Just e-blasted from Bank of America below re: their partnership with Auction.com - the link is not on their site yet. What is your opinion about the requirement to do two open houses? Your short sale seller apparently may be contacted first, thus approach you with this requirement. If I were to take any listing, I don't do open houses at all. They are not in my marketing plan. Comments?
Here is the content of the email.
"Bank of America has partnered with Auction.com to deliver a pilot program that assists homeowners and agents generate offer activity and successfully complete their short sale transactions. This pilot offers a unique opportunity to amplify the marketing of the property. Participation in this marketing program is optional and will not impact homeowners' eligibility to participate in any short sale program. With Auction.com's enhanced marketing efforts, you will reach more potential buyers and your commission will not be impacted.
How does it work?
What are the benefits?
Tags:
Do they tell you WHEN to do the open houses, too? For how many hours? Where to advertise it? Provide proof? Wow. I'll add - I am not worried about the "commission". I know my marketing plan works to sell homes. I don't take direction from others on how to market properties. The whole point of being a good short sale agent is not about the "commission".
I'm in the process of doing one as an "experiment" and don't think I will ever opt in again. The open houses are for potential buyers to have an opportunity to view the property before the bidding begins. I contacted them about the open houses, and not wanting to hold it open, they said no problem, they would mark the open house hours posted online as "by appointment only." That wasn't a problem at all.
Janna - That is good information. Why won't you ever opt in again, though?
Since it is optional, our homeowners & agents simply don't sign the agreement. to use Auction.com. I've only had 2 to "offer this service" to the homeowners. We ignored it, did business as usual, and received the pre-approved list price shortly afterward.
If they provide ''Maximum Exposure" why is an Open House necessary?
Why would BOA partner up with Auction.com, they are notorious for scams and unethical practices!! Isn't BOA under enough heat? Anyone have any insight into this or why they would partner with this co?
I typically let other agents hold open my listings anyway to give them a shot at getting some new clients. So if required, I'd just sub them out.
I feel this is a random requirement. Properties in our Phoenix market are selling like crazy; there will be no time to do two open houses! I usually tell my clients that open houses serve 2 purposes: 1) nosy neighbors can come by and see your stuff, and 2) agents can maybe pickup buyer leads (to sell them a different house). I wish they would leave the marketing to us experts and spend their time improving their side of the process. One more thing to go over with our clients before we list.
Thank you for the lively discussion and points!
Read between the lines..once you agreed to the auction terms you will not have access to the account on equator, the buyer will have to pay auction premium.. personally I don't like it .. Also REDC which is now doing some short sale for BoA is the owner of Auction.com.. Like Wendy stated.. I market my property well and do generate multiple offers.. I will not opt for this at all!!!
From Action.com:
Hi All,
I know this is an old thread but I'm new to this part of the game. Please let me know if my understanding is correct. I see on here most of the Realtors are saying they are opting out of the BofA Auction.com program. My understanding from reading the information (agreement) it is not a Realtors option it is the Homeowners option, am I correct?
If this is the case and BofA pay's them a higher relocation incentive why would a homeowner not take that option? Please let me know anything you have on this. I'm trying to get a good understanding of the total program before I do anything.
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