Bow Mar South, Colorado, 5 Day Sale Auction
I am providing this testimonial concerning the "auction by seller" that was conducted August 27, 2011, for a single family investment property that I own located in Bow Mar South, Littleton, CO. This property has been a rental property for 4 years and became vacant in June of this year. It is one of two rental properties in this upscale neighborhood, one of the smallest and located on a half-acre lot. The property sides to a four lane, busy road. As a real estate broker and attorney, this process was very interesting to me and did net significant activity, although I believe due to dire market conditions, it did not net an (immediate) buyer. This was not a distress sale, but I was a motivated seller. At the time of the auction, 11 other homes were on the market in Bow Mar South (Littleton, Colorado), none of which to my knowledge have sold to this day. As you know, I opted for a diminished level of exposure to the market which did not include print advertisements in any news papers. I did not feel it was money well spent - we disagreed on this point and you were probably correct. The only printed ads were in the form of "baseball cards" that you handed out several days before the day of auction. We also displayed a banner on the exterior side of the fence facing the four lane road. I also did not participate in "blogging" - again my choice - I had no interest in this activity. I understand that you have had more compliant and cooperative clients, but I do believe this was a good learning experience for both of us and I have nothing but a satisfied feeling from the experience. You were the skipper with a bit of a rogue crew. After all, it was my auction, and I did want to do it my way.
In the weeks prior to the auction, your Internet search terms and domains resulted in significant activity on the web site, and I was kept informed on that by email. The web activity ramped up significantly as the auction day neared. I believe that we had a successful turnout on the day of the auction, with approximately 17 to 20 "interested persons" touring the property. Most of the buyer's appeared to be "qualified" and very interested in the concept. One "buyer" was a potential investor who lived three houses away, had known about the property's availability for months as I had a sign posted and the property was on the MLS - yet it took the auction for him to actually "thresh hold (tour)" the property. He even brought his "investor friend" to the property who also lived in Bow Mar South and said they would be making a cash offer. Another interesting fact was that only one real estate broker came to the property during the auction, which is too bad because there were a lot of buyers that may have become customers.
In any event, I believe the "auction model" is a leading edge concept that resulted in a lot of people seeing the property on a single day, rather than sitting there, a "dead" listing, like all the other listings in the neighborhood. Also, in spite of sending auction email blasts to the local brokerage community and offering to pay full commissions, it was puzzling to me why more brokers didn’t embrace this method of marketing, and instead, continue with the tired method of starting at the top of a price range and dropping the price as they go. Your model is a much more provocative, stimulating method of actually getting people to see the inside of the property. Time will tell, but I predict that the old way of selling a property, sticking up a sign and waiting for a buyer, is on its way out. This challenging housing environment cries out for a new way to sell a house - and your "Auction by Seller" is the best hope I have seen in a long time.
I might also add that I rented the home to a person who was required to wait until the auction was over and who now wants to buy the home and we are negotiating purchase option terms. This tenant witnessed the activity on the auction day and was nervous it would sell - thus I would like to think that this "activity" clenched the rental of the home, and may result in a tenant purchase.
My thanks to you and Leslie who work as a good team, making recommendations and getting the auction ready to go. I still consider the auction to have been a successful experience for my property. I recommend this process to anyone out there trying to sell their home.
Jeff K, Esquire
September 15, 2011
Tallyn's Reach, Colorado, 5 Day Sale Auction
It’s the night before we close on the sale of our Tallyn’s Reach home in Aurora, Colorado, and we leave for our new assignment in Hawaii.
First, let me commend you on your unique and fine effort in proactively marketing our property for auction under your modified 5 Day Sale methodology through your www.AuctionBySeller.com online platform while simultaneously listing the property for sale. The combined effort resulted in our getting the property under contract within sixty days of being listed, and closed within ninety days. That’s very impressive in such a soft market.
Your approach of listing the property at the higher range of value while starting our auction bids at the lower range enabled us to generate both unrepresented direct buyer auction interest and leverage the represented agent buyer pool simultaneously.
The end result is that we mitigated negative market pricing pressures and sold our home quickly at a price we could live with while sharing in the marketing risk and saving money on transaction fees.
Thanks for a job well done, and please feel free to use me as a reference if I can be of help in the future.
August 2, 2011
Steamboat Springs, Colorado, 5 Day Sale Auction
Dear Mr. Cascioli,
I am writing to express my appreciation to you and the entire team at Barrett & Associates for making the deal happen! We accomplished a prompt sale of a unique property at the true current market value. We did it in a difficult market – an especially difficult market for a higher priced home in a mountain community. I am extremely glad and grateful for your assistance in the Auction by Owner model to sell the Steamboat Springs home. I had a sense that the model was the best choice for my situation, and you proved me right!
I have an overall appreciation for your team, but please pass on my thanks to a couple of key individuals -- first, for those who handled the technology and website management, it was excellent. I appreciate the “look” and presentation you gave my property. I was impressed with the updates and changes we could make to the website as the process progressed. I know that the site was widely publicized and you did far more than I could do to drive traffic to the site. I also appreciated having timely data on website traffic so we could adjust the marketing strategy along the way.
