Category Archives: Auction

Coldwell Banker NRT Development Advisors (NRTDA) Accelerated Sales Division, a specialty department utilizing the accelerated sales format for builders, developers, property owners and lending institutions, has launched a new website, www.acceleratedsalesresults.com to better educate sellers on how accelerated sales strategies and real estate auctions are a viable alternative to short sales and foreclosures. 

Using a multi-phase marketing and auction process and exposing properties to a large number of pre-qualified buyers from across the world through the global resources and strong brand reputation of Coldwell Banker, the Accelerated Sales Division has developed proven strategies to maximize property value. The team offers a combined 150 years of real estate experience, specializing in creating innovative solutions for the accelerated real estate sales. They have a proven track record of more than 1,000 real estate development property sales worth over $10 billion, and are licensed in 47 states to conduct auctions.

Brad Horner, president of Coldwell Banker NRTDA says that the Accelerated Sales Division has generated a lot of interest since its addition earlier this year. They recently sold a 68-acre residential estate in Tampa in  just 32 days, after it was listed for more than three years with a traditional brokerage company.

“Our marketing of this property brought 10 registered bidders who each placed a $50,000 deposit — an amount almost unheard of for a single property auction,” says Horner. “The auctioneer strategically advanced the bidders 265 percent over the opening bid, and the closing price of $1.2 million exceeded the seller’s expectation by 23 percent.”

Jon Chipps, managing director of the Accelerated Sales Division stated that Coldwell Banker has always been on the leading edge of innovation in the sale of real estate. With Coldwell Banker providing an option for agents and customers to sell property using a branded accelerated sales format that maintains the high quality standards of the Coldwell Banker brand is a huge advantage in today’s marketplace.

For more information on the Accelerated Sales Division auction services or to view upcoming auctions, visit www.acceleratedsalesresults.com.

Today, you have a new option for selling your properties.  You can choose the traditional method or you can select the accelerated marketing and auction sales method which provides innovative solutions, delivering quick results you can count on.

• Accelerated Timeline  – Closing transaction within 75 days
• Reduced Seller Expenses – Relief from buyers’ commissions
• Maximizes Market value – Competition drives demand to highest maximum price
• Mitigated Risk – 4 phase process delivers a sale and closing
• Only Qualified Buyers – The process confirms buyers who can and will close

If the accelerated marketing & auction sales program interests you, learn more by previewing Coldwell Banker NRT Development Advisors Accelerated Sales Division new website – www.acceleratedsalesresults.com

By: Bill Graham

The month of April has seen us traveling across the southeast, meeting with various commercial asset managers, bankers and financial portfolio managers discussing how NRTDA Accelerated Sales Division can provide an alternative to their traditional methods of disposing of underperforming assets.

The common thread among all that we have spoken with is their constant balancing act, shifting between maximizing the value of the asset and the return of capital in the shortest amount of time possible. In many cases the overriding determining factor is the amount of time it takes to return capital. It is not uncommon that decisions are made routinely to bulk sell a property and forego the additional revenue a traditional retail approach might bring, so that the capital can be returned quickly.

One of the managers proudly shared with us how he had recently cleared a small asset in less than three months. He listed the property with one of his commercial brokers in a bulk sale highest and best offer format above a $3 million minimum. The broker received 8 offers and the manager selected what he felt were the top 3 offers in relation to price and terms, and the broker went back to the top three and solicited a final best and highest offer, with the “winner” being a $3.1 million offer that closed 60 days after contract.

Sensing the pride in the manager’s voice, we asked him if he would mind answering a few questions, which he gladly agreed to: 

On a $3.1 million transaction what were your expenses and what did you net?

“Our expenses were around $240,000, it was 6% in commissions and $54,000 or so in closing cost, net to the bank was around $2.8 million”

As far as the terms of all the 8 original offers, were any better than a 60 day close?

“No, most of them were 90 days or more with numerous contingencies for due diligence”

If all 8 of the original offers were on the same page in relation to the required terms of the offer and all 8 were brought into one common area and saw that there were 8 real buyers all wanting the property, do you think competition and confidence would have driven the price above $3.1 million?

“That’s a good question; probably yes, it would have been higher”

Is the bank obligated to the use of a specific broker and the accompanying commission expense or, would the bank be interested in selling the property in a format that did not obligate them to pay any brokerage commissions?

“Certainly the bank is looking to reduce expenses, no commission obligation when disposing of non-performing assets would be great”

At this point the “Light Bulb” went off in the manager’s mind and he realized that, had he offered this property for sale in a Bulk Auction format with the Coldwell Banker NRTDA Accelerated Sales Division , he most likely would have gotten a better/higher price, a better/quicker closing date and would not have had the $240,000 in seller expenses because in our auctions it’s the buyer who is responsible for all the commissions. As the meeting concluded, the manager thanked us for equipping him with another option to evaluate as he decides how to best dispose of the bank’s non-performing assets.