RICK LEVIN & ASSOCIATES, INC F I N E
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Our Story Rick Levin got into the auction business by accident. When he
Shortly thereafter, two women came into the auction house
was 23, Levin was working at the Antique Palace in Chicago
and asked Levin if he would auction off the contents of their
when the owner purchased the former Hammond Organ
deceased aunt’s vacant house. “I had my broker’s license at
Factory on Western Avenue and asked Levin to help him
the time,” Levin recalls. “So, I said to them, ‘sure, I’ll auction
turn it into an antique mall. After Levin managed to secure
off the furniture, but what are you going to do with the
65 antique dealers — including former Illinois Governor Jim
house?’”
Thompson — Levin’s boss asked him to transform an empty room in the building into an auction house. “I didn’t know
Fast forward more than 30 years, and Rick Levin has made
anything about the auction business, but that didn’t stop
his name as a fine home auctioneer, Rick Levin & Associates,
me,” Levin says.
Inc. (RLA), partnering with conventional real estate brokers to quickly move luxury properties languishing on the market.
One of the first items Levin auctioned off was a 1968 Nolan Ryan baseball card belonging to an enterprising 13-year-old.
Combining his two areas of expertise, Levin has auctioned
After snagging it for a mere $12 from a clerk who misread
off luxury single-family homes, condos, townhomes, vacation
the price, the boy was now in hot water with the store owner
properties, vacant land, shopping centers, schools and even a
and all over the news — and that gave Levin an idea. “I called
post office. Besides real estate brokers, Levin’s clients include
the store and the kid’s lawyer and said ‘I have an idea on how
developers, major corporations, banks, universities, and a
to resolve the issue. Let’s do an auction for charity.’”
variety of government entities.
After getting the go-ahead from both sides, Levin called
No matter what the property or who the client, however,
every baseball, football, basketball and hockey team in
Levin says the dynamics of an auction are what make
the country, and 45 of them donated jerseys and baseball
it unique and effective for selling high-end properties.
hats to be auctioned off along with the baseball card, with
“Auctions give sellers the ability to set a date to actually
the proceeds going to the Ronald McDonald House. Levin
sell the home,” Levin says. “By nature, auctions produce a
auctioned off the card – worth an estimated $1,200 – for
roomful of qualified leads for the broker and almost always
$5,000 and made a total of $25,000 for charity.
end in a sale.”
R I C K L E V I N & A S S O C I AT E S , I N C | R I C K @ R I C K L E V I N . C O M | 3 1 2 . 4 4 0 . 2 0 0 0
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WHY SUCCESSFUL BROKERS WORK WITH RICK LEVIN FINE HOME AUCTIONS Enhance your profile as a full-service real estate professional Working with Rick Levin and Associates can simplify a sale that could have lengthy market time, eliminating the likelihood that a property will languish on the marketplace. If you think added visibility, a quick process, and a sale at true market value might benefit your sellers and give you an edge over the competition, it’s time to explore the auction option with RLA.
Luxury home auctions, like fine art auctions, open properties to a wider market, often raising sales prices through a competitive bidding process. Rick Levin works hand-in-hand with agents who keep their commissions and remain essential to the process.
Reach the broader market Over the past two decades, RLA has crafted a unique marketing technique that gives sellers of luxury homes a competitive edge in the marketplace while reaching a broad group of potential buyers.
Retain full commission Brokers who bring their sellers’ properties to RLA keep their full commissions and maintain control of the client relationship as they work hand-in-hand toward a successful outcome.
Eliminate uncertainty and reduce market time Working with RLA can remove pricing uncertainty by assuring the property will be sold on a designated date at its fair market value. Once the date is set for the auction, the process moves quickly. This can be extremely helpful if your client has been struggling to sell the property for a while or if a quick sale is needed.
Create urgency The format of an auction, including a fixed date and competitive bidding, fosters a sense of urgency for buyers, forcing them to complete due diligence and line up finances by a particular deadline. If buyers don’t want to miss out on an opportunity, they will make an effort to prepare. The alternative is a traditional process that can take months for everyone to firm up a mutual commitment.
