Real estate auctions offer a dynamic and efficient alternative to traditional property transactions, providing benefits such as speed, transparency, fair pricing, and market validation for all parties involved. They offer efficiency by setting a clear timeline for the sale, reducing the time a property spends on the market. Transparency is ensured through open bidding, fostering trust among participants. Sellers benefit from achieving fair market value through competitive bidding, often resulting in higher prices than traditional sales methods. Auctions also offer certainty of sale, with properties selling on a specific date, minimizing uncertainty. For buyers, auctions provide access to a wide range of properties and investment opportunities, often at market value. Additionally, auctions validate the property's market worth through competitive bidding, facilitated by experienced auctioneers who ensure a smooth and professional process.

Below you will find our three main types of real estate auctions!​

Absolute Auction

• An auction where the property is sold to the highest qualified bidder with no limiting conditions or amount. The seller may not bid personally or through an agent. Also known as an auction without reserve.

The most effective auction available on the market. The absolute auction format takes the excitement to yet another level, since the buyers know the property is absolutely going to sell to the highest bidder, regardless of price.  This creates anticipation and competition for a great deal, resulting in a higher than expected sale price.

Minimum Bid Auction

• An auction in which the auctioneer will accept bids at or above a disclosed price. The minimum price is always stated in the brochure and advertisements and is announced at the auction.

More effective than a reserve auction, and almost as effective as an absolute auction if the advertised minimum bid is attractive to buyers and it shows that the buyer will be getting a good deal. This creates more buyer interest which will cause many people to act to protect their interest in your property.

Reserve Auction

• An auction in which the seller reserves the right to establish a reserve price, to accept or decline any and all bids or to withdraw the property at any time prior to the announcement of the completion of the sale by the auctioneer. Also referred to as an Auction with Reserve.  A minimum acceptable price may or may not be disclosed.

This type of auction puts sellers in the driver seat, it allows them to call all of the shots! Unfortunately since the buyer does not typically know what the reserve price is, it doesn’t create as much urgency as the other types of auctions.

• As defined by the Ohio Auctioneers Association

(As further explained by Amlin and Associates Auction Services)