Selling your home is a significant decision – and although an exciting step towards new beginnings, it is a step that should be taken very seriously. Above all else, you should make sure that you have not only chosen the right agent but also the right “method of sale”; and be comfortable with your choice.
“Auctioning is an ideal method of sale in any market, as it is open and transparent to buyers, providing time to make inquiries and take confident buying action. Whilst for a seller, it provides a process to test the market in a considered manner so that an informed selling decision can be made to their best advantage”. John Percudani, Managing Director of Realmark, is very much in favour of recommending the auction process to help you achieve your property aspirations.
Here are our top benefits from the auction process.
Let’s start a bidding contest
Most people, deep down, have a competitive flair and when you throw a property in to the mix, whether it be a future family home or an attractive investment proposition, this competitive flair can really shine through. A ‘bidding war’ can be hugely beneficial for a seller, particularly if multiple buyers are engaged. Each might have a cap they are willing to spend but this is quickly upped when another bidder is threatening to swoop and emotions kick in.
Urgency is on the menu
You set a date and it will be sold on that day, with only a few exceptions. Urgency suddenly begins to play on potential buyers, and they become increasingly aware of the opportunity in front of them. It is this urgency that can drive those buyers to become registered bidders.
Your buyer pool can grow
Let’s be honest, having a ‘sticky beak’ at homes that are up for auction is pretty common pastime for those in the market, and even those not. At auctions people who have come out of mild interest can often get swept up the moment and become registered bidders.
Work your marketing budget
High impact, maximum exposure campaigns will often bring in the best results. With a final date set, the parties have a very strict timeline you are working towards, allowing your agent to optimize their marketing initiatives and spend.
Unconditional love (aka contract)
Unlike other sale methods, auctions are not subject to sale. This gives you an immediate unconditional contract. What’s not to love about that?
Sneaky early offers
Just because you have set a date for the auction to happen, doesn’t mean you have to wait until the auction date. People often present offers for properties under auction sales in order to avoid the competition. This is a risk in itself, though, a confident and educated real estate professional would help you through that decision.
You have a safety net
No matter the circumstances, the seller is ultimately always in control. You set your reserve price, which is your base line of selling. If it is not reached, you enter negotiations and it will be up to the seller if they would like to sell or not.
Drawing out interest
Even if the property does not sell under the hammer those interested in buying but who can’t meet the auction conditions are drawn out and may wish to make an offer; often there is more than one party interested in making an offer after the auction.
Auctions may not be for everyone, but the benefits are clear. It is important, regardless of what method of sale you choose, to first pick a real estate professional who makes you feel comfortable and confident in the entire selling process.
Ready to make your move? Let’s chat today.