The process of selling your home through auction can be both an exciting and stressful one. There’s a lot to consider before you even get to auction day. That’s why it pays to be as prepared as you can be, have all of your concerns and questions answered, and make a few crucial decisions before the big day.
BEFORE THE AUCTION
Auctioning your property is about so much more than simply showing up on auction day. There’s a lot that goes into it beforehand to ensure you achieve the best result possible for your property. Effectively marketing your property is top of the list!
Your agent should walk you through your marketing plan in detail, from the images that’ll be selected and advertised, the copy that will be included, to where the property will be advertised (online, papers, brochures, in-office).
During the campaign, in lead up to auction day, you should expect to hear from your agent on a regular basis, plus a meeting updating you on buyer activity at least once a week.
Your agent should also be keeping you informed of the market, so that you are in the best position to make decisions come auction day.
When it comes to marketing your property before auction, the rule seems to be “more is more”! The success of your auction can be largely dependent on your marketing campaign. The latest research from Harcourts Group Australia, showed a direct correlation between the amount spent on marketing versus how much interest was generated for a property, and what price it sold for. That is money spent on a comprehensive marketing program gained more buyers, more competition on auction day, and a higher final sale price.
THE RESERVE PRICE
It’s important for you to understand and be clear on what your reserve price is, and how it’s used during the auction. Your agent or auctioneer should be able to explain this to you in detail. You don’t have to disclose your reserve price to your auctioneer, but if you do, it shouldn’t affect how your auctioneer performs during the auction. They should be working to ensure you get the best price possible for your property.
That being said, try to avoid openly discussing price with others, to reduce the risk of price leaking out into the market.
WHAT IS YOUR ROLE ON THE DAY?
If possible, it is ideal to have you there on auction day if there are any last minute questions.
Your agent will also want to confer with you depending on how the auction is going. If bidding stops below your reserve price for example, your agent will want to discuss next steps with you.