How Commercial Real Estate Auctions Work

Exploring the Commercial Real Estate Auction Timeline with CRER

Here at CRER, we aim to demystify the process, showing you how our meticulous preparation, precise targeting, and professional execution can lead to successful auction results. Whether you are a seasoned investor or a newcomer, our comprehensive guide on how CRER auctions work will equip you with the knowledge you need to navigate this exciting realm of real estate. Embark on this journey with us, as we unravel the steps leading up to auction day and beyond, revealing the strategic intricacies of due diligence, marketing campaigns, auction day proceedings, and post-auction closing procedures.

The CRE Auction Timeline

Marketing Begins

5 Weeks prior to the Auction

In the five weeks leading up to the auction, thorough preparations include creating a comprehensive website listing page and providing detailed due diligence in an online document center.

The process is further enriched by creating additional marketing materials including compelling property photos and immersive drone clips to effectively showcase the property to potential bidders.

Marketing Period

Week 5 through Auction Day

During the fifth week and up until auction day, a dynamic public relations strategy is employed, sharing news about the auction with media outlets to drum up interest and anticipation.

Concurrently, a comprehensive CRER campaign is launched digital markting, direct broker outreach and advertising ( when seller approved), ensuring maximum exposure and engagement from potential investors and interested parties.

Buyer Outreach

Week 4 through Auction Day

From the fourth week leading up to the auction day, precision targeting strategies are deployed, focusing on potential investors and stakeholders to ensure the auction message reaches the most relevant audience.

Performance is meticulously monitored and communicated to the seller throughout this period, enabling timely campaign message adjustments, fine-tuning the strategy based on feedback and audience response to maximize engagement and potential bids.

Auction

Official Auction Day

On the actual auction day, the winning buyer is identified from a pool of competitive bidders, marking the pinnacle of the event.

Simultaneously, backup bidders are contractually arranged as a contingency, the Earnest Money Deposit (EMD) is collected from the winning buyer, and the escrow process is promptly initiated, ensuring a smooth transition into the post-auction phase.

Escrow

15-45 Day Close of Escrow

In the 15 to 45 day period following the auction, the closing of escrow is diligently managed, with auction results shared with all relevant parties to maintain transparency and keep stakeholders informed.

A online document center is utilized during this period, facilitating efficient interaction among buyers, sellers, and escrow agents, and ensuring a seamless closing process.

Contact Us

Chicago Real Estate Resources, Inc.
800 W. Diversey Pkwy. #300
Chicago, IL 60614
773-327-9300
info@CRER.com

About CRER

CRER (Chicago Real Estate Resources Inc.) is a full-service, commercial real estate firm devoted to providing exceptional service for your every real estate need. Whether it is commercial and investment property sales, leasing, tenant representation, property management or receivership services; we are here to assist you around the clock.
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