Sold on the ad­van­tages of auc­tions

The Weekend Post - Real Estate - - Front Page -

MANY agents are scared of of­fer­ing auc­tion as a method of sale.

This is mainly due to hav­ing to com­mit to con­sid­er­able hard work to or­gan­is­ing and run­ning the cam­paign.

It is of­ten eas­ier to of­fer the prop­erty to the mar­ket at a price and just sell it.

Un­for­tu­nately this of­ten re­sults in un­der­selling the prop­erty.

Nat­u­rally a qual­ity ad­ver­tis­ing cam­paign must be en­tered into with any auc­tion cam­paign.

This means the prop­erty is prop­erly ex­posed to cap­ture all pos­si­ble buy­ers, even those who did not re­alise they were in the mar­ket.

Some buy­ers just turn up on the day of auc­tion with no in­ten­tion of buy­ing, just to have a look.

Many end up buy­ing any­way.

Some buy­ers turn up on the day of auc­tion with no in­ten­tion of buy­ing

The ex­tra ex­po­sure an auc­tion brings en­sures that ev­ery last dol­lar is ex­tracted for the seller.

The auc­tion day is pre­ceded by a num­ber of ex­posed open homes and the auc­tion it­self is show time with a qual­ity crowd at­tracted.

The main ad­van­tage for a seller is that they have three dif­fer­ent op­por­tu­ni­ties to sell: be­fore auc­tion if the right price is of­fered, un­der the ham­mer on auc­tion day (which is op­ti­mum) and af­ter the auc­tion, should there be buy­ers that were un­able to get auc­tion-ready with the cash and as­sum­ing the prop­erty is not al­ready sold.

This is the main method of sale in cap­i­tal cities for a very good rea­son. Sue Clyde-Smith, se­nior sales as­so­ci­ate, Elite Cairns

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