Prudential Fox & Roach, Realtors, a large real estate firm serving the Greater Philadelphia market, today announced a strategic alliance with Sheldon Good & Co. Auctions Northeast LLC, one of the largest real estate auction companies in the nation.
“Real estate auctions, now a $51.2 billion industry in the U.S., allow sellers to increase properties’ visibility to a national audience and to close sales quickly, often in 75 days or less, and without contingencies,” said Ed Ritti, vice president of Prudential Fox & Roach, in a statement.
The company also announced, “As the real estate market softens, this alliance is particularly well timed.” Auctions can assure a timeline for a sale when the market slows, and real estate agents can earn a commission for participating in an auction on behalf of their clients (See Inman News article on real estate auctions.)
Real estate auctions have grown steadily around the U.S. Auctions sold about $14.2 billion in residential real estate in 2005, up 8.4 percent over 2004, according to the National Auctioneers Association.
“This growth is due in part to the eBay phenomenon, as Americans have become more familiar with the auction process,” said Steven L. Good, chairman and CEO of Sheldon Good & Co. and former chairman of the National Association of Realtors’ Real Estate Auction Forum.
In October, Sheldon Good & Company and Prudential Fox & Roach plan to auction 22 new vacation residences in North Wildwood, N.J. Information about Prudential’s auction operations is available at: http://www.pfrlandgroup.com/.
The Web site states, “A real estate auction offers you the quickest and most effective method of exposing your property to qualified, interested buyers with minimal effort on your part. Combine lack of available development opportunities, high absorption and increasing home prices, and today is a good time to market and sell development properties.”
Prudential Fox and Roach, Realtors is an independently owned and operated member of Prudential Real Estate Affiliate Inc. and the largest Prudential affiliate in the country. The company has about 64 sales locations and 3,700 associates. Through its affiliate, the Trident Group, the company offers other real estate-related services, including mortgage financing and insurance.