Auction Opportunities

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J. P. King named exclusive auction company for Who's Who in Luxury Real Estate

J.P. King Auction Company, Gadsden, Ala., has been named the exclusive auctioneer for Who's Who in Luxury Real Estate ®, whose member brokers represent more than 100,000 agents throughout the United States and abroad.

The agreement reflects the growing acceptance of luxury-property auctions and the success of recent sales on which the two organizations have partnered, according to Brian Losh, CEO at Who's Who and principal broker of Ewing & Clark, based in Seattle, Washington.

"Over the past three years, as the preferred auctioneer for Who's Who, J. P. King has repeatedly demonstrated the value of the auction method and their commitment to the highest level of service. We have especially been pleased with their marketing capabilities and their ability to form strong relationships with our members and their clients. As a result, they are now our exclusive auction company, and we're extremely pleased to announce this agreement," said Losh.

The agreement also reflects J. P. King's commitment to the success of Who's Who and its members, said Craig King, president of J. P. King.

"Who's Who is on the leading edge when it comes to marketing luxury real estate for sale, and the organization's member brokers have been very quick to recognize the benefits of the auction method and the situations in which it can work to the benefit of their sellers. With this agreement, our commitment to their success is stronger than ever," said King.

J. P. King, based in Gadsden, Ala., may be reached at (800) 662-5464 or through the company's web site at www.jpking.com.

Frequently Asked Questions

the auction method

What does an auction accomplish that my listing cannot?

An auction showcases a property, allows a greater concentration of marketing resources and puts your client in control of the sale date and terms. It typically results in contingency-free sale within 30 to 60 days. Because of the shortened time horizon, J. P. King is able to conduct a more aggressive campaign than would be possible with an open-ended listing. This allows more advertising with a broader reach, casting a wider net. In addition, the urgency of the impending sale date gets the attention of prime prospects who might otherwise postpone a decision indefinitely. The terms and competitive nature of the auction eliminate troublesome contingencies, insincere offers and endless haggling.

Is my client's property a good auction candidate?

The ideal candidate for an auction is a property expected to sell for $1.5 million or more with a seller committed to selling at a market price determined by the open competition of the auction. It can be especially useful for properties that, for some reason, have had difficulty rising above the market clutter and attracting attention. Because numerous factors go into a property's suitability for auction, it is best to consult a J. P. King Auction Marketing Specialist for a complete evaluation.

What are the different types of auction?

There are two main types of auction -- absolute and reserve. In an absolute auction, the seller guarantees to sell the property on auction day regardless of price. Absolute auctions typically attract more bidders and achieve higher prices, because bidders know that the property will be sold.

In a reserve auction, a seller can accept or reject the final bid. This reserve can be set before the auction and published. A variation is an auction with a published reserve.

What is the timeframe for an auction?

Approximately 90 days. In general, an auction event will occur about 60 days after the listing agreement is executed, and the property will close about 30 days after the event.

J.P. King Auction Company

What sets J.P. King Auction Company apart from other real estate auction companies?

With a 90-year record for excellence and integrity, J. P. King is the acknowledged leader in auctions of high-value properties. Their record for successful closings (100% on properties $5 million and over) is the envy of the industry. Their marketing organization develops high-quality brochures, ads, web sites and other marketing vehicles, using such resources as a proprietary database of prospects who have expressed interest in specific types of properties. Their resources include a fully staffed Auction Information Office to handle inquiries, legal and public relations expertise, and highly trained project managers to coordinate the entire process.

J. P. King provides full-time "showing staff" in the weeks preceding the auction event, and the company's Buyer Broker Program is widely regarded as the industry's most "broker-friendly" process, ensuring the enthusiastic cooperation of local brokers and agents.

Benefits of the Auction Program

How does the auction program benefit real estate brokers in general?

With J. P. King's innovative programs, brokers are able to earn substantial commissions representing buyers or referring properties for auction. Many have found that they were able to earn commissions on listings that were aging or nearing expiration.

What are the added benefits to members of Who's Who in Luxury Real Estate?

Members of Who's Who are eligible to receive a commission referral on the entire transaction. The member may be eligible for either buyer broker fees or publication of the referring real estate firm name and/or logo in all advertisements. Referring Who's Who members will receive a confidential weekly status report on the progress of the auction marketing campaign and invitations for up to four of the referral firm's associates or guests to the auction event. The referring firm will also be introduced at the auction event. Who's Who members may also engage in the reverse referral program whereby J. P. King will provide a list of prospective buyers that responded to the marketing campaign after an auction with a referral fee paid to J. P. King if these prospects buy from the member in the future.

How does the auction program help my client?

Your client (the seller) sets the date and time, terms and conditions and closing dates for the sale of the property. He is relieved of the often time-consuming and extensive contract contingency period and will enjoy substantial savings where high carrying costs are avoided. The seller's property is sold in an accelerated time frame, typically within 12 weeks and the seller has the confidence to know his property will be sold at the fair market value.

Getting Started

How do I refer my client's property to J.P. King?

It is very easy to refer your client's property to J. P. King. Simply call J. P. King at (800) 662-5464 with your client's details. In order to take full advantage of this program, ensure you state that you are a member of Who's Who.

What are my responsibilities prior to submitting the referral to J.P. King?

You have just two simple responsibilities. First, you need to inform your client that there will be some up-front marketing expenses. (A J. P. King auction marketing specialist will explain to your client how the J. P. King program allows them to recapture these costs.) Second, you need to arrange a meeting between your client and a J. P. King auction marketing specialist. The J. P. King auction program is very detailed and our professionals will fully present the program to your client.