Real Estate Auctioneering | Realtors Limited

Real Estate Auctioneering

Real Estate Auctioneering

Realtors Limited is one of the few real estate agencies in Barbados which offers in-house auctioneering services. Our dedicated auctioneer is trained and licensed to ensure that your property is well represented and receives the marketing push to ensure an excellent turn out at the auction.

Auctioneer services offer an out of the box solution to a traditional sale process for homeowners who wish to sell their house in a speedy manner. Additionally, auctioning is perfect for repossessed properties from financial institutions, estate sales and for large land developments looking to sell lots on the spot.

Our team will ensure your property is advertised in all relevant media to ensure that the auction is well attended. The property owner still controls the style of auction they wish with an onsite live auction or private sealed bids. Below is some more information on each auction type.

  • Live Auction
    • Live auctions are the more traditional setup for auctioneering and allow prospective buyers the opportunity to view the property for a set period before proceeding to the live biding process. The auctioneer will then gather all the buyers and outline the rules of the auction as well as any minimum bid which must be received before the property is sold and will then start the bidding process with persons stating their bid to the auctioneer until a final highest bid is received which will close the auction and our company will facilitate the rest of the process with the purchaser and the seller.
  • Sealed Bid Auction
    • Sealed bid auctions are usually used more in real estate sales and allows for interested purchasers to view the house during the allotted ‘open house’ period, after viewing before they leave the property they will fill out a form provided by our company submitting a legally binding bid. The bids will then be reviewed after the auction is closed and the highest bid above the minimum price will win the auction. Our team will then facilitate the remainder of the process between the highest bidder and the property owner.

Auctioneering carries a different fee structure to regular real estate transactions and the current fee for auctioneering services is 15% of the winning bid. Additionally, there will be 5% fee if the owner places a reserve price on the property which results in a non-sale at the auction. Auctioneering is one of many routes to sell your piece of real estate, let our team guide you on the best route to take to ensure you find the best buyer for your beautiful piece of Barbados.

For more information email us today.

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