It’s natural that Auction Day can cause some anxiety. You can minimise stress by understanding the Auction process by following the below tips:
1. Having a Set Date
Having a set date creates the urgency for a prospective purchaser to be organised for auction day. If a buyer inspects the property seven days prior to Auction day then they have seven days to be ready to perform and make a bid.
Setting a date also creates a structured selling plan in which to achieve a sale either prior to auction, at auction or post auction.
It gives the vendor and agency clarity on their roles in the selling process and also ensures they are prepared for all open for inspections and the auction.
Taking a property to Auction can help you attract more Buyers through the Open House Inspections and more bidders registering at the Auction as interested buyers may stretch themselves under a competitive environment to buy their dream home.
3. Make an impact with Marketing
When selling your home there will always be an investment in marketing.
A high impact marketing campaign, usually condensed into 21 days, gives you the opportunity to attract the maximum number of Buyers in a minimum amount of time.
It also gives Buyers more of a chance to see the advertisement whether it be on the internet or by a flyer in their mailbox. They will recognise it, and develop an immediate emotional connection between the property and will have the ability to envision themselves as the successful purchaser.
You never get a second chance to make a first impression.
4. Reduces the time spent on the market
Auction ultimately reduces days on market. It creates a competitive environment where bidders can compete for your home and as a Seller there is no doubt that this is the best way to sell your property.
5. Unconditional Contract
Auction gives you an immediate unconditional contract. Once the hammer falls a buyer is bound to the contract and an immediate exchange then takes place.
It gives you as the seller clarity in regards to the sale. Auction is the most transparent way to sell real estate.
Buyers can see who they’re competing with and sellers can see firsthand what the market is prepared to pay for their home.
As soon as the Auctioneer says “SOLD” the successful purchaser is obliged to accept the terms and conditions set by the Seller and to enter into an unconditional contract, effective immediately. There is no “cooling off” period during which a decision can be withdrawn.