We caught up with WA’s Premier auction house Realmark’s Managing Director, John Percudani to ask him and find out why he loves auctions as a selling method.
“Auctions bring buyers to the seller in a focused manner as they work towards the same goal. There is always such a buzz of activity and enthusiasm around an auction.”
Mr. Percudani said that whilst most Western Australians are comfortable and confident with auctions as a selling technique, there is a gap when it comes to finding a real estate agent who is comfortable and confident with it in the field.
In this four-part series will explain in detail what the differences are between auctions and private treaty sales, what to look for in your agent and tips for both sellers and buyers thinking about going to auction.
Actions V’s Private Treaty Sale.
With private treaty, as a seller, you put trust in your chosen Agent to present current market research for the value of your property, you rely on market trends and sentiment. It can be a timely waiting game with no finishing line for your sale, as you wait and hope that the price value meets the market expectations.
Potential buyers are kept unaware of the value of other offers and may not quote their highest acceptable offer, this can result in best offers being achieved and the risk of underselling being realised.
With an auction, you put no asking price on your sale, but you do have a finishing line, 28 days from when you list on market. On the day of the auction, every interested buyer comes in at the same time, all offers are made at the same time, everyone runs to the finish line – and you have your outcome all achieved within an optimised time on market.
Looking for your best move in property? Contact Realmark today.