How are auctions to sell real estate?

14.09.2010 02:12
Long ago mastered the technology in the West real estate sales at auctions in Russia in the crisis are trying to apply not only banks, mortgagees, and realtors. However, there is more one-time actions.

This summer, the experiment was carried out by Penny Lane Realty with the participation of the auction house Lecort. At the auction in the hall of the House of Journalists invited about 200 people. For sale 32 lots were put up. The results met the organizers - two hours sold seven objects, ie, 20% of the proposals. Total gain by selling for $ 12.3 million, said that prepared for the transaction, ie, already had potential buyers, there were only two objects, all the rest - improvisation.

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As commented on the auction manager Penny Lane Realty George Dzagurov such a quantity of housing in the normal way can be sold within six months. Anyway, the pace of sales of similar property worth several million dollars from the history of the Russian market did not know exactly.

Roughly the same event and commended the competitors Dzagurova. Head of sales department of urban real estate company IntermarkSavills Catherine Gurieva called share quite fruitful. Head of Contact Real Estate Dmitry Voronkov appreciated creative approach. But it will take time before auctions for housing in Russia will become routine.

Konstantin Kovalyov, managing partner of Blackwood, agrees that the auction - an interesting way to implement expensive apartments. In addition, an indicator of prevailing balance of power buyers and sellers: Most of the apartments sold are still on terms of lowering the price, "he commented.

Part of lots sold by the English system - with higher cost (for example, a house in the village of Nikolina Gora Rublyovo-Uspensky highway, offered at $ 3,000,000, bought for $ 3.7 million). Part - by the Dutch, which provides a step by step reduction of price. Thus, the flat area of 265.3 square meters. m LC "Constellation Capital - 1" with a starting price of $ 2.765 million went for $ 1.9 million, most of the objects (22) considered it necessary to sell the second scenario. Deviation from the starting price was an average of 20% in both directions.

Alas, most of the proposed property is not interested in the crowd. Withdrawn from the auction were, in particular, the most expensive lots: the mansion area of 900 square meters. m with a 48 hectare plot in the village of Nikolina Gora for $ 120 million and the apartments of 314 square meters. m LC "Vienna House (1 st Neopalimovskiy lane 8) for $ 10.55 million

Rightly or not?
Many experts nonetheless believe that the auction - not the result of suddenly awakening creativity and desire to spur demand faded. Dmitriy Volkov, head of consultancy and valuation Praedium Oncor International, drew attention to the fact that this form of sales is talking into a crisis, because There is an idea: through the auction can be sold quickly. This is encouraging sellers. And buyers are counting on the fact that during the bidding may be set the optimal price. This particularly applies to trading on the Dutch system: write-down of the object is directly in front of a respectable audience. True, and put up for sale on such a system usually illiquid, the company says Cushman & Wakefield.

But the thesis of equity prices determined at auction, causing some discussion. In Praedium, for example, believe that experienced auctioneers skillfully manipulating the psychology of the participants.

On the one hand, the auction come motivated buyers, they do not explain what to buy. On the other - bargain because it gambling. Attracting as many potential participants in the low starting price for an interesting asset, you can reheat them fight among themselves and thus to sell the lot at a price above the market, argues Wolf.

A Russian sellers, said Dmitry Sorokoletov, director of investment sales NAI Becar, besides always difficult to be determined with the price and are not always ready to bargain, to compromise. "You come to any owner, asked how much he is willing to sell the asset, as he will: but for how much you're willing to buy it?"

Auctions slowly take root in Russia, also because Sorokoletov adds that people do not understand the procedure, do not trust, and most are not prepared to follow it. And some high-profile auctions conducted by federal and state agencies by Moscow, but rather support a business environment that distrust.

Trading scheme, and most importantly - prepare for them is not so simple. In addition, to become a member, you must make a certain amount - a percentage of the initial value of the lot, says Sorokoletov. The auction winner pays extra balance of the amount that is the value of property, taking into account the down payment. Loser return the money (for example, participants in the auction Penny Lane Realty has been provided for returnable deposit of 100,000 rubles).. That is willing to bargain should be to freeze the money, say, two months after the announcement of the auction. "People do not want to bear the costs of marketing research, promotional activities - all for the sake of attracting as many potential buyers that the resulting object has been sold to the highest possible price", - concludes Sorokoletov. Yes, and auction houses in Russia a little bit.

Do not spend, but teach

Earlier this year, the intention of auctioning the company said " It was supposed to collect a pool of Realtors, which will persuade their clients to sell apartments in this way. However, the portal faced with a complete lack of understanding of market players essence of the proposed instrument. So while the place of auction runs courses for Realtors. Six months of experience teaching the basics of auction trade shared Tatiana Mikeeva, a leading expert in conducting auctions of real estate "

The training lasts one day, it is based - the program of work auction sites in the U.S., which was adapted for the Russian market. Realtors familiar with the stages of bidding, methods of working with clients and their facilities, legal characteristics and advantages of real estate sales by auction.

The dignity of an auction - the transparency and openness of information about the property, costs and evaluation criteria, its history and its owners, current owners and its customers. However, this transparency, according to Mikeeva, and became a stumbling block in Russia: the owners are not accustomed to disclose the price, and the fact of selling luxury real estate try not to. And intermediaries can not "play on margin." Meanwhile, Moscow's real estate brokers are already used to hold some semblance of auctions during the show flat - views to appoint more than one bidder at the same time. However, for all the complexities, I'm sure Mikeeva, the auction has a future in Russia.
In London, its reasons

Ilya Kuznetsov, head of the department of strategic consulting Cushman & Wakefield, confident that the current interest in the auction (although very discreet) in Russia due to the crisis. Abroad, they carried out long ago, the state of the market are not connected and the maximum regulated: divided not only segments of the market, but also in categories of buyers. For example, bidding for businesses and private buyers - this is not the same thing. Cushman & Wakefield conducts such activities on the schedule, every 2-3 months, however, sell commercial real estate. Between 2005 and 2009, annual company sold at auction for six commercial real estate. During the year the total transaction volume averaged 850,000 pounds.

As part of the London headquarters of Knight Frank has a special department of Corporate Recovery Team, working with banks and other agencies (Department deals exclusively with corporate sales). "At such auctions coming real estate seized for the debts of banks, for example. Sell them any other way does not seem possible. Neither liquidity of objects do not reach the stage of the auction - it sold or the owner through an authorized real estate agent or a bank - says Elena Yurgeneva, director of elite real estate Knight Frank. - Vendors present their properties at auction, interested to sell it in the shortest time and at a large discount. Often, they are objects of low quality, with non-winning location. For example, at auction in Britain of the total number of lots, only 20% are located in London, the rest are scattered throughout the kingdom, and only 5% of that number - in central London, where the focus of interest of international buyers.

But the principle of fairness as set forth in the bidding process, bidders abroad are not inclined to doubt: the willingness to buy the one hand, and another to sell - the main motto of the market, "says Kuznetsov. It was he who sold during the auction.
Natalia Krol Gazette
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