How to handle the auction experience (for sellers)

For anybody considering selling their house, the auction method can seem quite daunting.    I mean, who wants to stand around watching a group of strangers play bidding wars to buy your home, or worse still, what if nobody bids at all?   While thoughts of these scenarios can certainly be stressful, as somebody who has had quite a bit of experience with auctions, I can tell you that the benefits of selling your home through the auction process are hard to overlook.  And by doing just a few things to prepare, I can assure you that, on the whole, the experience will be far more enjoyable.  

 Let’s start with the ‘why’.  How will selling your property through auction be advantageous for you? Firstly, the marketing campaign designed around an auction is quick and intensive, cutting down the time that a, you have to wait for your house to be sold and b, you need to have your home looking at its very best.  Believe me, constantly mowing the lawn and cleaning kids’ bedrooms can be very tiresome! 

 Probably the biggest benefit to selling through auction is the competition, where adrenalin-fuelled potential buyers bid against each other, knowing that they must act within a specific timeframe to secure the property, otherwise they risk losing it.  This environment often results in buyers paying more for your property in an unconditional purchase where a binding contract is signed and a deposit is paid on the day.  

 So, what can you do to make an auction less stressful? Always be prepared.  Make sure to set a reserve price that you are comfortable with and will be happy if your home sells for this amount.  Ensure that you have closely read over the Contract of Sale with your agent and know what is to be included in the sale (e.g. curtains, appliances).  Invite a close friend along for support and arrange for young children and pets to be taken care of on the day. 

Most importantly, make sure you have a good bottle of champagne nicely chilled to be popped open after the hammer drops! 

CENTURY 21 Australia successfully auctions properties in all price brackets and locations.  Our expert agents are able to guide you through all aspects of the auction process from legality to setting a reserve price, ensuring the experience is both a successful and happy one! 

Posted by Charles Tarbey on 07/04/2010 at 1:28 PM | Categories:

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