Crazy Sh*t In Real Estate Episode 59: Ray Wood

Summary:

Today’s episode discusses one crazy way of doing real estate that could help sellers get TOP DOLLAR for their home when it comes to crazy bidding wars—auctions. What better way to motivate buyers than to have them compete, in-person, with other interested candidates! Leigh chats with Ray Wood, an experienced auctioneer in real estate. Tune is as they talk about both the barriers and benefits of auctioning your home.

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Time Stamped Show Notes:

00:28 – Introduction for today’s episode
00:42 – Leigh welcomes Ray Wood
00:56 – Ray is a partner at Best Agents and Locked On
01:48 – Ray is a fourth generation, real estate agent and it was his Dad who got him into the industry
02:26 – A lot of property is auctioned in Australia and Ray got his start by auctioning different items from the back of a truck
03:45 – Buying a property is an emotional decision
04:23 – An auction is a transparent environment where the buyers can see who else wants the property and this makes them want it more
05:48 – Ray shares how there are instances in the Toronto market where 30 or more people make an offer on the same property
06:27 – By conducting an auction, you’ll easily be getting top dollar for your home as opposed to looking at all offers individually
06:58 – Consumers in the US and Canada are typically against auctions
07:05 – Consumers must be educated about how auctions can be productive
07:48 – An auction starts at a base amount as opposed to starting at a high amount
08:50 – Auctions in North America are still stigmatized because agents and sellers do not know how they work
09:31 – Agents should help the sellers understand the science of how it works
10:16 – An open time in Australia is 45 minutes
11:22 – Ray is big on establishing a relationship with an agent
12:07 – Ray wrote a book: How to Sell Your Home for More
12:32 – Leigh asks Ray where people can find auction specialists and Ray has no idea
13:05 – Ray says agents have a moral obligation to sellers to produce the best result—if people are hesitant about the procedure of an auction, it’s probably not considered the best option
13:50 – Leigh thinks auctioning could possibly be the answer for the current real estate problem in Charlotte as there are multiple buyers bidding for one property
14:27 – Ray says not everybody has the ability to educate sellers and buyers
14:55 – Harcourt’s work in California might be a good indication of the future of auctions
15:26 – Consumers do want innovation
16:05 – Locked On is a CRM and a cloud-based software that helps you communicate with your clients
17:07 – Contact Ray at his email and check out his podcast
17:43 – Tweet Leigh Brown for your very own crazy story in real estate

3 Key Points

Auctions can be valuable for both buyers and sellers—especially when it comes to having multiple, competing offers.
There is a need to educate consumers about how to do auctions for real estate.
Agents have to put the best interest of their clients, first and foremost.

Credits

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