Who pays the buyer's premium?

The buyer does. Our buyer's premium is added to the winning bid to form the total contract price, and closing and title costs are split. That structure is how the commission gets covered, which is why sellers often keep more of the sale price than in a traditional 6% commission sale.

How long does a real estate auction take?

Most auction campaigns run a few weeks of heavy marketing and previews, then bidding closes on a firm date. Compared with an open-ended listing, you get a clear timeline and a defined close.

Is my sale price guaranteed at auction?

No. Anyone who promises a number isn't being straight with you. The market decides the final price. What auction gives you is open competition on a firm date, and with a reserve you keep a floor. We'll tell you honestly if we think auction is the wrong move for your home.

How a Real Estate Auction Works in Kansas

Q: What is a reserve auction vs. an absolute auction?

A reserve auction has a minimum the seller must approve before the home sells, so you keep a floor. An absolute auction sells to the highest bidder with no minimum, which draws more bidders but carries more risk for the seller. Most sellers start with a reserve auction.

If you’ve only ever bought or sold a home the traditional way, an auction can sound intimidating. It isn’t. Here’s how it actually works in the Wichita area, in plain English.

The basics

At a traditional listing, you set a price and wait for offers, one at a time, on an open-ended timeline. At auction, we flip that. We market the home hard for a set window, hold previews so buyers can walk it, and then open competitive bidding that closes on a firm date. Instead of one buyer negotiating against you, you have multiple buyers competing against each other.

Reserve vs. absolute

You choose the format. A reserve auction has a minimum you must approve before the home sells, so you keep a floor under the price. An absolute auction sells to the highest bidder with no minimum, which draws the most bidders but carries more risk. Most sellers start with a reserve auction, and we’ll talk through which fits your situation.

The buyer’s premium

At auction, the buyer pays a premium that’s added to their winning bid. Closing and title costs are split between buyer and seller, the same as a typical sale. Because the premium covers the commission, sellers often keep more of the sale price than they would after a traditional 6% commission. We’ll run your net both ways so you can see the real number, not just the price.

When auction beats a traditional listing

Auction shines when value is hard to pin down or a home has broad appeal: unique properties, estates, land and acreage, or homes where competition will push the price. A clean, move-in-ready home in a hot price band might do just as well on a traditional listing. There’s no one right answer, which is exactly why we look at your specific home first.

The honest part

An auction is not a magic button, and no one can promise you a number. What it gives you is competition, a firm timeline, and a clean close. If we think a traditional sale is the better move for your home, we’ll tell you. That’s the whole point of working with someone who does all of it.

Want to know whether auction or a traditional sale nets you more on your specific home? Text VALUE to 316-364-7500 and we’ll run both numbers with you, straight.