Online Auction of Surplus Property
What is Online Auction of Surplus Property?
A technology-based solution for selling surplus property.
[CLOSE]
More about Online Auction of Surplus Property
The selling of surplus real property is a common function for highway and other government agencies. Agencies have traditionally sold surplus properties, such as parcels and buildings, either directly to a purchaser after receiving a property inquiry, through on-site public auctions, sealed bids, or listings by traditional real estate brokerage firms. However, the traditional methods of selling surplus properties can be inefficient, lack transparency and be labor intensive with agencies facing challenges with marketing, attracting and reaching potential buyers, and creating market demand.
Utilizing a technology-based solution for selling surplus property, such as a website-based auction platform, provides a simple, faster, transparent, and streamlined way to reach potential buyers and sell properties. The online auction platform offers 24/7 access to an agency’s properties available for sale and allows for a larger base of bidders thereby making the bidding process more competitive creating potentially higher sales prices. Disposing surplus properties early releases millions of dollars that could otherwise be invested productively for other highway-related purposes.
The online system also creates transparency in the property sale process allowing for the ability to participate and monitor open auctions as well as view prior auction listings. Further, this technology is scalable with the ability to implement it quickly with very low start-up costs.
Online Auction of Surplus Property
The selling of surplus real property is a common function for highway and other government agencies. Agencies have traditionally sold surplus properties, such as parcels and buildings, either directly to a purchaser after receiving a property inquiry, through on-site public auctions, sealed bids, or listings by traditional real estate brokerage firms. However, the traditional methods of selling surplus properties can be inefficient, lack transparency and be labor intensive with agencies facing challenges with marketing, attracting and reaching potential buyers, and creating market demand.
Utilizing a technology-based solution for selling surplus property, such as a website-based auction platform, provides a simple, faster, transparent, and streamlined way to reach potential buyers and sell properties. The online auction platform offers 24/7 access to an agency’s properties available for sale and allows for a larger base of bidders thereby making the bidding process more competitive creating potentially higher sales prices. Disposing surplus properties early releases millions of dollars that could otherwise be invested productively for other highway-related purposes.
The online system also creates transparency in the property sale process allowing for the ability to participate and monitor open auctions as well as view prior auction listings. Further, this technology is scalable with the ability to implement it quickly with very low start-up costs.
Resources
Online Auction of Surplus Property Overview and Implementation Webinar (Vimeo video, external)
Contacts
Charles Stormont, Chair
Right of Way Director
Utah Department of Transportation
Phone: 385-226-8948
Email:
castormont@utah.gov
Greg Gasper
Appraisal, Relocation and Property Management Section Chief
Wisconsin Department of Transportation
Phone: 608-266-0893
Email:
gregorym.gasper@dot.wi.gov
Mark Krause
Statewide Surplus Lands, Lease and Razing Facilitator
Wisconsin Department of Transportation
Phone: 920-266-2572
Email:
mark.krause@dot.wi.gov
Teresa Vanis
Real Estate Services Section Manager
Michigan Department of Transportation
Phone: 517-819-2745
Email:
vanist@michigan.gov
Jean Barnes
Property Management Manager
South Carolina Department of Transportation
Phone: 803-737-1685
Email:
barnesjc@scdot.org
