Use Of Auctions Globally.(Managing REO - Creative Ideas Formed to Move Inventory)

Byline: Jennifer Harmon

New York-Auctioning continues to get more sophisticated on the marketing side of the business.

Firms like Williams & Williams still move to target local markets in cities across the country where there are high amounts of foreclosures like Florida and Detroit to conduct front-lawn auctions. But they also feel its important to deliver the global marketplace to every property the company is selling.

"That is why we set up the market for the home locally, because that is where the property is, but we have the channels open to the entire globe via online bidding, via simulcasts where they can see the bidding as well as of course, attending the bidding and being present," said Dean Williams, chairman and CEO of Williams & Williams, Tulsa, Okla.

"We want to create a paradigm shift in our belief that the real estate marketplace is more 'flowable.' Sometimes the property is local and doesn't move. The buyer is increasingly interested in moving from not just one state away but potentially from another country."

Elsa Lewis, senior vice president, national sales director for REO at Williams & Williams, said although the credit markets are tight, the company is seeing the property auctions and ballroom settings packed with people.

"We recently did a sale in Florida where we had 40 lots and 18 completed homes. We had to open up the room twice, and we sold a majority of the homes subject to the lenders' approval," said Ms. Lewis. "The people were lining up to get to these properties. There is a lot of interest out there. The public perception is one of opportunity."