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When Moneyham Farm in Bledsoe County went on the market two years ago, the sellers decided to use an online auction to sell the 34.5-acre farm near Pikeville, Tennessee.
Compass Auctions and Real Estate conducted the sale and attracted online bidders who bid for the property, totaling nearly $400,000 per acre in Bledsoe County. Paige Holt said.
“The bidding process is a very open and transparent process,” Holt said in an interview with the Chattanooga Times Free Press. “Any property that is highly desirable is perfect for an auction. The auction gives you assurance that you are getting the fair market value for your property because all interested buyers are playing at the same time.”
Holt, a Chattanooga-based auctioneer and real estate agent, has been conducting auctions for 25 years, including 15 years as president of Compass with her husband, Steve. Compass conducts auctions of both personal and real property for government agencies across the country.
After leading the family-owned Compass Auctions and Real Estate, Holt launched a new auction and real estate business known as NextStep to advance the interests of buyers and sellers.
The new business is affiliated with Remax Properties on Highway 153, separate from Compass, and does most of its bidding for the US Marshals Office, FDIC, TVA and other government entities that need to sell surplus or confiscated property and guns.
Paige Holt; Realtor / Auction – Waterhouse PR – Portrait by Dan Henry / www.danhenryphoto.com“We’ve done auctions all over the country with the US Marshals Services,” Holt said.
But Compass doesn’t typically work with real estate, although Holt says there’s a growing demand for that service.
“During Covid I have completely revamped our approach to real estate and how we work with realtors and individuals,” she said.
In the tight housing market of recent years, multiple bidders made multiple offers on a particular property, often on the same day, even in the traditional real estate sales model, Holt said. The auction method provides a key advantage to sellers, especially property trustees, by letting them know exactly when their property will be sold, and commissions can be as little as half of what is paid in a conventional real estate sale method, he said.
At NeXstep, Holt works with other agents and provides broker participation, she said.
“It really opens up the world of real estate in our area,” she said.
Auctions are used mostly in Chattanooga for distressed, foreclosed or state-owned properties, Holt said, and auctions are used around the world to sell the most valuable and expensive properties.
“The world’s most sought-after properties are auctioned off,” he said, referring to how Sotheby’s and other high-end auction houses sell prestigious jewels and paintings. “Why should real estate be any different?”
Contact Dave Flessner at dflessner@timesfreepress.com or 423-757-6340.
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