Many CCIMs and residential brokers have formed alliances or work with real estate auction companies. Others are looking at auctions as a way to expand their business and income opportunities. Since the process for auctions and traditional sales are different, it makes more sense for those without auction expertise to develop a partnership with an experienced national and/or regional auctioneer to expand the potential for success and represent clients effectively.
Some of the areas where CCIMs and brokers can earn fees from auctions include:
• referring clients or properties to auctioneers for sale;
• representing buyers in purchasing an auction property and receiving a buyer's brokerage fee;
• acting as a local designated broker for an out-of-state auctioneer;
• assisting an auctioneer at open houses; and
• working with the auctioneer at an auction event.
Interestingly, during the last 30 years in the real estate auction business only about 15 percent to 20 percent of auction buyers have been represented by buyer brokers. Earning a commission as a buyer broker is easy: Don't let the opportunity pass you by.
Omar P. Bounds III A.A.R.E., C.E.S., G.P.P.A.
The Bounds Auction Company
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