Whilst, engaging a real estate agent may be an effective way of purchasing or selling a house, a certain amount of the purchase or sale will be credited to this agent’s account and it may be quite substantial. The draw back in relying solely on agent would be time consuming as you need to wait for the agent to source for your desired or preferred house based on your description and not to mentioned the time taken to arrange and go for viewing.

A new form of property marketing is probably house auction for people to buy a house at auctions, which has becoming extremely popular in the recent ways. Like any other auctioning mechanism, a product or asset put forth and the highest bidder wins. Auctions are straight forward and fast in both selling and buying. House auction are usually organized by property companies or online auction houses, which are able to assign a particular agent to process the deal. Contributing to house auction’s popularity is mainly and most importantly the wide variety of choices as it has already been pre-consolidated and it is very efficient. Government are also holding auctions. Government house auctions are comparatively on a larger scale than the ones organised by private entities. It is because all the seized, forfeited or redundant real estates were consolidated and centrally offer to bidders or real estate agencies. First of all, it brings a fair bidding of real estates to all people. Secondly, it is more efficient as properties are effectively disposed in an accelerated rate. Thirdly, the outreach of this process is broader and wider. Last but certainly not least, is providing excellence service to the citizens by bring best practices with creative and innovative approach.

For many seasoned property investors, an auction is a very good way to find below market value properties to add to their portfolio. Most people know that an auction is a good place to snatch up a wide range of properties at bargain basement prices. Some people also go to auctions when they desperately want a property and are willing to pay any price for it. That is why at some auctions, property prices soar way beyond their market value making it more difficult for an investor to buy low and sell high. Still, the perfect property at a good deal can still be found at auctions. The high cost of housing in the UK nowadays is making it quite difficult for a first-time homeowner to get their foot up the property ladder. This is why buying at an auction is one of the best alternatives for finding a well priced property or a first home. For most beginners, joining an auction for the first time is a daunting experience. Before one sets out to buy their first bargain property at an auction, there is a lot of information one needs to know beforehand. Bringing along a competent advisor or mentor is recommended.

Most properties sold at auctions are those that are quite challenging for an estate agent to sell or have been on the market for quite some time. However, this does not necessarily mean that the property is undesirable or needs a lot of work. Oftentimes, it is because the current owner wants to sell his property right away or that the former estate agent was not doing his job well. Still, it is wise to take an extra amount of caution with you when you go to a property auction. Some properties have defects such as a damp or subsidence, which could cost you a lot of money to restore. A lot of preparation needs to be done before embarking on a property auction. Determine the maximum price you are willing to pay for the property. This should be based not only on the amount you have in hand but also on the profitability of the property and its resale value. Your estimate should include the cost of repairs, renovation, surveyor’s fee, taxes, legal fees and other miscellaneous expenses. Also keep in mind that you have to put in a down payment of 10% immediately after your winning bid and that the balance will be expected 28 days later.

Online auction sites are the largest online marketplace in the world. Including the U.S., eBay has a global presence in 39 markets. A few of these markets include Singapore, India, Germany, Australia, Ireland, Italy, Canada and Taiwan. There are thousands and thousands of different types of items that are currently up for auction on the site. eBay has approximately 276 million registered users worldwide that trade more than $2,039 worth of goods on the site every second. The online auctions has hosted over 532,000 stores worldwide and has over 276 million registered users worldwide that trade in over 50,000 categories. eBay calculates that there were 637 million new listings added in Q4-07. At any given time, there are approximately 113 million listings worldwide, and approximately 6.7 million listings are added per day. Approximately 54 percent of eBay’s profit comes from international markets with the rest coming from the U.S.

As mentioned above, eBay believes that one can achieve success if they are in the right place, at the right time, with the right product. Therefore, it becomes very important for would be and current sellers to do their homework and perform research into the nuances of the categories eBay offers. Sellers, if they master the act of choosing the correct category, can build “insider strategies” and insights that will give them a real, and potential profitable, advantage over other auctions sellers. Speaking of other sellers – if a “competitor” is selling the same type of item be sure to investigate which categories they are utilizing. Some sellers specialize in selling a particular product in a particular category. Other sellers place auctions in multiple categories. In the end, a seller must choose which item he/she prefers to sell. According to eBay, based on Q4-07 GMV, the following categories delivered $1 billion or more in worldwide annualized GMV: eBay Motors at $17.2 billion; Consumer Electronics at $6.8 billion; Computers at $4.1 billion; Clothing & Accessories at $5.6 billion; Home & Garden at $4.1 billion; Collectibles at $2.9 billion; Books/Music/Movies at $3.3 billion; Sports at $2.9 billion; Business & Industrial at $2.3 billion: Toys at $2.7 billion; Jewelry & Watches at $2.5 billion; Cameras & Photo at $1.8 billion; Antiques & Art at $1.2 billion; Coins & Stamps at 1.2 billion and Tickets & Travel at $2 billion.