• Reverse auctions may best suit a big luxury property that can attract significant interest on social media.
  • To successfully manage a reverse auction, you need a commitment from the agent to invest in extensive marketing.
  • Make it easy for buyers by giving them as much information as possible up front so they feel they can make a non-contingent offer.

Luxury Connect
Meet the Luxury Leaders | October 19-20 | Beverly Hills

It's never a fun conversation: Your seller has an elevated idea of the price at which the property should list, and your job is to give them a realistic expectation of what people will pay. Dan Polimino, owner of Keller Williams DTC’s high-end Colorado Dream House Team, felt the time had come to have a chat with his client. He was seven months into marketing an eye-catching, architecturally designed home in Genessee, in the Rocky Mountain foothills near Denver. And he was the second agent to list the house. The seed of a reverse auction Given directions in July last year to sell by Christmas, Polimino took it a step further. He suggested auctioning the home -- at the time priced at $4 million -- but dropping the price by $150,000 every three days in what he called a "revers...