AUCTIONS FIGURE STRONGLY

Why take my property to auction?

/ Marketing is very focused and gives a property high profile while attracting the broadest possible buyer audience.

/ The seller has market-derived feedback, is the decision-maker on price and has greater control over the selling process, in general.

/ A reserve price protects the seller.

/ A sense of urgency in an auction promotes buyer decision-making, and bidding brings genuine buyers. Competitive bidding helps achieve maximum sale price.

/ There’s the certainty of unconditional sale.

Why bid at auction

/ In the professional’s hands, the auction process is the most transparent and fair negotiation process for buying property.

/ All research can be done prior to the event, including organising finance, so the buyer is purchase-ready on the day.

/ An auction gives a deadline, buyers see their competition in action, which makes it easier to make decisions.

/ The successful bidder owns the property; it is finite. The highest bidder has a chance if the property is passed in; and if the property doesn’t sell under the hammer, bidders are in a knowledgeable position to make an offer.

Auction Buyer Musts

• Attend auctions to become familiar with process and the auctioneer.

• Know the property.

• Know your financial capabilities.

• Bid confidently at auction.

Buyers and sellers use auctions to gauge the prices and value of properties.

With their defined timeframe, auctions attract people who are serious about buying and selling. In an auction program, the potential buyers are genuinely looking at the property itself without the focus being on a price.

When an auctioneer announces: ‘The property is on the market…’, all is laid bare, and one price will win the property.

At auction, buyers and sellers are together in a transparent and public negotiation process; and the buyer-focus means a property is likely to sell even if it is passed in.