Second, Leslie was great to work with on the marketing plan and ad placement. I appreciate that we could strategize together and select the appropriate “target markets” for my property, in addition to the general on-line exposure. Leslie was creative, did a great job following up with contacts and getting us options and pricing, and keeping things on schedule with the advertisers. At the same time, I felt that I had input into the marketing plan and could use my dollars where they would have the greatest impact. In the end, the marketing strategy brought us the buyer, and was much more effective than the passive listing process.
Just as important, I appreciate your guidance as the broker and manager of the “auction by owner” process. Your overall strategy worked great. It proved very effective to implement the process according to your recommended timeline and steps. It was great to have your practical “tip sheets” and guidance during the property inspection process and auction event. Of course, once we had the interested parties identified, your advice was invaluable. I appreciate the way you managed the process to be welcoming to other agents, yet made it sensible and comfortable to the individual buyer. The way you helped us all through the negotiating and contracting process was exceptional. In the end, we had a quick, uncomplicated sale with price and terms that worked out well for all of us!
Compared to the typical listing process I had attempted with the property over the past 16 months, the Auction by Owner model was a Godsend. The overall cost was a bargain and implementation time took less than four months. The property was marketed and sold quickly with minimal disruption to the tenants, and the price clearly reflected the best available in the current market. I would recommend this model to anyone. It allowed me to quickly ascertain the current true market value of the property, kept me in control of the process, and created a quick sale at acceptable terms. Could not ask for more! Please feel free to share my name and experience with your future clients.
Steamboat Springs, Colorado
May 15, 2011
I just had a successful process using Kyle’s services at AuctionbySeller. My home is under contract and the deal is progressing nicely. Kyle was great for me as I needed someone to keep me motivated and on track throughout the process. I think the website and virtual tour are all quite good at showing the house. Yet I think the real benefit of the Company’s help to a prospective seller is their expertise at selling commercial and residential real estate. We are in a Buyer’s Market these days, so using AuctionbySeller will significantly increase the chances you will sell your house, way sooner, than later! There are not enough buyers these days to go through the process without expert assistance.
April 5, 2011
This reference is being written on behalf of Kyle Cascioli and his www.AuctionBySeller.com (ABS), non-distressed, online real estate 5 Day Sale auction platform.
I’ve been a “fix n’ flip” property renovator for several years in the Denver metro area, and my last project in the Sloan’s Lake area – a very attractive, older urban core suburb - gave me a little trouble in selling during the latter half of 2010. The property was initially listed in June at $439,000, and we subsequently lowered the price to $415,000, and had decent showing activity but no offers.
Kyle was introduced to me by another local “flipper,” who had used his platform successfully, and after some discussion and exchange of ideas regarding ABS, I decided to give it a try. The idea of being more proactive and aggressive in marketing the property through his non-distressed auction model was intriguing, and I knew that regardless of the result, I would not have to sell the property if I did not get an acceptable offer through the process.
We ran the 5 Day Sale home auction in early January of 2011 and found an unrepresented, 60% down payment buyer at $395,000! We put the property under contract, but within two weeks of doing so the buyer lost their job, and backed out of the transaction. Kyle re-listed the property for me at $399,000 and simultaneously rescheduled the auction. Interestingly enough, an aerospace engineer and his family were relocating to Denver from San Francisco, and very quickly expressed interest through their agent in the property. Kyle explained to the agent that the property had just been released from contract through the non-distressed auction process at $395,000, was listed and also being rescheduled for auction. The agent produced an offer for $394,000 within days. We agreed to pricing and put it under contract for a second time.
I’m happy to say that we closed on this transaction yesterday with a minor boiler concession of $5,000 at a final price of $389,000. Interestingly enough, it was Kyle’s negotiating skills and the leveraging of the second auction date through ABS that got us a near replacement offer on the property. Additionally, the rescheduled 5 Day Sale auction date kept pressure on the buyers as though we had “back-up” offers, and provided us with some additional leverage through the due diligence process with our buyers.
The end result was a surprisingly pleasant negotiation and due diligence process with the sellers who are now settling into their new Denver home, and I am able to move on to my next project.
I would highly recommend Kyle and ABS to anyone struggling to sell their property during these difficult times. It worked for me.
March 15, 2011
Bath, Maine Historic Home 5 –Day Auction Update:
My husband and I bought and renovated a circa 1800’s historic home in Bath, Maine. It was a large, impressive, Greek Revival with a separate on premise in-law or nanny’s quarters. Our intention was to “renovate and flip.” The key to making this a successful venture was a quick sale post renovation. While researching just how to do this, we came across Bill Effros’ Book, “How to Sell Your Home in 5 Days.” We read the book and decided that it was worth a try, but given time constraints and the importance of running the 5 Day Sale Home Auction effectively, we decided that the best way to do this was to engage the help of an expert, enter Kyle, who we found online! Once under contract, a real estate attorney would help us with the closing paperwork.
