Sellers love auction process in current market environment
13 Apr, 2021 - Tranzon Auction Properties
PORTLAND, ME, April 13, 2021 – Commercial property owners are leaning into the auction sale process to generate competition, create urgency, and produce market-driven results.
On the tail of two very successful sales this month, it is clear that commercial property owners are using the auction sale process to great success. “It was incredible. I couldn’t even get to the first day of property tours before getting an offer on this property in Norway,” said Ruth Lind, Associate at Tranzon Auction Properties. “This 32-room motel is in a great commercial location. The owners were out of state and had a manager there until last year. They opened for a bit in 2020, but then closed. They were ready to let another owner make necessary improvements and reopen.”
“Kevin Fletcher of The Fletcher Group at Keller Williams initially brought Tranzon into the transaction,” said Mike Carey of Tranzon Auction Properties. “We work with listing agents all the time. They recommend us to their clients when there is a time-sensitive situation that deserves quality marketing for an accelerated sale.”
“I have worked with Tranzon on multiple properties and always find them hard working, dedicated, and focused on client satisfaction. I can always trust them to treat my clients with the same level of high service we strive to provide,” said Kevin Fletcher of The Fletcher Group.
Along with the motel in Norway, Tranzon Auction Properties also handled the sale of a 14-unit multifamily property at 124 and 130 Elm Street Saco, Maine. “I worked with Mike and the team at Tranzon Auction Properties because I wanted a clean process, and I wanted a process that allowed bidders to set the price,” said Susan Sonesson of Elm Street Living, LLC, the seller. “Their relationship with bidders and their reputation in the industry was part of what convinced me to work with them. When buyers are looking at properties on an as-is basis, it is important they know the auction company is reputable and the information they’re providing is accurate.”
Both properties utilized Tranzon’s Market-Making Process™ to produce tremendous results. The Saco property received interest from throughout the United States including 10,184 page views, 265 individual inquiries, 177 CAs executed, 31 bidders and a final purchase price of $1,780,800. The Norway property went under contract early in the marketing and still generated 8,206 page views, 65 inquiries and 28 CAs executed. It closed for $505,000.
Tranzon Auction Properties is a member company of Tranzon, LLC. Tranzon is one of the largest real estate auction companies in the country, with 30 offices coast-to-coast. Tranzon’s accomplished auction professionals are widely recognized as leaders in the auction industry. All Tranzon companies are independently owned and operated.