Auctions have changed a great deal in the last decade. Do you know what you need to know to represent your clients in this environment? Bob Floss II, real estate attorney at Floss Law, LLC in Northbrook, Illinois, has spent the last 10 years representing buyers at auction and has a few pieces of advice for agents looking to get into this niche. Boston Agent magazine: You started working in auctions during the height of the recession. How have real estate auctions changed since then, and where do you see them going from here? Bob Floss II: Real estate auction has become a broad term in our industry. We used to think of an auction as something conducted by an auctioneer at a special event. The Great Recession changed the public thinking to associate an auction with bank-owned or distressed buildings. Today we see a variety of properties that carry the label “real estate auction,” including a new wave of private investors and rehabbers using the platform to market their homes. BA: So would you go so far as to say that auctions have become a marketing tool? BF: There’s no doubt advertising a property as an auction will generate traffic. My client recently … Read More
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