s property to attract the largest number of potential buyers. The ensures true “market value” will be realized.
  
• Auction marketing creates a sense of urgency, forcing potential buyers to point of decision.
  
• The seller establishes the terms of sale, avoiding lengthy negotiations.
  
• Auction arouses the competitive spirit of prospective buyers.
  
• No ceiling price is established, price is allowed to increase freely.
  
• The competitive bidding format creates among buyers when they see other bidders willing to pay a similar price for the property. The process eliminates “buyer remorse”. Decisions will be made.
  
• Price not an objection. Buyers are free to become committed to the purchase of the property without the distraction of price.