The auction on Nov. 9, conducted for a regional bank, resulted in the sale of 58 properties for $2.73 million. The auction included real estate in Georgia, Alabama, North Carolina, South Carolina and Florida and attracted a standing-room-only crowd of 50 bidders to a hotel ballroom in Atlanta. Another 121 bidders registered for online bidding.
A few days later, on Nov. 14-15, two nights of bidding in Atlanta drew 51 live bidders, with another 169 bidders registered to bid online. The two events resulted in sales of another $2.59 million. The multi-seller event included real estate in 12 states covering the entire South and part of the Mid-Atlantic region.
John Dixon, president of the auction company, said the company’s use of a live and streamed format enables the company to get results for institutions, investors, hedge funds and individuals, selling real estate over a broad region in the same event.
“Our flexibility has been the key. With our format, people can watch the video of the auctioneer on the floor while they enter their bids, interacting with a live auctioneer relaying their bids to the floor so that they compete with live bidders in real time. This means people can bid on properties in Maryland, Wisconsin, Georgia and pretty much anywhere else without travel costs. That’s very efficient for our sellers and buyers alike,” said Dixon.
“We’re having a remarkable finish to the year, a time when the number of auctions in the past has tended to decline nationwide during the holiday season,” he said.