When the property sells and closes, you earn your listing commission, as always. Once the property is entered into our system, we share the commission on a 50/50 basis, whether it sells during the process or at the event. Time lines are typically 30-60 days. There are numerous steps to take your listing to auction and procedures must be followed. We are on stand-by to assist you whenever necessary. You should get email confirmation when you input a property that it is received correctly and we are scheduling an auction on your listing. Please get very familiar with our site so that no steps are overlooked and don't hesitate to contact us timely with any questions. There are auction agreements that must be signed by your Seller to allow us to use this method as a tool to sell the seller's property and an agreement with your Broker to participate in a cooperative manner.
Your registered buyer must be the high bidder and you must sign the final contract to be involved in the sale. The registration by the bidder must name you as their agent, so please advise them of that. You will need to submit an agent registrationn and a Buyer Registration as a Buyer Broker. You need to stay involved in the process from start to finish with your buyer to receive a full listing commission, attend the closing if your buyer is involved with a live auction, receive acknowledgement from us of all registrations or contact the auction company immediately so that we can adjust our communications accordingly.
HOW DO I GET LISTINGS ASSIGNED TO ME AS A MEMBER?
Once you are approved, based on your personal background and experience, we ask that your broker sign our agreement to cooperate. The listing remains with that broker until the sale is completed. Certainly, any approved listing that you submit remains with you and your broker exclusively. We ask that there be at least 90 days remaining on your agreement with the seller at the time of input or that you extend it accordingly. When we assign listings to you, we will require at least that amount of time of our seller clients, as well.
WHO MANAGES THE LISTING DURING THE AUCTION PERIOD?
As a REALTORŪ licensee, you manage the listing during the auction period following a pre-determined checklist. Our requirements are clearly explained upfront so that all seller clients receive superlative service, and so that both the Realtor and the auction company exceed their expectations. Your broker will retain the exclusive right to sell agreement with the seller (modified as necessary to extend the listing period and sometimes, the commission as well) and all negotiations will be channeled through you and your company-even on a pre-bid (offer prior to auction event). Our "Buy It Now" feature often brings a buyer prior to the event, and you will be the first to know if that occurs. Similarly, if our collective marketing efforts produce a buyer on the local level, you will notify us immediately. Good communication saves time and money for all concerned. Remember, once the listing is input into our system, there will be a co-operative effort from that point forward, no matter who writes the contract. Again, please call us immediately if this is not clear.
WHAT IF I HAVE CLIENTS IN OTHER STATES OR COUNTRIES WHO WANT TO PARTICIPATE?
Refer the buyer or seller to us, and we will assign the listing to one of our members in the property location if the property is an area that we service. You can expect a referral fee at closing.
AS A BUYER'S AGENT, HOW DO I ASSIST MY CLIENTS AT AUCTION?
You will need to register with us at least 48 hours prior to our auction event and clearly define your relationship with the buyer. Your attendance at the actual event, whether live or online, is required in order to earn a commission. Your buyer must pre register prior to the auction. Clarification for this process is on our website under "Auction Events". Registration forms for both you and your buyer/client are found under "Registrations" on this site.
WHEN DO I GET PAID?
You are paid at the closing of the transaction. When an acceptable bid is made prior to auction, or during the auction, the buyer will submit their bid deposit and sign a contingency free contract immediately. Financing, if necessary, will have been pre-arranged and any inspections completed. A closing will occur within a 30-day period.
WHERE DOES THE CLOSING OCCUR?
In the location of the property so that all laws and guidelines germane to that state or country are respected and followed. If the buyer cannot attend, the closing package will be mailed in advance.
The listing information set forth on this site is based upon information which we consider reliable, but because it has been supplied by third parties to our franchisees (who in turn supplied it to us) , we cannot represent that it is accurate or complete, and it should not be relied upon as such. The offerings are subject to errors, omissions, changes, including price, or withdrawal without notice. All dimensions are approximate and have not been verified by the selling party and cannot be verified by International Realty Auction Network, LLC. It is recommended that you hire a professional in the business of determining dimensions, such as an appraiser, architect or civil engineer, to determine such information.
