CLINTON, NJ-A multifaceted national real estate company, locally based Max Spann Real Estate & Auction Co. has seen business double in the past year. Headed up by Max Spann Jr., who serves as president, the company held eight separate auctions this past spring alone for 154 condo units in Delaware, Maryland, New Jersey and Pennsylvania. In June, the company held four more auctions with 44 units on the block, in addition to an online-only note sale.

The trick to the 40-plus strong company's success: its accelerated auction marketing, which allows sellers to control the terms and the timing of the sale of their real estate assets; properties can trade hands in 30 to 45 days. "By accelerating their sales, sellers avoid protracted carrying costs and future market uncertainties," says Spann. "For buyer’s, auctions allow bidders to buy quickly, efficiently and at prices they determine." According to Spann, the company is approached by banks with a nonperforming loan or by frustrated developers who cannot afford the slow-drip method of traditional real estate sales.

Spann oversees are several types of auctions including competitive auctions, online bidding and sealed bid. "The typical auction lasts 20 to 30 minutes," Spann tells GlobeSt.com. "At its conclusion, you know immediately whether you are the winning bidder. This eliminates prolonged and costly negotiations that often accompany private treaty sales." The company will compile a property information package for each auction asset to help with due diligence.