NAR, NAA Bring Auction Advantage to Realtors®

WASHINGTON, September 10, 2008

The National Association of Realtors^® and the National Auctioneers Association, in response to the growing consumer interest in and demand for real estate auctions across the country, have developed a new online course for Realtors^®, "Introduction to Real Estate Auction."

“Realtors^® add value to the real estate transaction with their expertise in managing complex real estate transactions, and auctions are no exception,” said NAR President Dick Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif. “More real estate is sold by auction every year, and Realtors^® are there to help both buyers and sellers navigate the auction process successfully.”

Real estate auctions are one of the fastest growing sectors of the overall auction market. These auctions, once dominated by unique homes that were difficult to appraise, fixer-uppers and homes in foreclosure, are gaining popularity among buyers and sellers in many U.S. markets. NAA reports that the residential real estate auction sector alone generated about $17 billion last year – up 5.3 percent from 2006.

Although a listing sold at auction can typically sell within 9-12 minutes, the process of buying or selling a home through this method can be complex. The “Introduction to Real Estate Auction” course helps Realtors^® provide valuable auction services to their clients, including identifying potential properties for auction, marketing properties for auction, and partnering with auction firms. The course is also an approved elective for the Accredited Buyer’s Representative^® (ABR^®) designation, which is conferred by NAR’s Real Estate Buyer’s Agent Council (REBAC).

Realtors^® can register for the online course at www.REALTOR.org/REALTORUniversity. NAR offers more than 300 hours of online training through REALTOR^® University, including continuing education, professional development, and designation and certification courses.

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