Thinking about selling your property at auction but not sure of the best way to proceed? Our panel of experts have got some key tips to help you sell your property at auction.
For specific advice about selling property at auction we always recommend you contact a real estate agent or lawyer directly.
In the meantime, here's some great advice from five Queensland real estate agents about selling property at auction.
Sean Wallis, Explore Property, Ashgrove, Brisbane
In a busy market where you see an influx of buyers, we suggest a shorter auction campaign of three weeks is ample time to build momentum and interest in the property prior to going to auction.
If you go for a longer auction campaign you may lose prospective buyers during the process. If there are any offers prior to the property going to auction always ensure that you get all offers on paper.
Glenn Bool, McGrath Estate Agents, Bulimba, Brisbane
- Encourage your vendor to obtain a pre-sale building and/or pest inspection, this is very handy to display at inspections and email to interstate or international buyers.
- Have all relevant information on the property on display and make it readily available to potential buyers.
- Drive the inspections, really amp up your buyer calls and database matching – the more inspections that you have the more feedback you will get.
Amber Werchon, Amber Werchon Property, Mooloolaba, Sunshine Coast, Queensland
Be prepared; a good agent should have worked closely with their seller to prepare them for auction day.
Some owners choose not to be present at the auction, instead liaising with their agent over the phone, some choose to stay.
Remember, at the end of the day, the ultimate decision is still in the hands of the seller; no-one will force them to accept an offer; some owners have a fear of the auction process as they are worried about underselling their property – when in reality, auction is the most effective method to ensure this doesn’t happen.
The agent should have removed the ‘fear’ factor out of the auction process, and sold the benefits of this process to the seller, as well as preparing them for the ‘next step’ if it doesn’t sell under the hammer.
Daniel Argent, Urban Property, Paddington, Brisbane
Top tips for selling at auction are ensuring you get your reserve right. If your reserve is too high and the property does not sell under the hammer, buyers will try to offer much less for the property.
The auction campaign should be short and sweet. The best way to run it is having three open homes and, on the fourth week, an open home before the auction.
Make sure you have a fantastic Auctioneer, one that can get people excited about buying a property.
Don't talk to anyone about your price expectation. The beauty of auction is the property is sold based on merit, not price. Buyers engage when they see value so talking to neighbours, friends and relatives could influence a potential buyer's opinion and damage the auction result or stop the buyer from attending.
Set the reserve as late as possible so you have all the offers and information to make an educated decision. Auctions are the best way to sell your home in an open and transparent way, add a great marketing campaign, style and maintain your home during the sale process and reap the rewards for your effort. Cash unconditional sales give peace of mind to the sellers and allow them to move on with confidence.
Got more questions about buying property at auction?
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