Sold on the advantages of auctions
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