Never Lose Another
Listing.
Three flexible ways for real estate brokers and agents to add the auction method to their practice. Keep the client, keep the commission, and stand out from the competition.
- Refer ClientsNot the listing agent? Refer the seller and collect a referral fee at closing.
- Become a Co-BrokerYou're the listing agent. Bring us your listing and keep your commission.
- Cooperative Buyer-BrokerRegister your buyer and earn an equivalent buy-side commission.
Become the Auction Expert in Your Market
By adopting an auction program, you have the advantage of standing out from your competition. Auctions are a valuable tool in any market. Become the auction expert and increase your sales and revenue.
We encourage you to attend one of our CE classes or online webinars to learn more about the benefits of auction and the process.
Refer Clients & Collect a Referral Fee
This option is for real estate agents and brokers who know a seller but are not the current listing agent, or when the seller does not yet have listing representation. You refer the seller to Prestige and collect a referral fee at closing.
Whether you have a friend, family member, or professional contact who is ready to sell a unique property, or you are advising a seller who is exploring their options, referring them to Prestige is the simplest way to earn on the deal without carrying the listing yourself.
- Help the seller understand the benefits of the auction method and how it fits their goals.
- Help the seller analyze their needs, the property, and the market to determine if auction is a good fit.
- Refer the seller to Prestige Real Estate Auction.
- Sign a referral agreement with Prestige documenting your role as the referring broker.
- Collect the referral fee when the property closes, paid through the title company.
Become a Co-Broker
This option is for real estate agents and brokers who are already the current listing agent. You bring your seller and your existing listing to Prestige for auction, and you retain your commission as a co-broker on the sale.
Most auction companies do not work on a co-broker basis. Prestige Real Estate Auction encourages co-broker situations. Our goal is to create a working relationship with you and help you become an auction expert, creating a niche within your business.
In a co-broker situation, the auction company handles the majority of the auction process, allowing you to focus on your real estate business and the auction company to focus on the details of the auction. As a co-broker you are involved in the process and benefit by being included in the marketing, which increases your exposure. You also have the opportunity to work with unsuccessful bidders and buyers who may be interested in another property type or location, helping you build a strong buyer list.
What You Handle Before the Auction
- Provide the lead (in most cases).
- If a negotiated sale listing agreement exists, typically you will cancel the listing and the auction company will take an auction listing contract that includes you as the co-broker.
- Send notice to MLS stating the property will be sold at public auction and direct them to the auction company.
- Assist with open houses and property showings.
- Provide any previous marketing information, comparable data, and property history that will help us build a stronger campaign.
- Provide a fact sheet on the property.
- Perform market analysis and complete due diligence.
- Order and obtain signs, photographs, and keys.
- Be present for any scheduled inspections.
- Provide feedback and progress reports to the seller.
What Prestige Handles on Auction Day
- Our auctions are live online, so you do not need to be physically present.
- We drive the complete marketing campaign that brings qualified buyers to your listing.
- We handle all communication with bidders, answer their questions, and walk them through the auction platform.
- We manage bidder registration and get them approved before auction day.
- We run the live online auction from start to finish. You stay focused on your business.
What You Handle After the Auction
- Help buyers with post-auction inspections, insurance, financing, and other needs.
- Assist in pre-closing events.
- Attend closing.
- Collect commission check when the property closes.
Be a Cooperative Buyer-Broker
A cooperating agent or broker registers a buyer who purchases property offered through an auction and earns a commission established by the auction firm. This agent or broker accompanies the bidder to pre-auction events and the auction, registers them to bid, and receives a portion of the commission.
Prestige pays equivalent commissions to the buyer broker. We value your time and encourage your participation by compensating competitively.
Before the Auction
- Call auction companies to be placed on their mailing lists.
- Attend real estate auctions to learn how they work, or go online and view online-only auctions.
- Advertise as an agent or broker who is knowledgeable about auctions to attract prospects.
- Attend pre-auction open houses with prospects.
- Help prospects determine the market value of the property prior to sale (check comparables, property indebtedness, title, liens, market conditions, and read the due diligence or bidders packet).
- Learn the rules necessary to earn a commission for registering a successful buyer.
- Learn the terms of the auction.
- Review the Buy/Sell contract and any forms that may require your or your buyer's signature.
- Register the bidder prior to the auction per the auction firm's requirements. If online bidding only, make sure that you have registered your buyer before they register and place a bid.
During the Auction
- Attend the auction with your buyer or be available during the online bidding process.
- Help them register. Make sure you have registered them as your buyer before they register for the auction, to ensure you earn a commission.
- Assist your prospect at the auction or through the online bidding process.
- Accompany the successful bidder to the contract room, or if online, walk them through the buy/sell contract.
After the Auction
- Collect commission check when the property closes (handled by the title company).
One Property. Many Buyers.
We excel at bringing multiple buyers to your property.
It is no wonder buyers and sellers are choosing real estate auction now more than ever. Sellers choose their sale date and have the unfair advantage of focusing the entire buying marketplace on their property. Buyers prefer auction for its simplicity and transparency. No more haggling over petty details.
Auction Is a Growing Part of the Real Estate Industry.
Add auction as a tool in your toolbox today.
We at Prestige Real Estate Auction are excited to work with you and help you increase your sales and revenue by becoming your dedicated auction company.
Connect With Our Team
Whether you want to refer a client, co-broker a listing, or register a buyer, send us a message and someone from Prestige will follow up to walk you through the details. There is no obligation and no cost to get started.
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