Auction involves a short, intense marketing campaign of your house without a price. This is the best means of testing what buyers are prepared to pay for your property in the specified time. The advantages of the auction programme include.
High Profile Marketing
A greater response to a high profile, personalised marketing programme and therefore greater opportunity of attracting that one special buyer.
Auctions Build Excitement and Raise Interest
The excitement of a sale deadline on auction day, where bidders may compete against one another, creating a sense of urgency and ensuring that if there is a premium available in the marketplace, it is achieved.
You are in Control of The Sales Process
- Bids are made with no conditions attached. You are in control of the sales process by setting the viewing times, auction date and reserve price.
- Removes the risk of discouraging buyers who are looking in a particular price bracket. Buyers buy on an emotional level and removing the price allows the buyer to commit to your property emotionally.
- You will get the best price that buyers will pay, which may be higher than the price you expected to receive.
- Three chances of selling; prior to auction day, ‘under the hammer’, or after auction day.
- Auctioning your home is a particularly useful method of selling where the property is special, unique or difficult to accurately value, and if you have a specific time frame in which to sell your home.
In Summary - Reasons to Sell by Auction
- Opportunity to capture a Premium Price. (premium price comes from competition under pressure). Harcourts' Auctions on average achieve a higher price.
- Deadline to work to for buyers - Creating Urgency
- Auction properties are on the market for the shortest time (an average of 30 days).
- Unconditional Sale - Cash and Certainty
- Buyer vs Buyer not the traditional model of Buyer vs Seller
- Transparency of the process gives buyers confidence to pay more money.
- Higher profile marketing brings more buyers
- Excellent communication/ feedback throughout the Auction campaign
- Owner is always in controlof the process - they set the terms and they can decide if they agree to any aside agreements
- Auction is now a very accepted and successful method of sale.