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Choosing an Auctioneer: Determining a Target Market (Part 3)

In the previous sections of our series on Choosing an Auctioneer, we talked about setting goals and evaluating your property: You can read those articles here: Link to previous Choosing An Auctioneer articles

As part of the evaluation of your property, we determined whether the property is suitable for auction. We also determine its Target Market.

The Target Market is the group of potential bidders who are most likely to be interested in and bid on your property. This group is determined by several factors, including the property’s value, who can afford it, and what the possible uses are.

For example, a single-family home in a neighborhood with mostly owner-occupied homes is going to have a different target market than a home in a neighborhood with a lot of rental properties. Land, commercial properties, vacation properties, etc. all have unique sets of potential buyers. The location, its terrain, and its current use also have an effect on the Target Market. Even the current condition of the marketplace itself can determine who may be interested in purchasing your property.

Terry Howe & Associates, Inc. looks at all of these factors and weighs them accordingly to determine a specific Target Market for your property. Then we advertise and promote your property to this potential group of bidders to encourage them to participate in your auction.

We will continue to elaborate on this in the next section, Reaching the Market, but marketing to a specific Target Market one of the ways that an auction differentiates itself from a traditional listing. And, auctioneers who can reach this market best, typically have the best results for their sellers.