Agent Information

We encourage and solicit the participation of licensed real estate brokers and agents at all of our auctions.  If you have a client that has a property to sell or if your client wishes to acquire additional properties, we look forward to working with you and will provide complete support and cooperation. 

For information about including your listing in an upcoming auction, please call:

HR Elsaesser, Corporate Auctioneer, Illustrated Properties Real Estate, Inc.  (561) 301-0711

Les Bryant, Continental Realty Auctions  (239) 572-3173

Buyer's Agent

Invite your prospective buyers to participate in an auction by forwarding to your buyers auction brochures and any other advertising information.  Preview auction properties with your buyers to determine their level of interest.  Provide your buyers with information about the properties to be auctioned including information about comparable sales for any properties in which they might be interested in bidding.  Be knowledgeable and educate your prospect on the auction process and bidding requirements.  Register your prospective bidder with the auction company and accompany them to the auction where you can assist them with registration, developing a bidding strategy and placing their bids.  The auction activities are often fast and furious and unprepared buyers get left out, missing many great purchase opportunities.  Encourage your prospects to make a pre-auction offer or an opening bid to maximize their opportunity.  By promoting yourself as knowledgeable about auctions, you can develop many leads, not only for auction properties, but for other properties as well.  Buyer's love to buy at auction because of the excitement and frequent bargains.  Your knowledge and assistance can be very profitable.  Terms and conditions, commissions and registration requirements vary from sale to sale.  Contact us at 239-572-3173 for information about specific properties.

Referring Agent/Broker

A referring real estate agent or broker refers a seller to an auctioneer, then receives a referral fee established by that auctioneer. This broker usually does nothing more than introduce a potential seller to an auctioneer. This broker may be instrumental in explaining to the seller the merits of real estate auctions.

Referring agent/broker activities

Refer seller to auction firm

• Locate local and regional auction firms that auction the type of real estate that you contract
• Attend real estate auctions to learn how they work
• Refer to the Auction Firm Criteria Checklist to assist you in choosing an auction firm to refer clients and customers
• Learn the auction firm's commission for the referring a seller (referring broker commissions and responsibilities will vary)
• Help seller analyze his or her needs, the property, and the market to determine if it is a good auction situation. Compare to negotiated sale.
• Refer seller to real estate auction firm
• If a negotiated sale listing agreement exists, cancel the previous listing to be superseded by an auction contract. The referring agent/broker signs this contract. Send a notice to MLS stating that the property will be sold at a public auction.
• Collect referral fee form auction firm at closing.

Types of agreements used in this situation

• Auction contract to supersede listing agreement

Cooperating Agent/Broker

A cooperating (selling) agent is any agent who sells a property; he or she may be the (1) the subagent or listing agent of the seller; (2) a buyer's agent' or (3) a dual agent. A cooperating agent or broker registers a buyer who purchases property offered through an auction, then earns a commission established by the auction firm. This broker may accompany the bidder to pre-auction events and, on auction day, bring the bidder, register him or her as a prospect, and receive a portion of the commission paid by the seller.

Cooperating agent/broker activities

Before auction day

• Call auction companies to be placed on their mailing lists
• Attend real estate auctions to learn how they work
• Advertise yourself as a real estate broker who is knowledgeable about auctions so that you can obtain prospects
• Attend pre-auction seminars or other activities
• Show auction inventory to prospects
• Help prospect determine the market value of a property prior to sale by becoming familiar with it (check property indebtedness, the title, lien and market conditions, and read the due diligence or bidders packet)
• Learn the commission for registering a successful buyer
• Learn the terms of the auction
• Register bidder prior to the auction, depending on the requirements
• Assist bidder with choices and auction strategy

During auction day

• Bring bidders/prospects to the auction
• Help them in registration
• Assist bidder with choices and auction strategy
• Accompany successful bidder to contract room

After auction day
Collect commission check form closing (usually handled by title or escrow company)

Types of agreements used in this situation

• Buyer registration for open houses
• Bidder registration for pre-auction
• Broker registration day of auction
• Broker memorandum as part of the auction sales contract

Listing (Co-broker) Agent/Broker

A listing agent is an agent of the seller who markets the seller's property and represents the seller during the sale and the closing of the seller's property. In a sale by auction, he or she handles many of the traditional real estate functions and shares the commission based on the amount of involvement and the relationship defined by the two parties. This relationship is beneficial for auctioneer and agent when services by a local auction or real estate company are needed or when a real estate agent identifies a potential auction situation for a seller and the agent is not an auctioneer.

Listing (co-broker) agent/broker activities

Before auction day

• Provide the lead (in most cases)
• If a negotiated sale listing agreement exists, cancel the previous listing to be superseded by an auction contract. The referring agent/broker signs this contract. Send a notice to MLS stating that the property will be sold at public auction.
• If available, provide fact sheet on the property
• Perform market analysis
• Provide local licensing information
• Complete due diligence
• Hold open houses for inspection
• Order and obtain signs, photographs, keys
• Obtain bids for maintenance and supervise property management
• Assist bidders with pre-qualification process
• Provide feedback to the seller (progress reports)

During auction day

• As bid assistant, assist auctioneers in bid process
• Accompany buyer to contract signing room

Following auction day

• Help buyers with post-auction activities, insurance, financing, etc.
• Assist in pre-closing events
• Attend closing

Types of agreements used in this situation

• Listing agreement between the real estate broker, auctioneer, and seller
• Auction contract to supersede listing agreement
• Pre-auction agreements outlining responsibilities of each part
• Special auction sales contracts and addendum
• Prospect registration forms
• Bidder packets 

See what the NAR website has to say about real estate auctions.