I have been researching the auction business and have several conversations with an auction training company. Everything seems to check out (i.e. references and info I have been able to find on the internet). However, I was wondering if anyone else has looked into this and what their thoughts were.
what does the auction coach teach you???
How to blow thousands on unnecessary coaching and seminar tapes when you can get the same instructional stuff for free on google…
After doing my due dilligence, I have opted to pursue the buisiness. Once I have the funds available I plan to move forward with the business.
I am glad you made this post Cdog,
I had no idea there was such a program.
I have been wanting to get into auctions for awhile now… Because I know the auction companies are raking in the dough.
However, I always approach everything with a lot of caution. So, I looked at their website and read the posts here. Then I called him and talked to him about everything.
I now understand why it makes sense to work with his coaching company. It isn’t like some e-book or information I can just find freely on the internet, the auctioneer actually makes you an extension of his current business and will work with me like I am his partner, not send me a bunch of text… But really work with me.
An e-book cannot give me a reputation, a track record or personally walk me through each deal. I understand why many programs out there get a bad name but I think that the coaching aspect does have real value. I mean, I can’t expect a guy to spend a lot of time with me and fly out to do my deals for nothing… Plus give me a website, contract and other stuff I ill need to get off of the ground.
I will tell you that I am not one to be a cheerleader but, after doing a lot of research and talking a few people I know… I really think that he and his partner (the auctioneer) have the real thing and I faxed over the contract to them early this morning.
Again, I know it wont be for everybody, I just wanted to post here to tell you my experience and that I am glad you posted or I would have never found out about it. I know not everyone will want to do it and I hope everyone doesn’t (more for me) … LOL.
Oh, I talked to another auctioneer (actually he is a good friend of my father in law), he even said that he was surprised that the auctioneer was willing to actually teach me how he does his auctions… While he is doing the auctions with me. He also told me that the way he and most of the companies out there get a lot of business is by real estate agents bringing them deals.
He went on to say that if I just worked with an auctioneer for something like 3% instead of getting in position to make 10%, that I would be able to get a lot of deals because there would only be enough commish to do my own deals… I wouldn’t be able to do like he said and plug into brokerages, give them 3% and still have 7% leftover.
Again, this is just one mans opinion but I felt that if anyone else in here went to check it out I could tell them what I found after doing a lot of due diligence. I love real estate and plan to stay in it forever so I know that (even if I don’t set this on fire) It will be a good investment into my current real estate and investment business.
Happy Hunting!
I know the auction coach and the reports I have heard is they are having a good amount of success with the program.
Auctions are not easy, it takes a lot of hard work and an experienced mentor can help someone new avoid many pitfalls that are only learned through trial and error.
That’s a nice shameless plug for your services…
Go get the book written by Bill Efros for $10 “How to sell your home in 5 days”. It is about conducting your own auction. Then, start taking out option agreements on the properties you say you locate and put into action conducting you own auction.
You don’t need a super elaborate auction with an auctioneer, renting a hotel conference room, spend thousands of dollars on major advertising if you only have 1 or 2 properties to sell.
A friend of mine jsut called and asked about the Auction Coach and therefore I did go to the website and looked into it for her. I did this because I’m in the luxury real estate business and have worked commercial, residential, recreational, etc from coast to coast.
It looks as if this would be equal to some type of late night infomercial. I’ve never heard of this person and therefore does he only have a limited insight into the auction business.
If someone is really interested in working and making money within the auction industry there are several great national auction companies that would like to work hand and hand with anyone looking to make a transition.
The Land Report just did an issue on the top 25 auctions companies in the United States. If you are truly interested in working and making money with auctions call one of these companies.
James
Post from a real auctioneer,
I just had to chime in because its obvious that half the people
here have never done an auction before or know what they are talking
about.
I have been an auctioneer for over 20 years now and can tell
you that based on what I read on their website and what I know about
the auction business… I think it does sound like a good way to get
into the business (do your own research as I am not endorsing them).
If someone thinks they can close a seller by saying “I just read this book That told me what to do, so, will you let me do an auction on your property?” They will kick you off of their property when / after they stop laughing there butt off.
I doesn’t matter who you chose to help you but if anyone thinks they can get off the
ground without having a reputation, track record, or an auctioneer as
a partner who has both of those things.
They need to go drink from the fountain of sanity!
Also, no offense to anyone here but I can tell you that you will never make real money working with the fore mentioned “big auction” companies.
I know for a fact that they “the big auction companies” won’t teach
you how to do auctions on your own so you can collect the full 10 percent commission / buyers premium.
They will just let you refer business to them and then only give you 2% or 3%
while they keep the other 7%.
That presents a big problem because the best way to get leads in this business is to get your leads from agents. That’s how most good auction companies do a lot of volume and close 8 or 10 properties a month.
So, the problem is that working with those companies won’t leave you enough
room to payout other agents! Thus, you couldn’t go to agents to get a lot of
leads. You will only get paid on the few deals a year that you can personally drum up yourself. I can tell you that the difference is night and day!
That is far from being as lucrative as it would be if an experienced auctioneer (like myself but don’t ask / not interested in teaching) were working with you and teaching you how to run your own auction company. One where you would collect the full 10 percent commission (that what’s their website claims).
So, unlike referral fees, you would then have enough to payout agents and still have a 7% commission left for yourself. Now that is how real money is made in the auction business.
P.S. This is not in any way a plug and I am not necessarily recommending them (don’t know enough about them yet) but on the surface, it looks like the way I would go if I started in the business all over again.
BTW, I just wanted to go over some facts to offset some of the vague / wrong info I have been reading on here.
Jerry
As a professional full time real estate auctioneer I can’t tell you how many times we have had to go in and “clean up the mess” left behind from someone who bought this book and tried to use the program.
There are 143 to 286 steps that must be taken, usually in precise order to sell real estate at auction.
Using a “Round Robin” where there is no bid deposit, no auctioneer, no published terms and no commitment from the buyer simply does not work very often.
We saw a few sales from using this method during the bubble but the past 3 to 4 years I have not seen it work anywhere…
I don’t know a lot about the auction business but I have made
millions in real estate by having successful people personally teach me what to do. So, I would think a company that does the deals with you is more legitimate because that is the best way to be successful in real estate. I read book after book for many years but I only had limited success until I got real help from someone in the business.
I actually paid a man that my father knew to teach me and do deals with
me… Yes, I paid him 10,000 upfront to teach me and I made 3 times that on the first deal
I did with his instruction.
So, even though I don’t know much about the company you guys are
talking about. I will say that I know the best way to get into any
area of real estate is to partner up with a person who is already making money in that area.
Some of you may disagree with me but I am living proof that a personal
teacher / partner works and I would think it’s especially a good idea if you are able to make more on your first deal (like I did) than the cost of getting their help (I don’t know what they charge). As with my experience, sometimes it makes sense to pay money to make money.
Stacey
Hi,
Really Good article,
I am also interested in the auction business, how much investment required for this business because my friend asked to me for joining but i am afraid about it!