Tranzon Fox conducted an estate auction for the trust department of a major
regional bank. The property was in trust for nearly 20 years, consisting of 35
individual tracts of land, residential and commercial real estate all of which
had been poorly maintained. There was even an island that was a popular site
for duck hunters. Marketing consisted of newspaper ads, highly visible signage
and a direct mail brochure sent to a carefully researched list of
potential buyers.
The campaign brought 200 inquiries and 82 registered bidders, including 14 who
were registered by brokers. Auctions were scheduled over two days, and moved
from site to site, which allowed buyers access to the properties in most cases.
The event drew the attention of newspapers and TV, which provided coverage
before, during and after the auction. Buyers bid on all 35 properties, with
prices totaling more than $900,000, and all but two contracts were consummated.
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