Live, televised U.S. home auctions to begin in September
Michelle Clancy | 13-07-2012
In a further testimony to the lingering housing crisis in the United States, Quest Communications will produce and broadcast a bi-weekly live TV home auction of homes across America, starting 15 September.
These properties will be sold using three auction marketing methods: via a live television broadcast auction, the Real Estate on Demand Channel and live Internet auctions at www.tvhomeauctions.com.
Quest expects to sell more than 1,000 homes per year through the broadcast. The homes will be acquired through foreclosures and, in most cases, for amounts of $50,000 to $70,000. The homes are then totally refurbished with brand new appliances, Berber carpet, tile where necessary and fresh paint.
The home auction initiative will include an online bidding Web site, live backend closing representatives, placement on broadcast cable, print and radio with promo spots, two-hour weekly auctions on broadcast cable and Internet with live streaming, all reaching more than 80 million households.
Suncoast REO will pay Quest a production cost of $95,000 per broadcast, plus a fee per household sold. Additional revenues will be generated from sponsors of the auction broadcast.
"This is an exciting time for our company and the auction is one of many new marketing opportunities," stated Ron Foster, President and CEO of Energy Quest. "I am looking forward to getting our first broadcast on the air and our auction web site completed in the near future." Foster added, "I believe in our strategy, in our plans to expand our reach, and to bring growth and increased revenues to the company."