Selling by Auction

Selling by Auction is a process, not just an event.

Auctions are an extremely effective way of marketing. This option gives the seller the greatest opportunity to obtain a premium or a fair market value. They create buyer competition by putting buyer against buyer and provides an open and fair arena for competition on the auction day. 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.

What is an Auction?

An auction is an open process at which buyers bid against each other to purchase a property. Once the reserve price is reached, the highest bidder becomes the successful buyer.

Should I Sell my Property by Auction?

Auctions can be seen as the best way to sell quickly or achieve a higher price, as the auction process creates a sense of urgency and a feeling of competition between potential buyers. This may or may not be the case and will depend on the property market at the time, how many similar properties are available to potential buyers and how desirable your own property is. Be aware that an auction does not guarantee that someone will offer to buy your property.

What is Involved in an Auction?

Auctioning your property is about so much more than simply showing up on auction day. There’s a lot that goes into it before-hand to ensure you achieve the best result possible for your property. Marketing your property well is chief among the things you’ll need to do. Auction involves a short, sharp and intensive marketing campaign of a property without a price. This is to test the market to see what the buyers, in a competitive situation, are prepared to pay to become the new owners of that property.

Your agent will walk you through your marketing plan in detail, from the images that’ll be selected and advertised, the copy that will be included, to where the property will be advertised (online, papers, brochures, in office).

Before you go to auction, you should expect to hear from your agent on a daily basis and a face-to-face meeting around once a week. Your agent will also be keeping you well-informed of the market so that you can make the best decision come auction day. The Harcourts Hamilton Auctioneer Team are vastly experienced, committed and keen to assist in any way possible.

Marketing with pricing limits what a keen buyer may pay. Once a listing price has been established for a property, a ceiling has been placed on what a buyer expects to pay for it. Auctions, on the other hand, offers a real opportunity to get more for a property than the seller might expect. A well-run auction programme will ensure that the property gets the maximum exposure. It is certainly the method that offers the highest degree of responsibility and control shared between the sales consultant and seller.

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