Selling at auction creates excitement and competitive bidding, which can often result in a higher sale price.
Whether it’s your first time selling at auction or your tenth, it’s natural to feel a bit jittery. The lead-up and the day of the auction can be quite stressful and overwhelming.
However, understanding the auction process can significantly boost your confidence. With this support, you’ll navigate the auction more effectively and feel more assured about the outcome.
Property marketing for selling at auction.
The success of selling at auction largely depends on the marketing strategy leading up to it. A good marketing campaign is crucial because the more people who know about the property selling at auction, the more people will sign up to bid.
Your real estate agent will assist you throughout the entire campaign. They will ensure that your property is presented well for open houses, communicate with potential buyers, gather their feedback, and keep you informed about the campaign’s progress.
What to expect before an auction.
The day before the auction, your sales agent will meet with you, often on their own and sometimes with the auctioneer, to discuss the schedule, pricing, and reserve price. They will also discuss bidding increments and the expected bidders. Vendor bids and what happens if the reserve price is not met will also be addressed.
Your real estate agent will also advise you on when and how to communicate with them during the auction. It’s important to know when and how to talk to the agent during the auction to keep things running smoothly.
What to expect on auction day.
In NSW, potential bidders must register before the auction starts to get a bidder’s number.
Before the bidding starts, the auctioneer will introduce themselves and their agency. They will also make legal announcements and discuss the property’s features and benefits.
The auctioneer sets the expectations for what bidding increments will be accepted, but bidders can offer any amount.
When the bidding reaches the reserve price, the auctioneer will accept the highest bid. The auctioneer will then declare the property sold with a hammer drop. If the property doesn’t sell at auction, the auctioneer will pass it in. Then, the auctioneer and agent will try to negotiate a sale with the highest bidder.
Top auction tips for sellers.
• Book your auctioneer in advance: Make sure to book an auctioneer in advance so they can get to know the property. Attend a few of their auctions if you’re curious to see their selling style.
• Prepare properly: Auctions start with an open for inspection to give potential buyers an opportunity for one final walk-through. Ensure your property looks its absolute best, inside and out, drawing attention to the home’s key selling features.
• Set an appropriate reserve price: Bidders may lose interest if the reserve price is too high, so it’s important to be realistic and heed your agent’s advice.
• Attend the auction: If the property doesn’t sell at auction, the highest bidder can negotiate with you afterwards. Being present or close by on auction day is important. Watching the auction will also give you an insight into how invested bidders seem.
For tips on selling or to get a free assessment of your home’s value, contact your Belle Property Dural’s Principal, Carolyn Wheatley for a confidential conversation – 0407 120 483.
