Daily Real Estate News  |  June 19, 2006  |   Auctions Gain Big in Popularity Auctions used to be associated with livestock and vacant land. But last year residential real estate auctions generated $14.2 billion in sales, an increase of more than 23 percent from 2003. The National Auctioneers Association expects residential auctions to balloon to 30 percent of all sales by 2010. Many auction companies charge about 3 percent of the value of the home. Other companies charge more. Annette Elms, president of central Florida auction firm Christenson-Elms, says it's not uncommon for her firm to get $30,000 to market a property. The money is spent on television, newspaper and Internet advertising, as well as signs and direct-mail brochures. Here are the three most common ways to structure an auction: Absolute: The property sells to highest bidder regardless of price. Reserve: Seller retains the right not to convey property if the high bid is too low. The seller's asking price generally is not advertised. Published reserve: Property is sold subject to a published minimum sale price. Source: South Florida Sun-Sentinel, Paul Owens (06/18/2006)