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What to expect with Auction?

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Why Auction?

Sellers often prefer the marketing strategy of the auction – with good reason. It’s proven to be the most successful, with property generally on the market for a shorter period of time and it has the highest sales success rate. An intensive, high profile auction marketing programme is custom designed for sellers to attract genuinely interested, cash-in-hand buyers. There buyers focus on establishing the ‘maximum price’ they will pay – not how low their offer should be. Emotional commitments towards purchasing also strengthen the natural form of competition between buyers. This provides an open and fair arena for competition on the auction day.

We’ll assist you in setting the terms, conditions and auction day deadline. The undisclosed minimum reserve price will be one you’re completely comfortable with. Also the property needs to be only opened for buyer viewing at times that best suit you, so the auction process is regarded as the least disruptive method of selling.

Auction provides a structure to the listing process, and is regarded as the premium choice of marketing. Should an auction listing not sell during the auction programme, you will have increased your chances to sell the property as an exclusive (price by negotiation or fixed price) due to the enquiry and buyer activity generated. Here are some reasons why it works!

  • The seller sets the terms, conditions and deadline. Provides complete control for seller.
  • Option of accepting offers prior to auction
  • Builds urgency and a purchase deadline amongst buyers
  • This auction-oriented target marketing puts the `spotlight' on the property, adding a competitive edge that strongly favours the seller.
  • The property is neither overpriced nor undersold; its value is determined by the market and individual buyers. Creates a competitive transparent purchasing environment
  • The `no price' aspect will attract more genuinely interested, cash-in-the-hand buyers. Finds a true ‘cash’ buyer with no conditions 
  • It allows sellers to plan ahead in the knowledge that a specific date has been set for the sale of their home. A cash buyer means the seller can proceed immediately with their goals. A sense of urgency is created by the set timeframe, bringing interested buyers to a point of decision.
  • The level of market interest will help the seller gauge the reserve price, with the real possibility of achieving a premium price. The seller has the option and may decide to accept a cash offer prior to auction day. Those who attend the auction will be focused on establishing the maximum price they will pay, not how little the offer should be.
  • The seller controls the terms of transaction and actively participates in the sale process. A successful purchase requires a payment of a deposit on the day, usually 10% of the purchase price. If the property is passed in, it will be exposed on the open market as an exclusive listing at a saleable price established from the market feedback received throughout the auction process.

Auction v Price

Setting Your Reserve Price

Watch An Auction In Action