Through Kyle’s online real estate auction platform, www.AuctionBySeller.com (ABS) he created a property specific, search engine optimized (SEO) website for our historic Maine home that was the centerpiece of our 5 Day Sale auction marketing campaign. Once all the auction specific advertising was in place, we were ready for our weekend inspection open house. Traffic was slow at first, but by the second day, real prospective buyers were inspecting the house. While they were touring the home, we introduced them to the bidding process and ended up with a few serious bids on the property. Because a quick sale is essential to our specialized, historic property “renovate and “flip” business strategy, we engaged all bidders in order to gauge their buyer qualifications and any potential contingencies they might have. Several bidders were eliminated and that left us with two interested parties. Instead of conducting a round-robin bidding process through the ABS virtual auction room, Kyle counseled us to solicit their best offers individually based on their perception of the home’s value.
We identified the “best bidder” and after a little turbulence in the negotiation process, in which the use of our property website blog enabled us to explain our pricing rationale directly to the buyer (who had introduced a real estate agent into the transaction), we were able to reach agreement.
The sale closed on December 17th for $440,000 (we believe this is an historic high sales price per square foot for a non-waterfront, Bath, Maine home).
Kyle and www.AuctionBySeller.com were instrumental in enabling us to identify the available buyers for our historic property when we needed to, and to engage them competitively to our advantage. This, in a market that sees single digit sales annually for properties over $300,000!
December 20, 2010
Seacoast Work Solutions
Dayton, Ohio Condo 5-Day Sale Auction Update:
I wanted to provide an update regarding the recent 5-Day Sale of my condo. The condo is under contract to be sold, and scheduled to close within two weeks.
For some background, intermittently for the past five years (between tenants), my property has been listed with no less than four different real estate agents at prices that each recommended. We had some interest, but no offers. I was curious as to what the property was worth. After the credit bubble of 2008, the mix of private-party sales and foreclosure sales in the area showed that prices were all over the map. I had no idea what to ask for the property. The last thing I wanted to do was to overprice it.
I contacted Kyle and his team using the form on his website. Kyle called me right away, and described his variation of the 5-Day Sale method outlined in the book "How to Sell Your Home in 5 Days", by Bill Effros. Kyle's adaptations included a longer marketing period and a website that is central to the process. This became key during the bidding process, when one of the bidders expressed his like that the bidding is open, honest, and transparent.
I liked Kyle's plan, because it afforded me control over the marketing and sale process, as opposed to the wait-and-see approach of picking an asking price and listing the property for sale with an agent. I felt that I could have a positive affect on the outcome of the sale.
Kyle and his team started immediately, and we came up with a marketing strategy to engage the market using advertising in the local daily newspaper, local weekly suburban newspapers, flyers, and on the Internet. We executed this plan over the course of several weeks. It was a big effort, but it was worth it.
I received several inquiries, and on the weekend of the inspection, there were a few visitors and two interested parties who left bids. Instead of conducting the round-robin bidding process, under Kyle's guidance, I engaged each buyer separately and asked each for his best bid, rather than bid him against each other. I accepted the best bid, which was an all-cash offer. As part of the plan, I hired a local Realtor to be a transaction broker who wrote the contract. She told me that she has seen many languishing condo listings, and seemed impressed that we had a firm offer so quickly.
I am extremely happy with Kyle, his team, AuctionBySeller.com, and the entire process. Kyle's variation of the 5-Day Sale method was able to do what the listing process did not, which was to generate offers from legitimately interested buyers. The process gave me much more information about the market than I had in the last five years. The fact that I liked the negotiated sales price, which lead to a signed contract, was icing on the cake. I recommend Kyle and his team to anyone who wants guidance from a consummate professional with experience engaging the market and conducting numerous, successful 5-day style sales.
Webb City House 5-Day Sale Auction
To Whom It May Concern:
I am extremely happy with the recent 5-Day Sale home auction of my house.
I have had it on the market a couple of times over recent years. The conventional house selling mechanism did not generate any interest in my home. The 5-Day Sale process has it under contract to be closed in 3 weeks.
My new bride had used this method a few years back and was successful. I was a little skeptical, so we agreed on a compromise. I would try 3 months with a realtor friend who had already helped with preparation plans. After that failed we would try the 5-Day Sale. I am no longer skeptical.
Kyle and his team put into place a blitz the market approach, advertising in the local papers of the area and the website. His program provided professional websites, ads, brochures and signage.
The process was a success despite the fact that early on in the process I sat back and relied on Kyle and his team to do all the work. If I had it to do over I would get more focused on the sale of my house. I would make sure that I understood the process and the timing. I would make sure every detail was conveyed correctly and that I had given Kyle’s team all the information to do their job even better.
I would highly recommend this process, and www.AuctionBySeller.com to sell your property!!!
The Flemmings sold their Bonnie Brae home in one weekend!
"We had our Bonnie Brae property listed for 4 months with no offers and decided to try auctionbyseller.com. We sold our home directly to an all cash buyer and closed in 31 days from the date of our auction!" -Will Flemming
Rob Welch of Park Hill
"We achieved a higher "net" exit price for our property at auction than we did listing it!" -Rob Welch
"It really works!" -Kevin Bradley