1. Real Estate Auctions Module 3B – The 4 Steps to Round Robin
9/17/2019 5:40 AM
Module 3B – The 4 Steps to Round Robin
Real Estate
Auctions
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The information herein is for informational purposes only and represents the current view of Microsoft Corporation as of the date of this presentation. Because Microsoft must respond to changing market conditions, it should not be interpreted to be a commitment on the part of Microsoft, and Microsoft cannot guarantee the accuracy of any information provided after the date of this presentation. MICROSOFT MAKES NO WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, AS TO THE INFORMATION IN THIS PRESENTATION.

2. 9/17/2019 5:40 AM
Step 1
Approximately 1 week prior to the auction, advertise the home and the auction event using classifieds online and on local newspapers.
More importantly send postcards to homeowners who live within a half mile radius of the property (because they help spread the word to others!)
Also place bandit signs in strategic places (like intersections, exit points of home improvement stores and gas station) announcing the upcoming open house within 1 mile of the property.
Offer a starting bid price of the home at a rock-bottom 50-60% of the value.
© 2007 Microsoft Corporation. All rights reserved. Microsoft, Windows, Windows Vista and other product names are or may be registered trademarks and/or trademarks in the U.S. and/or other countries.
The information herein is for informational purposes only and represents the current view of Microsoft Corporation as of the date of this presentation. Because Microsoft must respond to changing market conditions, it should not be interpreted to be a commitment on the part of Microsoft, and Microsoft cannot guarantee the accuracy of any information provided after the date of this presentation. MICROSOFT MAKES NO WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, AS TO THE INFORMATION IN THIS PRESENTATION.

3. 9/17/2019 5:40 AM
Step 2
Open up the home on Saturday and Sunday for viewing and take bids (even as low as $1 because that registers the potential buyers interest and they’ll eventually have to make a real bid later).
Make sure the bid sheet is completely out in the open (see attached sample at bottom of module) so everyone can see what the other person bid.
No secrets here.
Bidders also provide the appropriate phone number to be reached on Sunday night for the Round Robin.
© 2007 Microsoft Corporation. All rights reserved. Microsoft, Windows, Windows Vista and other product names are or may be registered trademarks and/or trademarks in the U.S. and/or other countries.
The information herein is for informational purposes only and represents the current view of Microsoft Corporation as of the date of this presentation. Because Microsoft must respond to changing market conditions, it should not be interpreted to be a commitment on the part of Microsoft, and Microsoft cannot guarantee the accuracy of any information provided after the date of this presentation. MICROSOFT MAKES NO WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, AS TO THE INFORMATION IN THIS PRESENTATION.

4. 9/17/2019 5:40 AM
Step 3
On Sunday evening, hold the Round Robin Auction with the bidders via phone.
Essentially you organize the bidders on piece of paper from highest to lowest and then call each person to let them know what the highest bid is and ask if they’d like to advance the bid by a minimum of $500 dollars ($1000 can work too).
Keep re-sorting the list from highest to lowest with each round and continue doing the rounds until you only have one winner left.
© 2007 Microsoft Corporation. All rights reserved. Microsoft, Windows, Windows Vista and other product names are or may be registered trademarks and/or trademarks in the U.S. and/or other countries.
The information herein is for informational purposes only and represents the current view of Microsoft Corporation as of the date of this presentation. Because Microsoft must respond to changing market conditions, it should not be interpreted to be a commitment on the part of Microsoft, and Microsoft cannot guarantee the accuracy of any information provided after the date of this presentation. MICROSOFT MAKES NO WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, AS TO THE INFORMATION IN THIS PRESENTATION.

5. 9/17/2019 5:40 AM
Step 4
On Monday, accept a deposit and sign a contract with the highest bidder!
Also consider accepting back up contracts from next 1-2 highest bidders.
Be sure to have connections to a solid mortgage broker who can pre-qualify your highest few bidders if they don’t already have pre-approval letters.
© 2007 Microsoft Corporation. All rights reserved. Microsoft, Windows, Windows Vista and other product names are or may be registered trademarks and/or trademarks in the U.S. and/or other countries.
The information herein is for informational purposes only and represents the current view of Microsoft Corporation as of the date of this presentation. Because Microsoft must respond to changing market conditions, it should not be interpreted to be a commitment on the part of Microsoft, and Microsoft cannot guarantee the accuracy of any information provided after the date of this presentation. MICROSOFT MAKES NO WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, AS TO THE INFORMATION IN THIS PRESENTATION.

6. Upcoming … Advertising Methods Module 3C 9/17/2019 5:40 AM
© 2007 Microsoft Corporation. All rights reserved. Microsoft, Windows, Windows Vista and other product names are or may be registered trademarks and/or trademarks in the U.S. and/or other countries.
The information herein is for informational purposes only and represents the current view of Microsoft Corporation as of the date of this presentation. Because Microsoft must respond to changing market conditions, it should not be interpreted to be a commitment on the part of Microsoft, and Microsoft cannot guarantee the accuracy of any information provided after the date of this presentation. MICROSOFT MAKES NO WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, AS TO THE INFORMATION IN THIS PRESENTATION.