Prepare to Succeed

Seasoned auctioneer and sales agent Shaun Lowry offers his top tips for homeowners wanting to achieve a premium auction result.

Auctions have become a popular method of sale for vendors and buyers in a changing market.

When selling your property at auction, a little preparation and an understanding of the process can go a long way to securing an outstanding result.

Shaun Lowry is a licensed sales agent and auctioneer, who has conducted more than 90 auctions since 2018. Throughout his 20-year career, in both residential and commercial real estate, auctions have always been his preferred method of sale.

Here we draw on Shaun’s expertise to help homeowners to prepare for a winning result.

What’s the first step for homeowners who are considering selling at auction?

“Choose an agent and agency with a proven track record of success. When researching the options, pay close attention to auction clearance rates and average sale prices.

“Attend auctions in your local area to see how the agents interact with buyers, how the auctioneer performs, and how the auction process is managed.”

What is the main advantage of selling at auction?

“An auction removes the pressure from a vendor of putting a price on their property, which sets a ceiling on what could be achieved.

“Buyer feedback throughout the campaign will give you a better understanding of what your property may be worth. Record prices in the market are usually the result of a good auction campaign. Buyers feel comfortable bidding at auction because the sale process is fully transparent, and the sales price reflects market value.

“The vendor has control because they can set a vendor bid, reserve, auction date and settlement date. Another benefit is auction sale contracts are unconditional.”

How do you build strong interest in the lead-up to the auction?

“Most auction campaigns run for up to four weeks and that time is critical for attracting and holding buyer interest.

“A multi-platform, intense marketing campaign exposes a property to the widest possible audience, creating the competition needed for a successful auction.

“Our targeting strategies include our database clientele, online, digital and social platforms. It’s imperative to include all marketing mediums such as print media and signage, so no buyer is missed.”

How can you improve your chances of selling on the day?

“An experienced auction agent will alleviate purchase barriers by staying in regular contact with each potential buyer. Kollosche has a proactive approach encouraging an independent Building and Pest report and compliance certificates are supplied to remove any obstacles.”

What happens if my property doesn’t sell at auction?

“If the property isn’t sold under the hammer, it is common for a deal to be negotiated with the highest bidder. If an agreement can’t be reached, a skilled agent will advise you on a fresh strategy to attract new buyers. Auction properties, even if not sold at auction, still have fewer days on market compared to private treaty.

“Remember, auctions are a strategy, and you can sell before, on or after auction day.”