OwnACondo.com’s first Real Estate Auction
November 8th was a big turning point for OwnACondo.com. This was the day that our First Real Estate Auction took place. We booked the event at the Chicago Marriott hotel in Oakbrook, with the expectation for between 150-180 people. The room was packed with just about 200 people. The overall event that took much preparation, paid off big in the end. We auctioned off 9 properties that were reserve and three of those nine became absolute during the middle of the bidding process! The sellers and bidders were happy in the end! We also interviewed the spectators that attending the event and they were very impressed as well.
 We planned on auctioning off anything from vacant land, to condos, to single family homes. We ended up auctioning off single family homes and condos. It is not the type of the property we are concerned with however, it is the value of the property and how it is auctioned off. We certainly want more absolute properties in this next Real estate auction as we can be more choosy with the properties the second time around. Most of the properties in the first auction were reserve bidding, so there was never any guarantee that the seller would accept the offer. With absolute bidding, it is safe to assume the property will sell.
 Many people participated in the real estate auction and were glad they did. Those that did not participate but came to watch were blown away and because the event was put together so well, new investors and banks are looking to put their properties in the next auction. We have already started to plan for our upcoming auction that is set to take place on January 30th with a location that is yet to be determined. Properties however, are pouring in and the buyers who are all on- board, have that date already blocked out.
Although this real estate auction went very well, we are always looking to improve on the experience and look to see how we can do things better. We also felt that it is important to build on the things that we feel went well and make sure that they are just as great for the next auction. The second time around we are looking to perfect the process, get our systems in place, and be one of the best Real Estate companies to partake in real estate auctions. Â Please visit our website at http://www.ownacondo.com/ for more information on our upcoming auctions and list of available properties.