Reduce stress and carrying costs for sellers RLA not only helps decrease your sellers’ carrying costs by reducing the time frame, it also manages the entire process, ensuring that it is smooth and stress-free.
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HOW H O M E S ELLERS B E N E FI T FR OM A PA R T N E R SH IP B ET W E E N T HEIR REALTOR A N D R I C K L E V I N Levin Fine Home Auctions Since 1990, Rick Levin has worked with top agents and homeowners to market and sell luxury homes and other properties. If you are a seller new to the fine-home auction process, here’s how it works: Rick Levin’s team develops a personalized outreach campaign, locating all potential buyers for your property. Rick Levin’s proven marketing strategies will help get the best price possible and take the stress out of the luxury home sales process. Brokers who work with Rick Levin and Associates help plan and manage the entire auction process, from pricing through closing.
The Basics: Rick Levin meets with you and your agent to put a plan together to sell your home on a date that works for you. After determining a price that will bring in the broadest group of buyers from around the globe, Rick Levin’s team works with your agent to develop a fresh and impactful advertising and marketing campaign. Your agent will host open houses, if needed, and will remain your primary contact throughout the sale and closing.
With Rick Levin Fine Home Auctions, you can expect aggressive marketing, customized sales plans, expert attention to detail, true market value for your property and, most importantly, qualified buyers from around the globe who are ready to close with no contingencies.
For Sellers •
Accelerated sale
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Aggressive marketing program to increase interest
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Pre-qualified buyers prepared to act
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Competition among buyers, increasing eventual sales price
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Clarity about when the property will sell
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No unscheduled showings
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Reduction of carrying costs due to faster sale
For Buyers •
Access to comprehensive information with due diligence packets
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Clarity around the closing and purchasing dates
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·An understanding that the seller is committed to the transaction
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Fair terms, same as with other buyers
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A reduction of the negotiation process
of the property •
True market value as a pricing principle
Auctions are truly a win-win for everyone involved. Contact RLA for a free consultation detailing the auction process from start to finish.
SO LD TO T HE HI G H E ST B I D D E R BY K ERRI E KENNEDY
The higher the price, the smaller the market. All too often, the reality for agents selling high-end homes is working with a narrow cross-section of potential buyers. Fine home auctioneer and licensed real estate broker Rick Levin of Rick Levin & Associates Inc. has found a way around this. He uses auctions as a way to draw a larger pool of qualified buyers from around the world and quickly move luxury properties languishing on the market, and offers free consultations on this topic for brokers and sellers. Chicago Agent recently caught up with Levin to find out how it works.
is, sellers can set a minimum bid that they won’t go below.
CA: How does this work with an agent’s commission? LEVIN: Selling a property at auction does not take away from a broker’s commission. Rick Levin & Associates collects a fee from the seller to market the property and an add-on charge from the buyer for its services.
CA: What is the process like? CHICAGO AGENT MAGAZINE: What do you do when high-end clients feel that an auction brings with it some negative connotations, or makes it seem like a distressed property? RICK LEVIN: If you think of it, an auction is the normal way to sell a farm. But when it comes to a house, if you say real estate auction, it’s still sometimes synonymous with distressed properties, which shouldn’t be the case. We sell art and jewelry that way — why not beautiful homes too?
CA: How do you determine a property’s value? LEVIN: Just like selling a home the traditional way, a property’s value is determined by how much money buyers are willing to pay for it. But the difference
LEVIN: First, the firm meets with the broker to develop rapport, assure them they maintain control of the transaction and share success stories. Next, RLA, the broker and seller create a plan, set an auction date, and draft a purchase agreement to be preapproved by the seller and their attorney before the auction.
CA: What kind of marketing do you do? LEVIN: To generate excitement and heighten competition, the auction is promoted in targeted ads for three weeks before anyone can see it at an open house. After 45 days of heavy marketing, auction day arrives. Brokers choose which type of auction to hold based on the seller’s needs, since terms and conditions vary. Fast and effective, real estate auctions are a proven strategy worth exploring.
To find out how you and your client can benefit from a luxury auction, contact Rick Levin RICK LEVIN & ASSOCIATES, INC. RICK@RICKLEVIN.COM 312.440.2000