Real Estate Division

REAL ESTATE AUCTIONS

Thomas Industries’ Real Estate Division has successfully auctioned residential, commercial and industrial properties throughout the country. Thomas’s staff strives to provide their clients with the utmost level of professionalism and provide the highest level of service to both buyers and sellers alike.

Unlike traditionally marketed properties that are subject to market conditions and typically sit on the market for six to twelve months before a transaction may or may not be completed, the auction process generates a sense of buyer urgency and ensures that a property is sold quickly.

Selling real property at auction requires a certain level of understanding in regards to the real-estate market, the auction process and auction methods that are available. Each auction project takes on a dimension of it’s own with unique requirements.

Preliminary investigation and consultation with the client is a critical part of the auction process. The seller’s requirements must be addressed and the property must be evaluated to see if it is suitable for auction. Strategically formulated marketing plans are then put into place focusing exclusively on the subject property.

Property specific websites are designed for each project and strategically linked to all of major search engines within the real estate community. An exclusive partnership with Prudential Connecticut Realty has provided Thomas Industries with additional resources and incite to the real estate market and marketing capabilities.

Auction Process. Most auctions are conducted in a live onsite format and bidding takes place at the property that is being sold. In some cases an onsite auction is not an option and in these situations live webcast or online bidding formats are utilized.

Auction Types. Thomas Industries conducts three basic types of real-estate auctions including: an Absolute Auction, a Published Minimum Bid sale or an Undisclosed Reserve sale. In an Absolute Auction the property is sold to the highest bidder, no matter where the bidding stops. In the Published Minimum Bid sale, the price at which the bidding will begin is posted. In an Undisclosed Reserve sale, a reserve price is placed on the property but not disclosed to buyer, after the sale the bid is confirmed or not confirmed.

Benefits. By utilizing the auction process a transaction can be completed in less than 90 days. By speeding up the sale process carrying costs can be limited which results in a greater net return to the seller. Strategic market plans are dedicated exclusively to the subject property with no joint advertising and the biggest benefit of all may be that there’s no limit to the upside. The auction starts at a realistic bid and goes up, without limit.