Set the Sale Date and Price Floor

14 May 2026 · 1 min

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1:00

In this brief presentation, the speaker explains how property auctions give sellers control over the sale timeline and price protection. By setting a firm auction date, the seller knows exactly when the transaction will close, and all marketing efforts are focused on that day. The speaker also describes the use of a reserve (price floor) – for example, a $300,000 minimum – which prevents the property from selling below the seller’s bottom line. If bids fall short, the sale is halted; if they exceed the reserve, the seller benefits. The decision to use an auction, set a reserve, and position the property in the market is made collaboratively with a licensed auctioneer, mirroring the analysis used for traditional home sales.

Chapters

Sometimes a seller chooses auction because they want to know what day the property is going to sell. With an auction, we're going to set a sale date, we're going to do all the marketing to lead up to it, and that's the day when the hammer goes down that the property will sell. You also might want to know, well, what's my guarantee that it's not going to sell for a dollar? Well, we can set a reserve on your real estate, so you might say that your bottom dollar is $300,000, and if the bids land at $295,000, it won't sell. Now, we of course can go to the buyer and say, hey, would you like to meet state reserve and see what they say. But it also means if the property sells for $330,000, you're ahead of your safety net. That is a seller-by-seller decision. You make that with your licensed auctioneer so that we can determine how you're going to fit into the marketplace, which is exactly how we do it for a traditional selling home. We look at the range, we figure out how you're going to be positioned in the marketplace, and then we put it out there for buyers to find the house.