Auctions are probably my favorite way to get rid of a lot of land at once. If you do it right it can be a very enjoyable, very affordable, and VERY profitable. You do have a few options when it comes to holding an auction and both have their pros and cons.
You’re either going to be holding a live auction, where your possible buyers will be showing up at a physical location to bid, or you can hold the auction online. Live auctions are a lot of fun and can be a great way to move a lot of property. Live auctions can be an extremely exciting event. A big negative is that live auctions are typically expensive to run. For one, you need a venue to hold the auction. You will also need an auctioneer or someone qualified to run an auction. Secondly, you need people to show up. If people don’t show up, then you’ve found yourself at a very expensive private party.
At an online auction, you still need people to show up, but the cost to get an online auction running is much less than that of an online auction. If you have your own website, you can even run the auction that way, though it will require some more advanced knowledge of the internet. If you’re far from being an expert, you can outsource the actual auction to a different website. And getting folks to attend is as cheap as shooting out a few emails. And if you don’t have a lot of folks in attendance, you aren’t eating nearly as big of a loss as you would in a live auction.