…find it interesting that CB is looking to develop this option in Florida.
Please correct me if I’m wrong, but I heard auctions make up a large portion of the market in some countries (like Australia). My take is that the real benefit of an auction model is that in a down market an agents could pretty much guarantee a sale for owners who feel under the gun to sell.
Dustin, that’s right (nearly all sales in Australia are via auction). Also, there is next zero percent of cases where the agent is on the buy side. That is, there is only a sell side agent and the commissions are anywhere between 1.75%-2.5%
Interestingly, my wife has been dong a bunch of research into the Russian market recently and there are some similar numbers there. No auctions to speak of, but there are no buyer-side agents (to speak of) and the commissions hover around 2%.