Industry News

Prudential affiliate forms alliance with real estate auction company

Company looks to auctions as market softens

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...