Dis­cussing the method of sale can be a true sweaty-palms mo­ment for an agent, as they at­tempt to pre­dict a ven­dor’s opin­ion for pub­lic or pri­vate ne­go­ti­a­tions. There are also vari­ables to con­sider in re­la­tion to the prop­erty and its po­si­tion in the mar­ket­place.

“I think it’s bro­ken into two parts – the two in­gre­di­ents you al­ways need to get the best price are an emo­tional buy-in and a com­pet­i­tive en­vi­ron­ment. Auc­tion al­lows you to do both,” says Nick­er­son.

“I don’t think ev­ery prop­erty should go to auc­tion,” says Panos. “Cer­tain vari­ables in an area, such as how much stock is avail­able (sup­ply) and how many buy­ers are ac­tively look­ing for prop­erty (de­mand), will im­pact upon the level of com­pe­ti­tion that a mar­ket can pro­vide.

“If you know that it’s go­ing to be a prop­erty that’s go­ing to have a lot of strong com­pet­i­tive bid­ding, I’d say it’s more pre­dis­posed to be at auc­tion. A prop­erty that is dis­sim­i­lar to a lot of other prop­er­ties in the area, even if it’s not a mar­ket that’s got lots of com­pet­i­tive bid­ding, it’s prob­a­bly pre­dis­posed to go to auc­tion.”

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