Recover from failed auction
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.