Selling at auction can feel a bit daunting. While there’s always a chance that the competitive nature of auctions will result in a higher sale price than anticipated, there’s also a chance that there won’t be enough interest for your property to achieve the price you were hoping for.
But selling by auction is the choice that many homeowners make for good reason. When you sell by auction, the public are agreeing to your terms and conditions. You remain in charge of the marketing fees, and it’s harder for people to negotiate the price down based on market value.
If you’ve decided that selling by auction is the right way to go, you’ll want to keep these helpful tips in mind when it’s time to start the bidding:
Keep the expected sale price confidential
Selling a property is a big deal, and you’ll surely discuss it with your friends and family at some stage.
But some details should be kept private, namely, the price you’ll be putting to the market on auction day and your expected sale price.
Rumours and information can spread in unexpected ways. Even if you completely trust the people you speak to about your property, there’s simply no reason to share details that might come back to haunt you.
Be patient
Auctions don’t always go totally according to plan, and some homeowners can abandon the strategy or get stressed out far too quickly and easily.
Many properties that don’t sell immediately at auction wind up selling for higher than the expected price weeks later. And the beauty of auctions is that if the property doesn’t sell, the vendor is still free to enter private negotiations with any of the bidders who were present on the day.
When selling at auction, real estate agents will typically advise to hope for the best while being prepared for the worst.
Let the auction unfold naturally
Some homeowners arrange for friends and family to place bids at auctions in order to try and create a heightened sense of competition and value.
But interfering with genuine buyers is never a good thing. Auctions must be done with integrity, and you don’t want to scare anyone away from making genuine bids or insert any reason to doubt the process into the bidder’s mind.
Mortgage House
At Mortgage House, we’re no strangers to the homeowner’s journey. It’s a long (but rewarding) one.
But don’t worry, we can help with that.
If you’re thinking of selling or buying a home at auction, you can contact us for advice about the best options for you.
