The Auction Process

Not sure how the auction process works?

Here are all the details on how an auction conducted by J. Durham & Associates works and what advantages an auction with our company offers you as a seller of real estate.

Preliminary Tasks

The Auction ProcessA successful auction is a team effort from start to finish. No one can put together an auction better than J. Durham and Associates, Inc. From the beginning, our people are at work taking pictures, printing brochures, and creating ads and publicity for your auction. We provide the auctioneers, salesmen to solicit bids, clerks and cashiers, and everything needed for the professional auction. We will even arrange for concessions to be available auction day when needed so that our bidders do not have to leave the auction site. There is no second chance; therefore, we make certain that every detail is done to insure you of a successful auction.

Every sale deserves our full attention. Members of our professional sales team will visit your property, view and photograph the property and answer any questions you may have about our company. Our team will analyze every aspect of your property – from legal considerations to market appeal – before the auction takes place. We’ll make recommendations concerning dividing or grouping your property to generate more bidding interest.

We then begin working to set realistic goals for your auction, develop a plan of action to achieve those goals and select a date for the auction. Factors that help determine the date include time constraints, if any, that you may have for vacating the premises, and conflicting dates of any other similar auctions to be held in the same general area as yours. We’ll also determine whether the auction should be on-site or in a hotel ballroom or similar setting. Our team will also suggest ways to prepare your property so it will attract maximum market value.


Marketing

MarketingA successful auction promotion demands that we pay particular attention to each and every detail at the precise moment to insure your property is promoted to the biggest market at its targeted time. Our in-house advertising experts will carefully analyze your property to direct informative advertising to that particular segment of the market who is interested in purchasing your property.

Our auction coordinators take pride in showing special attention to every phase of the promotion campaign to assure you that the auction will produce the maximum price possible at the most efficient cost. Through our concentrated advertising program we attract serious buyers with real purchasing power.

At J. Durham and Associates, Inc., we understand the tremendous importance of auction marketing, and we use a variety of methods to effectively market your auction. Our methods of auction marketing include but are not limited to:

  • Brochures and Postcards
  • News Papers/Periodicals
  • Direct Mail
  • Billboards and Signs
  • Telemarketing
  • Internet Marketing
  • Radio and Television
  • Broker Participation
  • Auction Awareness Seminars
  • Personal Contact

Inspection

It has been our experience that informed buyers are more likely to pay top dollar for your property. Therefore, we offer potential buyers private previews by appointment to visit the property for sale. During previews, our on-site team directs buyers to the highlights of the property, provides as much information as possible and answers any questions potential buyers may have.


The Auction

On auction day, the sale will be staffed by the auction coordinators, two auctioneers, five bid assistants, our real estate attorney (to handle all sales contracts), a clerk, equipment manager, and other necessary support personnel. The experienced sales staff will assist buyers in producing offers for your property. By emphasizing the many positive aspects of your property and pointing out its beneficial qualities, we show your property in the best possible light which will increase its value.

A successful auction is a team effort from start to finish. No one can put together an auction better than J. Durham and Associates, Inc. From the beginning, our people are at work taking pictures, printing brochures, and creating ads and publicity for your auction. We provide the auctioneers, salesmen to solicit bids, clerks and cashiers, and everything needed for the professional auction. We will even arrange for concessions to be available auction day so that our bidders do not have to leave the auction site. There is no second chance; therefore, we make certain that every detail is done to insure you of a successful auction.


Closing Activities

The sellers, the closing attorney, and the purchaser will be aided by the our closing team. Our coordinators are responsible for identifying problems and finding solutions in an effort to close the property as quickly as possible following the auction.

Within the week following the auction, the successful bidder will receive a congratulatory letter outlining exactly what they must do, when they must do it, and the names of the contacts at the closing attorneys office and our office.

Our closing team members will ensure that closings proceed as scheduled and follow contract guidelines. The purchaser and the closing agent will be contacted every week for updates and progress reports. Additionally, We will assist buyers, appraisers, and lenders with access to the property during the post-auction closing activities.

It is this type of day-to-day attention to detail which allows J. Durham and Associates, Inc. to enjoy a closing ratio of 94% over the last 31 years.


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