 JJManning Auctioneers is dedicated to the most advantageous sale of every auction property and to the satisfaction of each client. The success of every real estate auction depends almost exclusively on marketing and promotion. Based on more than 30 years of experience, we agree with the conventional wisdom of our profession which holds that the success of any auction event is 95% effective marketing.
Marketing is our specialty and we leave nothing to chance in promoting an auction event. Each property is carefully evaluated before developing an aggressive marketing and promotional campaign designed to be highly effective in targeting the appropriate buyer pool. Our nationally recognized, prize-winning marketing division customizes each auction campaign based on property specifications and the seller’s needs.
Marketing campaigns are comprised of many important elements including:
World Wide Web
JJManning.com consistently appears in the top 10 sites for “real estate auctions” on all search engines. Our internet website showcases properties, educates regarding the auction process, and offers buyers’ assistance in key areas including financing. For each auction, a dedicated property page is created on our web site where online visitors from across the globe may access auction details and a complete Property Information Package (PIP) via convenient links.
Email
Broadcast email immediately notifies potential buyers of your upcoming event. Our auction alerts include a photo and description of your property with a link to the auction specific web site page. Weekly notifications regarding your upcoming auction are instantaneously sent to more than 300,000 qualified prospects worldwide. With new prospects opting in 24/7, this list grows daily and includes our very newest leads with the highest potential as buyers.
Announcement and follow-up emails to those who have expressed interest in your property are an integral part of our targeted marketing approach.
Press
Press releases providing auction terms and property information emphasizing potential benefits for all types of buyers, stimulate the marketplace at minimal cost through distribution to the local, regional, and national media.
Direct Mail
A full-color brochure or postcard mailer, featuring carefully composed text and high-resolution photos, shows each property to best advantage. These promotional pieces are sent directly to a targeted buyer pool that will include prospect categories such as investors, upper end executives, and real estate brokers. Specialized mailing lists based on geography, demographics, property interests, and purchase history are generated utilizing the extensive network of resources at our command including a world-wide database of 30 million prospects.
Print & Trade Media
Eye-catching advertisements are designed for each auction to be placed in newspapers and magazines as appropriate to the property specific marketing plan and budget. Most marketing campaigns include a comprehensive mix of local, regional, national, and often, international publications. Selective advertising placement and timing help ensure maximum exposure to the targeted buyer pool for your property.
Specialty magazines, publications, and web sites may be used to promote properties to a specific marketplace or trade. Publications with national and international circulations are typically included as part of the marketing campaign for auction events with a broader appeal.
Real Estate Brokers
Cooperation with real estate brokers is an integral part of successful auction marketing campaigns. At JJManning, we have established ourselves as the auctioneers of choice for Northeast real estate brokers in need of auction services.
Our aggressive Cooperating Broker Incentive Program notifies brokers of commission opportunities on our web site as well as by email, fax, direct mail, and telephone. Weekly email
notifications give brokers ample time to track down and interest prospective buyers.
To further enhance the sense of urgency, as auction day approaches, special property specific emails are sent reminding brokers of the opportunity to earn income by having their buyers participate in your auction.
Signs
Signs are one of the most productive auction tools, generating excitement and serving as a call-to-action for potential buyers as soon as they appear. A fully-computerized sign shop enables us to produce eye-catching and highly effective signs on demand. Due to the brevity of the auction marketing period, it is important to have customized signs in place very early in the campaign.
Property Information Package (PIP)
Educated bidders have proven to be the best auction customers. Based on information and documentation obtained from the seller or though public records, JJManning Auctioneers prepares a comprehensive "Property Information Package" (PIP) for each property, available to potential buyers online or by direct mail.
Each PIP is designed to provide the majority of the "due diligence" information bidders will need. Due to the short auction marketing period, typically as little as six weeks, quick and easy access to information is essential to bringing buyers to auction. Packages typically include a property description, photo gallery, deed, assessor’s field card, auction terms, purchase & sale agreement, home inspection, property specific documents, and important bidder information.
Mortgage Financing
The information we provide regarding mortgage lenders who can quickly pre-qualify prospective bidders for financing through market-rate mortgage loans helps potential buyers commit to active participation in your auction and allows them to bid with confidence. Prospects bid higher when they know how much they can pay, helping us attain the best possible price for your property.
Telemarketing
The fully trained staff of JJManning Auctioneers directly answers all inquiries to our "Auction Hotline." Familiarity with each property and auction terminology allows us to speak intelligently with every potential purchaser from first-time buyers to the most experienced auction-goers.
In the week prior to auction, a personal follow-up call to all interested parties reminds prospects of the upcoming purchase opportunity, raises their comfort level, and provides an important indicator of interest that helps the auctioneer plan bid strategy.
Property Showings
"Open House" inspections are vital to the marketing effort and draw large turnouts of prospective buyers. Previews give potential bidders a chance to familiarize themselves with the physical property and its neighborhood. Because auction property is sold, "as is, with all faults," the ability for buyers to make a pre-auction inspection plays an essential role in satisfying them as to the property’s desirability and value.
Online Bidding
JJManning continues to be a leader in offering reliable online bidding to those unable to personally attend your auction to participate. Auctions are an integral part of our real estate marketing strategy, effectively increasing the pool of potential buyers for each property. After pre-registering and supplying qualifying deposits, bidders can participate in your auction live from around the globe.
ABSOLUTE vs. RESERVE AUCTION
It has been demonstrated that Absolute Auctions attract the largest number of registered bidders and generate significantly higher sale prices than auctions where property is sold subject to confirmation.
At Absolute Auction, property is sold to the highest qualified bidder, regardless of price. There is no minimum figure that must be met in order for the property to be sold. The seller may not bid personally or through an agent on their own behalf or on behalf of any entity in which they have an interest. Many sellers, including private individuals, investors, financial institutions, and government agencies, are employing this method with greater frequency as it affords the best performance results with bids often 20% higher than at Reserve Auction.
Absolute Auction allows sellers the greatest financial flexibility. Consignors know with certainty the date and time their property will sell and when they will receive their money. Sellers of Reserve Auction properties are required to pay marketing costs up front whereas consignors to Absolute Auction have the option for marketing fees to be deducted from their auction proceeds.
Absolute Auctions stimulate the marketplace, drawing the greatest number of qualified purchasers. When a sale is guaranteed, buyer motivation and participation are maximized. Bidders compete most enthusiastically when a property is selling absolute because they are in the driver’s seat with ultimate control over their own purchase destiny. They are empowered by knowledge of the owner’s total commitment to sell NOW and by the negotiating power held in their ability to withdraw from bidding anytime before the gavel falls. As the time frame for purchase and closing are set, there will be no prolonged negotiation period or contingency delays.
Most importantly, prospects know they can buy at fair market price by bidding one increment more than the competition. Unlike auctions where the seller reserves the right to accept or reject the final bid, potential buyers are energized by the fact that they only need to compete against fellow bidders and not a seller’s potentially unrealistic expectations.
Many prospective buyers are reluctant to invest time, energy, or expense investigating property when there is no certainty they will be able to buy, even if theirs is the highest bid. They will be more hesitant to participate in a Reserve Auction where their high bid can be effectively reduced from a sale to an offer.
Ultimately, the lure of a potential bargain at Absolute Auction creates the likelihood of the highest prices by drawing more bidders and vesting them deeper in the process. Increased numbers of enthusiastic bidders escalate prices. At the end of the day, seriously interested buyers who have done their homework will ensure market value is achieved.
NOTE: Please see Absolute vs. Reserve: A Case Study in Real Estate Auctions in our News/Press section. |
