Coldwell Banker Schneidmiller Realty forms "Strategic Alliance" with Realty Auction Services. Duo to start Multi-Property Auctions in Aug

07/07/2007

North Idaho Realtor, autioneer bid to increase salesSchneidmiller, Wells join forces for August eventAuctioneer Randy Wells and Gary Schneidmiller Owner/Broker Coldwell Banker/Schneidmiller Realty, talk about their stratigic alliance to offer periodic real estate auctions where groups of properties will be auctioned at the same time. The Spokesman-Review (JESSE TINSLEY The Spokesman-Review)Becky KramerStaff writerJune 23, 2007An auctioneer’s chant of "going, going … gone!" could become part of more North Idaho real estate sales.Currently, a little less than 1 percent of all U.S. home sales are conducted by auction, according to the National Association of Realtors. But the sales are growing quickly enough to intrigue Realtors.Locally, Coldwell Banker Schneidmiller Realty in Coeur d’Alene has forged what it’s calling a "strategic alliance" with Randy Wells, auctioneer and owner of Realty Auction Services, Post Falls, Idaho. On August 17th, the two parties will stage a multi-property auction of houses, land and commercial property."We see it as another tool in the Realtors’ toolbox," said Gary Schneidmiller, owner/broker of Coldwell Banker Schneidmiller Realty. "If you can bring more buyers to the table, you have a better shot at a sale and a better chance at a higher price."Not all properties are suitable for auction, Wells said. He declines to auction property where the seller has unrealistically high sales price expectations — "we’re not magicians, we’re auctioneers."But when someone needs to sell quickly — due to a move, divorce or court judgment, etc. — an auction can be the way to go, Wells said. The sales usually close within 30 days after the auction.Sellers pay him to market the property to prospective bidders, a fee that can range from $1,500 to $50,000. The sellers decide whether to accept the highest bid or whether to set a reserve.Auctions are also helpful in determining prices for trophy or distressed properties, where it’s difficult to find comparable parcels, according to Wells."We can find the current market value in about six minutes," he said.Tim and Barb Ward’s 4-bedroom house in Post Falls is scheduled for auction next Friday. The couple plans to build a new house and needs to sell their old one before they can start construction. With a cooling real estate market and a glut of homes for sale, the auction seemed like the logical step, Tim Ward said."An auction brings people to a decision," he said. "…and we can move onto the next step."Last year, the Wards tried to sell their house for $749,000 through a Realtor. They also tried an auction last year, but set a minimum bid that wasn’t met. This time around, the couple isn’t setting a minimum sales price, Ward said. The highest bidder will get the house, which overlooks Q’emiln Park.Prospective purchasers from several states have already contacted Wells. Last weekend, Realty Auction Services held an open house so people could go through the property. Two more open houses are scheduled this weekend.For additional auction information, contact Realtor/Auctioneer Randy Wells, 208-699-7474.The Internet allows people to research homes before they ever step foot on the property, Schneidmiller said. As a result, most of bidders at auctions arrive well informed. They’ve researched the market and even checked the crime statistics for the neighborhood, he said.Schneidmiller and Wells will work together on auctions of multiple properties, which is the type of auction that typically attracts strong investor interest. Wells will continue to work with real estate agents from other firms in auctions of individual properties.

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