HAMMERING HOME A TOP METHOD OF SALE

In the current active buyers’ market, agents recommend considering going to auction to maximise the value of a property sale, with the potential for greater marketing exposure to a number of genuine buyers much higher

A CAIRNS real estate agent currently fielding interest from a “very active” buyers’ market is reminding sellers on how they can maximise the value of their sale.

RE/MAX broker-owner Ray Murphy says auctions could offer bonus opportunities for the sale of a home due to the specific marketing process and the competitive nature of how homes sold when listed to go under the hammer.

He said Cairns’ current market conditions made it an ideal time for prospective sellers to consider auctioning their home.

“We’re finding we’ve got more buyers than properties listed and we’re regularly getting multiple offers on properties,” Mr Murphy said.

“Having multiple buyers for a single property is relatively unusual for Cairns and we should be taking properties to auction because of it. At the moment we’re getting offers off market so it’s like we’re doing silent auctions anyway, so why not go to auction for all the benefits.”

Mr Murphy said auction campaigns were designed to expose the property to a maximum number of genuine buyers due to strict time frames where buyers would focus on the property itself, rather than the price during the lead-up to a competitive bidding war on auction day.

“With their defined time frame, auctions attract people who are serious about buying and selling. The seller has market-derived feedback, is the decision maker on price and has greater control over the selling process, in general.

“A reserve price protects the seller; and there’s the certainty of unconditional sale.

“The contract of sale is on your terms and the conditions of the sale are predetermined to suit your situation. An offer can be made before, at, or after the auction.

“When an auctioneer announces, ‘the property is on the market’, all is laid bare and one price will win the property. Competitive bidding can certainly help achieve a maximum sale price.”

RE/MAX auctioneer David Murphy said buyers’ motivations were beneficial to current sellers. “The buyers’ mentality in the current market is indicative that the fear of missing out on the property is greater than the desire to snag a bargain.”