Michael Marienwald has been there, done that. As a real estate broker and CREA member, he knows what it's like to be a listing agent, and what it's like when properties don't sell. As owner of North American Auctioneers in London, Ont., he has put his real estate experience to work to create an auction system that works with, not against, agents.
Going Going Gone Home Real Estate Auction
Unlike many auctioneer companies, North American Auctioneers auctions only real estate. Michael says "stick what you know", and as a realtor since 1989, a certified Real Estate auctioneer and one of only four in Accredited Real Estate Auctioneers in Canada, Michael knows Real Estate.
Only North American Auctioneers has a system of selling real estate quickly with the safeguards buyers and sellers expect with conventional real estate brokerages.
The system helps agents in several ways. When a property doesn't sell, the agent could lose the listing when it expires and not have anything to show for their work. Working with North American Auctioneers means agents representing sellers "are paid quite will, earning a percentage of what we get," he says. "Agents who represent buyers register their buyers and are paid referral fees."
The company has sold properties that have been on the market for years (in one case 12 years) and has sold them within weeks, with quick closings and for close to listing price, he says.
For example, a four-bedroom house was for sale in Byron, Ont. for eight months before it was registered with North American Auctioneers. "About 40 signs were put up everywhere. You couldn't enter Byron without seeing a sign," he says. The company's goal is to attract as many bidders as possible for each property. Within 10 days it was sold, it closed in about two weeks and the sale price was within a couple of thousand dollars of what the sellers wanted, Marienwald says.
The idea of the auction is to create a sense of urgency for the buyer by giving them the opportunity to become a bidder at the auction, he says.
"It's not a last resort, a liquidation or a fire sale," says Harold Matthews, manager/broker at Century 21 Heritage House Ltd. in Ingersoll, Ont. Matthews used the auction service about 10 months ago. He says he chose the auction house North American Auctioneers because the "goal for agents is to get the seller the best possible price, and an auction is an alternative method of getting the highest possible price."
He says he's happy with the Real Estate auction services provided, describing North American Auctioneers as "professional" and "results oriented", and being "sympathetic to his seller's needs and wants."
The system also works for commercial properties. "A factory in Montreal had been on the market for over a year. We sold it in 40 days," Marienwald says.
North American Auctioneers, which offers its serviced nationwide, has sold everything from vacant lots to churches to whole subdivisions, priced from $20,000 to $1 million.
For information call 1-877-672-6604 or visit northamericanauctioneers.com