Re­cover from failed auc­tion

Whitsunday Times - - REAL ESTATE -

TAK­ING a home to auc­tion can be a very suc­cess­ful way to sell a prop­erty. It puts a line in the sand – the auc­tion date – and all in­ter­ested par­ties can com­pete in public on the day of the auc­tion.

But not ev­ery prop­erty taken to auc­tion sells un­der the ham­mer.

So what should you do if your prop­erty is one of those left on the shelf?

While it can be in­cred­i­bly dis­ap­point­ing if af­ter all that ef­fort your prop­erty doesn’t sell at auc­tion, there could’ve been a num­ber of fac­tors at play that are worth re­view­ing postauc­tion.

It’s im­por­tant to be hon­est with your­self and to ex­pect the same of your agent.

Be­fore you fall in a heap when your home doesn’t find new own­ers, de­brief with your auc­tion­eer and sales team.

Buyer’s agent Charyn Young­son sug­gests sit­ting down with your agents and ask­ing what was the buyer feed­back pre-auc­tion?

“Ask your team to re­view each party who was se­ri­ously in­ter­ested dur­ing the cam­paign,” Young­son says.

“Of­ten you’ll find the auc­tion wasn’t a to­tal fail­ure. Even though it didn’t draw a sale on the day, there may have been peo­ple who in­di­cated they’re want­ing to buy, but who were just not in a po­si­tion to buy on that day.”

There is no mys­tery be­hind why some prop­er­ties fail at auc­tion. They fail be­cause of two rea­sons – price and/or pre­sen­ta­tion.

“If the prop­erty is im­mac­u­lately pre­sented and priced right, it al­most al­ways sells,” Young­son says.

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