Randy Grigg and Mike Grigg
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Elite Auctions was formed out of a need to sell residential real estate more efficiently. The owners of the company are investors who buy and sell property, primarily single family homes. They have since expanded and also sell commercial property, land, farms, and ranches using their proven competitive bidding strategy.
Obtaining the highest price in the shortest period of time has always been their priority. In traditional sales, where property is listed with the hope of attracting a buyer using the MLS and a sign in the front yard, the owners found that in most markets it takes much more to get the job done quickly. “Many times we had vacant houses that were fixed up. It was critical that our carrying costs (interest on acquisition costs, labor and materials for fix up costs, insurance and property tax expenses) be reduced by selling and closing as soon as possible after the rehab was completed.
Before Elite Auctions assisted others in selling their property, using their own real estate was used as “guinea pigs.” After two years of selling their personal real estate using the auction method and after tweaking and adjusting their marketing program, Elite began selling for others.
Elite's goal is to sell real estate quicker and more efficiently without sacrificing the net amount our clients receive at closing (compared to the traditional list and sell method). Many of their clients are Realtors who make their living selling real estate. Due to the fact they come to Elite to not only sell their own properties but also properties for their clients, Elite must be doing something right!
Appraisals and comparable sales are just guesses of a property's true value. Unlike a bar of gold or a share of stock, where price is set daily by supply and demand, any piece of real estate has its own unique value. Its price has little to do with value, people make value. Real estate is worth whatever people will pay. The auction method, together with Elite's state of the art marketing program, where much more than the MLS and a sign are used to attract buyers, allows the price to match what the property is really worth. By creating both urgency and emotional competition using the auction method, Elite found their clients avoid selling too cheap or sabotaging a sale by listing at a price that's too high.
Being involved with real estate transactions since 1977, Randy discovered the benefits of using the auction method of marketing real estate after completing a single-family house rehab project that had three failed escrows. Selling time went from 2 months to 7 months due to the buyers backing out because of financing and appraisal contingencies. These extra 5 months of holding costs dramatically reduced the net profit.
As a "control freak" (and knowing other people are too) we designed our company to cater to the desire of our clients to sell their properties quickly in "as-is" condition with no loan, appraisal or property contingencies... at the highest price the market will bear. By selling my own properties "absolute" (no reserve), we learned first hand how to get the right bidders to our auctions. After we continued tweaking our marketing program we finally felt comfortable selling for others. We also have developed a strategy for selling real estate for others where our clients have full control over the final selling price, again understanding many of our clients desire for complete control.
Mike graduated from the prestigious "World Champion College of Auctioneers." He has participated in charity and real estate auctions and handles agent/broker relations. Mike serves on the board for the California State Auctioneers Association (CSAA). He has been designated AARE, which means he is an Accredited Auctioneer of Real Estate appointed by the National Auctioneers Association.
Mike has called a variety of real estate auctions in California and knows what it takes to get the buyers to competitively bid and drive the prices up. He is one of the 2004 California State Auctioneers Association Bid Calling Champions. Mike began his career in the real estate auction business in 2002 and believes that real estate auctions are the purest form of price realization. Learning real estate exclusively through the auction method is an advantage to potential clients and makes Mike one of the leading auction experts in California. Contact Mike at (661) 325-6500 or visit his professional website at www.mikegriggauctions.com