The luxury real estate market beats to its own drummer. Buyers often pay all cash and do not have many lending issues that plague traditional sales. On the flip side, the buyer pool is extremely thin. So homes tend to sell quickly if the perfect buyer is out there, or sit a year or more if not. Additionally, wealthy buyers tend to be very focused on what they want in a home and rarely have a deadline to purchase. So if you own an estate home, chances are you will either sell it quickly or languish on the market for a very long time.
It is quite trying to maintain a home on the market for over a year given privacy concerns and stress of keeping the home in show ready condition. Auctions have been used effectively for decades to sell estate property with a thin buyer pool. The transparency of the process flushes out true market value for all parties involved. Luxury homes rarely have the right comparable sale data to create confidence in valuation for the both buyer and seller. This lack of confidence creates fear and lack of action from all parties.
When these situations manifest, an auction is usually the best catalyst to produce a sale.
Our events utilize the Multiple Listing Service to elicit cooperation with luxury buyer agents to bring forward every buyer in the market. By setting an auction date, the seller takes back some level of control and forces the buyers to act; versus wait you out. Our process typically runs with a 30 day marketing period, followed by an onsite or online auction depending on the circumstances. The buzz of an auction creates highly intense buying activity compared to a normal MLS listing. Closings are usually all cash with a 30 day close date.
Zetabid can accept an offer before the event, at the event, or after the event. Sometimes your best offer comes in just before the auction as just the threat of intense competition causes action. We want you to close your sale regardless how the bid comes in the door.
The home buyer pays for the auction via a Buyer’s Premium which is a percentage of the sales price added to the winning bid. The amount of the fee varies by event type, marketing budget required, sales price, and risk. Seller pays their broker pursuant to their listing agreement. For luxury homes over $1M, our fees will generally range between 1% and 3%.
- 3 Inspiration Point, Laguna CA
Home on the market over 2 years at $8.9M. Several showings a month but no legitimate offers. Owners relocated to East Coast paying tens of thousands a month to carry a 14,700 foot home with one part time resident. Zetabid partnered with Coldwell Banker Newport Beach to drive 5x the foot traffic through the home and move many of the interested buyers off the fence and into action. The home received pre-auction offers and ultimately sold in the auction event.
In addition to the MLS and brokerage marketing, Zetabid leverages extensive promotional tools to reach buyers. Please see our Marketing Gallery for prior examples of Zetabid events.
Do high-end videos bring in more buyers for luxury homes? You be the judge.
Zetabid is blending the powerful emotional tools of luxury auction marketing to capture buyer’s attention from around the world to create maximum bidding energy for our seller clients and partner listing brokers.
Watch our latest video for our June auction of a 13,000 SF luxury home going to sealed bid auction next month.
Also see our partner production company on ABC Nightline with a backstage look at their creation of a video for a $40M estate in Holmby Hills and how they created the video that reached the founder of Mindcraft in Sweden to outbid Beyonce on a $70M home in Beverly Hills.
If you would like to discuss generating a bidding war on your real estate opportunity with us please fill out the form below: