Tips for auction success

Tips for Making Your Property Auction Successful

Once you’ve made the decision of selling your home, another important decision you’ll have to make is whether you wish to sell your property through an auction or a private sale. There are pros and cons for each option. If you are interested in selling your property through an auction, there are several ways you can maximize your property sale price. Auctions are known to be beneficial for a seller’s market since they can create a sense of competition and excitement.

Given below are a few tips that will help ensure that your property auction is successful:

Selecting the Right Auctioneer

The success of your auction will depend on your auctioneer, particularly if there are not many bidders. It is important that you meet with several different auctioneers before the event and even see how they handle the action before making a decision. Talk to them about their experience, the strategies they use for maximizing the sale price and about their knowledge of the market and the local area.

The Reserve Price

Before the auction date you will need to set a reserve price. The reserve price is the lowest property sale price that you will be willing to accept. The reserve price should be planned well so you don’t end up setting a price that is too low. This amount should be kept confidential and should not be disclosed to anyone other than your auctioneer. An experienced real estate agent such as McDonald Real Estate can help you set a reserve price successfully.

Advertising Budget

Before the auction itself you’ll have to come up with an advertising and marketing budget and plan. Properties tend to get sold faster in an auction. In order to make the event successful you would want to create a buzz in the market and advertising the property well is therefore important. The idea is to highlight the best features of your property to generate interest among the buyers.

Getting the Contracts Ready

Before the auction itself you will need to ensure that the vendor statement and contracts are ready so that you don’t have to stress over the final few days before the auction.

Knowing When to Accept a Bid

In certain situations you may not really get the results you expect from the auction. You may have to be prepared to accept just the market value of the property if there are not many bidders. This is one of the reasons why setting the right reserve price is so important.