Auctions -- Going, going, SOLD!

You've probably seen them by now -- a limited number of real estate auctions are starting to appear in our local region. What’s that about? Well, in simplest terms it all comes down to one word -- inventory. We all know there currently is a record amount of inventory of homes on the market in Southern California. In addition, unlike previous years Southern California builders are currently holding inventory.



One option builders and some home sellers are now considering as a marketing option – sell the property at auction. An auction listed in the MLS is starting to become more of a general consideration. Even though the concept have some negative connotations to some, this pre-conceived notion may be changing as real estate auctions become a viable way to market for amny types of properties -- from newly constructed condominiums to existing detached homes sitting idle.

Not all sellers are candidates for an auction. Only sellers with a real need or genuinely strong desire to sell should consider the auction block. Additionally, sellers should be prepared take a good look at the lowest and most current comparable sales in their neighborhoods and price well below that. This is an aggressive and most usually necessary way to get a heightened probability of large interest for the property in the auction. The key is to get as many interested parties as possible at the auction to increase the chances of a favorable bidding war for the sellers.



Sellers may become very pleased with the outcome of selling their property at auction, especially when there is a bidding war. However, the key is making sure the auction is conducted in a way that creates enthusiasm, managing the bidding appropriately, and making sure the closing process is executed per the pre-arranged agreement of the purchase contract.

How Auctions Work

Auctions create an atmosphere of buyers challenging other buyers creating an environment that mimics a seller’s market. The rules of an auction must be set in advance and are typical of the following three approaches:

Absolute Auction

The seller offers the property for sale and promises to sell it to the highest bidder – regardless of the final price (also known as Auction Without Reserve).

Minimum Bid Auction

The seller agrees to sell the property at a price that is equal to, or greater than, a pre-stated minimum bid.

Reserve Auction

In a reserve auction, the seller “reserves” the right to accept or decline any bids within a specific time frame, or to withdraw the property prior to the final drop of the gravel. Reserve auctions commonly are used in court-ordered or other sales where a price must be ratified before closing.

A key benefit to an auction is the absence of contingencies. Auction buyers typically inspect a property before deciding how much to bid. In addition the sellers will post or hand out all disclosures prior to bidding. That means sellers no longer have the stress period of post-offer inspections or buyer’s acceptance of seller disclosures after opening escrow. In addition, financing is generally never an accepted contingency for an auction purchase. Escrows are typically 30 days or less.


An auction can be a very viable way to sell a property in a short amount of time and with the fewest hassles. If you think you would like more information on our upcoming Orange County property auction, email us or call us on 800-990-2121.

Wow! You Shred!!!

That's right! Well, actually I'm talking about another meaning of shred. On Saturday, August 11, 2007, 9:00 a.m. until 3:00 p.m., our Northpark Irvine office is sponsoring our annual community shredding event!

CENTURY 21 Professionals is dedicated to supporting the community so we will be providing free shredding services from a professional shredding company to anyone who lives in Irvine and surrounding areas.

We've all heard stories of the bad guys digging through people's trash, getting their financial papers and stealing their identity. Don't let that happen to you! Bring a box of your personal and confidential papers and watch as they are shredded right before your very eyes -- for FREE!!! With identify theft at an all time high anything with your address and name should be shredded, such as letters, bills, advertising, magazines, even prescription bottle labels. Don’t throw these things in the trash, shred them.

At this event we will also be offering FREE credit reports, FREE credit repair consultation, FREE finger print kits for kids, FREE stuff from the Irvine Police Department, FREE ice cream, a live band, and more!

So come on down to our Northpark office located at 3965 Irvine Blvd, Irvine CA 92602 (corner of Irvine Blvd. and Culver) Saturday, August 11th, 9:00 - 3:00 and get that box of important stuff shredded. For more information call us on 714-505-1220.

How to Be Successful

Often REALTORS® ask me, “What is the most important part of the real estate process?” I share with them that there are TWO parts to the answer: one part is about branding themselves with a proven and well known real estate brand such as the CENTURY 21® brand, and the other part is about continuing education in their profession.

We’ll talk about those in another post later, but I want to share with you a couple other points that are just as important in making your real estate career successful.

