Real Estate Auction Facts and Information
Here are some designated numbers and percentages for real estate auctions and the auction industry put out by the National Auctioneers Association(NAA) who works in conjunction with MORPACE survey's and Harris studies to analyze facts and figures about the industry.
*The fastest growing auction specialties are all related to real estate. From 2003 to 2006 residential real estate grew 39.2%, and land and agricultural real estate grew 33.0%. The growth of commercial land industrial real estate rose 27.4% during this period.
* From 2003-2006 Real estate auctions cover 22.8% of all auction specialties.
*On-line auctions are keeping consistent with live auctions consumer attendees 57% and on-line auctions at 54%.
*In terms of revenue, residential real estate is the fastest growing live auction sector, with gross sales expanding 39% since 2003.That revenue increase might be attributable to more companies auctioning residential real estate as acceptance of the auction methodof marketing has grown. Another explanation is that companies that specialized in auctioning real estate are experiencing significant expansion in their business.
*Consumers who participate in Internet auctions are more, not less likely, to participate in live auctions.
*According to Harris, "fun" is the number one reason consumers attend live auctions.They are looking for something original, unexpected, or exciting. Auctions are an exciting way to get good deals according to 83% of consumers.
*Websites were used as a source of advertising and marketing by 59% of responding companies.
