Frequently Asked Questions
What do you charge to sell my property?
As the seller, you pay ZERO commissions; the buyer pays it. At Premiere Estates, we charge no commissions and take no salary for our effort. We are ultimately paid through a Buyer’s Premium, paid by the Buyer, when the property sells.
How quickly can we close?
Closings can take place in as little as two days after the consummation of a sale. Typically, however, Premiere Estates Auction Company performs 30-day closes.
What if the highest bid is not satisfactory to me?
With a reserve pricing strategy, The seller has the sole discretion to sell or not to sell his or her property.
How do you decide on the reserve price?
Selecting a reserve price takes very careful consideration. Because Premiere Estates Auction Company is committed to selling each and every property we take to auction, we want to be sure that the reserve price is a price that will be met or exceeded. We work diligently with your or our local agent and property owner to determine the realistic market value of the property and set the reserve price based on that research. Our certified senior appraisers will analyze the data to arrive at a suggested reserve. The goal is to identify a reserve which is realistic for the current market.
What is a Buyer’s Premium?
A Buyer’s Premium is a fee added onto the final sales price of the property to be paid by the buyer.
When should I NOT do an auction?
The decision to do an auction or not do an auction is based on multiple factors. The most successful auctions have a combination of a realistic reserve price, ample marketing time, a motivated seller, and a proper marketing campaign designed to find every conceivable buyer in the marketplace. Any shortcut can result in a price which does not meet the seller’s goals. If the seller’s reserve price is clearly well over market price and the seller has no desire to sell the property unless the above market price is achieved, then an auction is not recommended. If an effective marketing campaign cannot be implemented due to the lack of funds to promote the property or the allotted time is not enough to capture the full buyer pool, then an auction may not be recommended. All elements of our auction process must be reviewed and optimally implemented to achieve the best results. We always base our decisions on our client’s best interest, resulting in the best decision for all parties involved.
How long does it take to sell my property?
We will tailor our bespoke marketing campaign and create the auction date based on your specific property. Our marketing campaigns can range anywhere from 30-75 days, depending on what is most beneficial to our client.
Can I sell my property in “as-is” condition?
It’s your option. We sell properties “as-is” and without any contingencies. However, we are open to offering contingencies to buyers with the seller’s approval if we deem it will result in a higher sale price and ultimately benefit the sale.
What is the difference between an absolute, without reserve and reserve auction or published minimum auction?
Premiere Estates Auction company offers a myriad of different auction strategies based on the needs of the client and property. Call us today to discuss which strategy might be best for your property.
How do I know what fair market value is?
Fair market value will ultimately be spoken to at the close of our bespoke marketing campaign.
If an agent brings a buyer to the auction, how are they compensated?
We fully compensate an agent who sources a buyer. Premiere Estates pays the buyer’s agent commission directly. The seller pays nothing.
Who pays for the Bespoke Marketing Campaign?
Premiere Estates Auction Company’s bespoke marketing campaigns are specifically tailored for the property, buyer pool and market nuances. Premiere Estates Auction Company will provide you with a range of campaign options for your selection and approval.
If my property is listed, what do you suggest I do?
We encourage – and welcome – cooperation with all agents. Most of our sales combine our efforts with a local agent, culminating in the best and most qualified team to market and sell your property.