• Develop relationships and keep networking. If I had to name the single characteristic shared by all the truly successful people I’ve met over a lifetime, I’d say it is the ability to create and nurture a network of contacts – a network of customers and a network of other real estate professionals. Start strengthening your relationships now, so they’ll be in place when you really need them later. Success in real estate will require relationships. Who you know determines how effectively you can apply what you know. So, stay in touch. Develop a contact program to assist you. At CENTURY 21 Professionals we will help if you are willing to learn.

• Find advisors and mentors. You should actively seek your own mentors. At CENTURY 21 Professionals this program is in place, just ask. Start connecting with people you respect who can help you get a leg up in real estate -- both personal and professional. Make it as easy and convenient as possible for them to talk with you, and always look for ways to contribute to their success, too. Follow up and take action when you meet with your manager, your mentor, your advisor. Too many agents do not do this.

If you want to succeed in life and work, keep on learning. I’m a big believer in lifelong learning. You don’t go to school once for a lifetime; you are in school all of your life. So make continuing education a priority. Check with us or visit 21Online for educational opportunities.

"Be successful, you deserve it." Want to know more? Email us or call 800-990-2121.

EASTER SEALS & CENTURY 21 Professionals

Century 21 Real Estate LLC is the largest corporate sponsor for Easter Seals and has been for over 25 years. At Century 21 Professionals we're proud of the support we've provided locally for over 20 years. We know that Easter Seals provides services that promote equality, dignity, and independence for children and adults with disabilities. The money raised stays in the local community and 88% of it goes to direct client services. Year after year Easter Seals has been ranked #1 by the National Health Council for the high percentage of dollars spent directly on program services. Throughout the year we raise money through a variety of CENTURY 21 Professionals' meetings, parties, and events to solicit contributions. In 2006, CENTURY 21 Professionals contributed over $10,000! CENTURY 21 Professionals is a continuing proud supporter of Easter Seals annual "Walk With Me" event which in our area is held at Knotts Berry Farm. April 28, 2007 we joined others and walked and raised money so that Easter Seals received from "Walk With Me" contributors in our Southern California area of over $72,000.00. This was $12,000 more than in 2006! CENTURY 21 Professionals agents, staff, friends, and family walk because generosity never goes out of style...because we feel good about giving...and because we help change the lives of people living with autism and other disabilities. We'll do it again in 2008!

CAREER IN REAL ESTATE

If you're considering a career in real estate, CENTURY 21 Professionals would like to talk to you because we have:

CONSISTENCY! We have been in business since 1986. Our motto is "Successful Agents - Lifetime Clients." From our first year in business we earned the international designation of CENTURION® office in 1986 and have gone on to achieve Grand CENTURION® award most recently in 2007 based upon our high production. We have also earned the Top Quality Service award in 2006 and the President's Award in 2006 for achieving the highest levels in production and top quality service in the same year. Our agents take great pride in these accomplishments.

TRAINING! We offer complete career training, from state licensing to intense daily guidance for experienced agents. Our knowledgeable managers conduct frequent one-on-one focus meetins to assure agents remain at their peak performance. We are well equipped and pleased to work with new agents who want to launch their real estate career quickly and competently.

CENTURY 21® NATIONAL BENEFITS! From television commercials to national promotions to a website just for CENTURY 21® agents, CENTURY 21 Professionals showers agents with free training, free marketing, and free advertising. When added to an agent's personal marketing, our clients receive top value in the quickest time with the fewest problems. Through http://www.21online/, our agents have access to a virtual library, listing, purchasing, and disclosure forms, e-greetings, e-newletters, listing presentations, and much more.

SUPPORT! Our experienced, qualified staff surrounds our agents with important support every day...from people who care about our clients and agents. We know success depends upon client satisfaction and our agents' individual successes. Our team starts with great managers supported by escrow, title, and lending plus a national relocation/referral center, expert transaction coordinators, and friendly marketing support by our creative staff.

COMPENSATION! Real estate is an opportunity to make the money you deserve and desire. Being one's own boss has many advantages and one of them is making what you should. Agents set their own goals and schedules. We offer competitive commission splits and agents checks are distributed on the same day as the seller's check.

CONTACT US! If you have any questions or wish to set an appointment with a manager for an interview, please contact maureen.bauer@century21.com or call her at 949-551-7000.