LAST UPDATED: May 1st, 2015
Whitetail Properties Introduces Online-Only
Farm Real Estate Auction Platform
Whitetail Properties, a real estate listing and auction business that unites buyers and sellers through its team of farm and ranch land specialists, has just made it easier for those buyers and sellers to do business. Whitetail Properties’ new online-only auction platform will offer great convenience to buyers who will be able to bid on tracts of land from anywhere that has Internet connection. Whitetail Properties auctioneers already conduct live onsite auctions but saw the need to add an Internet-only auction, which can save the seller both time and money as well as offer a great convenience to bidders. Whitetail Properties will continue to offer live auctions and sealed bid auctions in addition to the new online only land auctions.
“The National Association of Realtors says 82% of people begin their search for real estate online,” Jason Smith, auctioneer and land specialist, says. “Many investors are far removed from the Midwestern Farmland and timberland they’re considering for investment.”
Dan Perez, real estate broker, says, “We have invested heavily in not only television and print marketing, but also Internet marketing to capture the attention of that 82%. The new Internet bidding system makes it possible not only to find farm real estate on the Internet but also buy it on the Internet.”
Sellers that want to achieve full market value need to have their property on a nationally marketed website to make sure they are getting maximum exposure with these people.
Advantages to sellers:
• No contingency cash offers.
• Reduced costs compared to live auctions, sellers can save up to 50% on marketing/event fees.
• Auctions put no cap on price like a listing does.
• Auctions create spotlight attention for the property, unlike listings that are all lumped together.
• Auctions leave the seller in control of all aspects of the sale, including date, time and terms.
• Auction marketing is aggressive and saturates the market while a listing slowly “drips” the marketing to the public.
• Auctions can sell property faster and eliminate long term holding costs — no long delays sitting on the market.
Advantages to buyers:
• Convenient to bid from anywhere that has an Internet connection 24 hours a day.
• No wasted travel time and expenses for properties you may or may not be able to buy.
• Ability to attend many more auctions virtually.
• Extended research time.
• Easy to use bidding system.
• Whitetail Properties serves many states eliminating the need to establish relationships with multiple brokers.
• Site has extensive documents, mapping and videos to help buyers become as familiar with the property and details as possible.
An online real estate auction is no different than the live auctions Whitetail Properties is already conducting. Properties are marketed exactly the same using all of Whitetail Properties’ powerful tools, but rather than buyers and sellers coming together for a bidding session all at one time, the bids are placed on the website over a period of time. Buyers can still visit the property for a showing when it is convenient for them. All properties are well documented with High Definition video and professionally produced videos to give buyers a good feel for every nook and cranny of the property.
How the site works:
A potential buyer creates an account at the Whitetail Properties website and is then required to submit several screening documents to participate in a phone interview with the auctioneer. Each buyer must provide proof of funds and evidence of financial ability, agree to the site’s Terms and Conditions and satisfy the auctioneer they are a sound bidder. Much like E-bay’s ranking system, the auction site has built in checks and balances. Each buyer will be given “Purchasing Power” that cannot be exceeded. A buyer will be approved for the Purchasing Power they qualify for to keep buyers from overbidding properties or from bidding on multiple properties if the combined total is above their purchasing power. The Internet auctions will run between 30 and 60 days depending on each situation.
“We are excited about the powerful land sales tool we have built,” Smith says. “Sellers can take advantage of Whitetail Properties powerhouse land marketing system to find the perfect buyer for their property without having to leave their property on the market for a lengthy listing period.
Perez says, “The new system is especially good at handling large farm multi-parcel auctions where a seller desires to divide a large farm into smaller tracts to increase their return on the property. It’s a very exciting development not only for our company, but also for those using our real estate marketing services”
