Commercial Real Estate Auctions
Listing your property through our SVN national auction platform could be the perfect way to generate exposure for your asset, and hopefully result in a quick sell. Since SVN promotes its listings to the entire brokerage community, your asset is seen not only by those in the Baton Rouge area, but is also by potential investors across the nation. Because of its significant reach, our national auction platform ensures your listing(s) will get maximum value from a wide pool of competing buyers. There are two formats used by SVN for online bidding. One format is the Open Out-Cry format and the other is the Sealed Bid format. If you’re interested in using a commercial real estate auction service to sell your CRE assets then you should be aware of both options.
Open Out-Cry Auction
This is the most commonly used auction format. With this option, the seller sets the terms. The marketing and due diligence are completed before the auction. The date, time and location for the auction is established in advance and those who wish to bid on the listings are pre-qualified, to make sure the funds for bidding will be available. The actual bid takes place in your typical open and competitive environment.
Sealed Bid Auction
With the sealed bid format, the bidders will submit offers at a pre-established date, time and location. These sealed offers will be reviewed by the seller in a closed door setting. This can be a good option for assets that are difficult to value. The seller will review the bids in private. He or she will then identify the most qualified buyers offering the most competitive pricing. Then, the seller can follow up with potential buyers and request a “best and final” offer. This format is closed, private and the seller will determine who to sell the property to, based on the final bids presented by the potential buyers