My client and I would like to thank you for creating and designing your wonderfully effective and compelling Agent Auction platform. When I agreed to represent 37 Linda Isle—a prestigious property in a legendary Newport Beach locale—it had already been shown as a pocket listing for several months, represented by all the top agents in Newport. In October 2018, the property was officially listed on the MLS. We incorporated TV commercials, web and social media content, ads in Modern Luxury and Agent Inc., as well as an eight-page Jolie spread coupled with a well-attended “Who’s Who” charity event as part of our “all-in” marketing campaign.
Unfortunately, that wasn’t enough to sell.
As our journey unfolded, we enjoyed a consistent stream of showings featuring well-qualified potential clients. However, after six months on the market with no realistic offers, I decided to thoroughly examine the active and sold luxury inventory ($10,000,000 to $20,000,000) over the previous six months in Newport Beach, Newport Coast, Corona Del Mar, and Laguna Beach. What I came across was alarming—only 7 of 60 luxury listings were in escrow.
It was then that I began to investigate reputable luxury real estate auction companies in an effort to gain the attraction this magnificent property deserved. My goal was to generate a buzz for potential buyers and cut through the expansive pool of luxury sellers while simultaneously directly appealing to the small pool of luxury buyers. But my client was not interested in any of the auction platforms I suggested—until you launched Agent Auction with its attractive and beneficial terms for both seller and buyer.
What I feel sets Agent Auction apart from other luxury auction companies is that it costs the seller nothing more than the commission offered in MLS. Other auction companies require sellers to put up $150,000 towards marketing to reimburse the auction company for expenses if the home doesn’t sell—others don’t even allow a reserve price. I was impressed Agent Auction pays for all marketing costs, ensuring the seller owes nothing out of pocket if the home doesn’t sell—and they allow a reserve price to be set. Not only that, but other auction companies can include a 12% premium that buyers are required to pay upon purchase—Agent Auction only requires a 2% premium.
To me, the effectiveness of Agent Auction cannot be more evident than in the case of 37 Linda Isle. As a result of listing with Agent Auction, we immediately generated several showings, as well as two offers, and within 30 days of the initial advertising of the auction itself, we were already in escrow with a cash offer in the amount of the reserve.
Without the help, expertise, and guidance of Agent Auction, my seller would still be facing the ongoing expenses of maintaining a vacant property, as well as enduring price reduction after price reduction due to the incredibly high absorption rate existent in the luxury real estate market.
It is my sincere hope that other sellers and agents will benefit from this groundbreaking auction platform that creates optimal results, and is backed by a name and brand renowned for its experience and world-class service. Thank you again!