The CRE Auction Timeline
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.
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.
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.
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.
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.